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Insolvency and Reorganization Law
Insolvency and Reorganization Law Definition
In Russia, as well as in any other country, Insolvency and Reorganization Law practice deals primarily with (a) rights of debtors who are financially unable to pay their debts and (b) rights of their creditors. Lawyers specializing in this area should have an adequate knowledge of various practice areas due to diversity of debtors’ business activities. The scope of a bankruptcy lawyer’s work basically depends on two factors – the party he represents (debtor, creditor, insolvency practitioner) and the time period (before or after a bankruptcy case has been commenced).
The vast majority of bankruptcy cases in Russia end-up with liquidation of a debtor. In this regard, bankruptcy lawyers, who protect the creditors’ interests, are primarily expected to be good at tracing and recovering debtor’s assets, as well as challenging asset dissipation transactions. It is highly appreciated by creditors, if the bankruptcy lawyers manage to resolve a conflict with the debtor on an extrajudicial basis. In representing debtors, the bankruptcy lawyer is involved in primarily in the following: how to prevent and/or how to prepare for the bankruptcy procedures. This stage is crucial for the management of a debtor, because creditors or bankruptcy receiver may bring a lawsuit against delinquent directors and officers, if assets of the debtor would not be enough to pay off the debts upon liquidation procedure. Insolvency lawyers may also advise debtors and creditors on debt restructuring matters, which require expertise in capital markets and corporate law and confident negotiation skills.
Another significant aspect of every Russian bankruptcy case is an insolvency practitioner, who plays the key role in the liquidation process. When representing the client in a bankruptcy case, the lawyer should thoroughly track the activities of the insolvency practitioner and bring complaints against him in the event of illegal actions.
Owing to adoption of Bankruptcy Law on Individuals we see an increase in the amount of bankruptcy cases and popularity of bankruptcy lawyers as well. Despite the fact that insolvency of individuals is a new institute for the Russian legislation the experience gained through advising the corporate insolvency matters may still be applied.
In current rather turbulent times and to a certain extent owing to permanent amendment of bankruptcy and restructuring laws (recently a Bankruptcy Law on Individuals was adopted) we see an increase in the number of bankruptcy cases and popularity of bankruptcy and restructuring services, as well.
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