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Prospects for cross-border insolvency regulation in the EAEU: how to open the boundaries for the foreign insolvencies and not to become affected by regulatory competition and forum shopping?

Thursday, May 17
14:30 - 16:00

Amphitheatre, General Staff Building (6-8, Dvortsovaya sq.)

The most optimal solution of cross-border insolvencies regulation for the member states of the EAEU will be discussed within the session.

Under the integration within the EAEU the economies of the member states become more and more unified. In this situation, when insolvency procedure extends beyond the borders of one single state, the new challenge appears – creation of the instruments for cross-border insolvency regulation. Under what circumstances the foreign entities become the subject of insolvency procedure? How should we recognize the foreign insolvency proceedings? How to avoid cross-border transactions, how to pierce the corporate veil and make foreign controlling entities subsidiary liable etc.?

Indeed, the pattern of insolvency laws of the EAEU member states is diversified. For instance, under the Kazakh laws the variety of rehabilitation procedures is set up. In the Kyrgyz Republic, the institution of non-curial insolvency is envisaged, under which the judiciary functions are exercised by the creditors’ committee. Priority rules, secured creditors rights, the transactions avoidance rules, the right for set-off and etc. differ significantly in EAEU member states.

Consequently, the following question gets important: which risks and opportunities do businesses have under cross-border insolvency within the EAEU? Are there prospects for the forthcoming migration of debtors to the member states, where the certain rehabilitation procedures are widely applied? Shall the creditors’ rush to the most loyal “creditor-friendly” regimes be foreseen instigated by the great volume of legal tools designed to challenge transactions and make the controlling entities of the debtor liable?

The other point of issue refers to the appreciation of states’ approach: how shall the member states of the EAEU respond to the evolving “insolvency markets” and shall the member states compete in order to elaborate the “best” insolvency laws? How can the states limit the forum shopping and the options to choose the most beneficial jurisdiction for the purpose of insolvency? How can the cross-border effect of insolvency be guaranteed? How to open borders to foreign bankruptcies and not to be affected by regulatory competition and unfair forum shopping?

Format of the meeting – presentations of speakers and panel discussion.

Moderators

Elena Mokhova

Ph.D. (law), expert of International and Comparative Law Research Center, Associate Professor, National Research University – HSE

Biography

Education, academic degree:

PhD

 

Professional experience:

More than 10 years of experience as an expert in cross-border insolvency. Professional specialization includes such issues as recognition of foreign bankruptcy, interaction of insolvency proceedings in different jurisdictions, access to foreign assets of the debtor, foreign element in the Russian insolvency.

Since 2010 until 2014 — professional experience in International Law and Cooperation Department of the Supreme Commercial Court of the Russian Federation

Participated in the working on a draft of federal law “On Cross-Border Insolvency”.

A developer of the exclusive course on cross-border insolvency; the winner of the Vladimir Potanin Foundation grant competition for lectures of the master's programme

A lecturer in various educational institutions. A speaker in various forums and conferences, conducted by eminent organizations (ICC, CCI of Russia, etc.).

 

Specialist area, professional interests:

Cross-border Insolvency, Private International Law, Transnational Civil Procedure,

 

Publications, scientific works:

The author articles in cross-border insolvency problems, debtor’s migration and “bankruptcy tourism”, center of main interests of the debtor, recognition of foreign bankruptcies.

Ekaterina Papchenkova

General Director, International and Comparative Law Research Center, Russian Federation

Biography

Master's degree, National Research University Higher School of Economics and Russian School of Private Law.

2013 – 2014 – The Supreme Arbitration Court of the Russian Federation.

2014 – 2015 – Analytical center FORUM.

2015 – 2017 – Department of the Distressed assets, Sberbank.

2017 – to date – General Director, International and Comparative Law Research Center.

Speakers

Erkin Bakirov

Deputy Director of Bankruptcy Department, Ministry of Economy of the Kyrgyz Republic

Biography

Graduated from the J. Balasagyn Kyrgyz National University. He finished the Law faculty in 2004 and the faculty of Economics and Management in 2006.

He began his career as a lawyer consultant in a private company “Kanat” (2000-2005).

Since 2006 he worked in the State Committee of the Kyrgyz Republic on State Property Management, where at various times he served as specialist of the Department of Monitoring the Application of Bankruptcy Procedure Process, leading specialist of the Legal department, head of the economic analysis section of the Bankruptcy Division.

He has been in the Ministry of Economy of the Kyrgyz Republic since 2010, where until 2017 he held the position of the head of legal of the Bankruptcy Department.

In April 2017, he was appointed Deputy Director of the Department of Bankruptcy under the Ministry of Economics of the Kyrgyz Republic.

Adviser of the State service of the II class.

Stanislav Sadovnikov

Deputy Director, Department of Sanation and Bankruptcy, Ministry of Economy of Belarus

Biography

Education, academic degree:

Belarusian State University, Faculty of Law

 

Professional experience:

Ministry of State-owned Assets Administration and Privatization

The Council of Ministers

Ministry of Economy

 

Specialist area, professional interests:

Crisis management

Reorganization (restructuring) of insolvent companies

 

Publications, scientific works:

Bankruptcy institution as a necessary condition of modern economy /Economical Newspaper/ # 59, August 11th 2017

Ekaterina Salugina-Sorokovaya

Director of Department for finance and banking activity and investment development, Ministry of Economic Development of the Russian Federation

Biography

Ph.D., Diploma in law, State University - Higher School of Economics.

2006–2014 – The Presidential State-Legal Directorate, Presidential Executive Office.

2014-2015 – Adviser for The President on legislative projects, The Federal Chamber of Notaries (FCN).

2015-2016 – Deputy Director, Public relations Department, The State Corporation Deposit Insurance Agency.

2016-2017 – General Director, International and Comparative Law Research Center.

2017 – to date – Director of Department for finance and banking activity and investment development, Ministry of Economic Development of the Russian Federation.

Aigul Ualiyeva

Head of the Financial Resolution Department, Committee of State Revenues, Ministry of Finance of the Republic of Kazakhstan

Biography

Education, academic degree:

Bachelor in economics (Karaganda State Technical University, qualification "engineer-economist")

Bachelor in law (“Femida” Law academy, Karaganda city, qualification "lawyer")

 

Professional experience:

From August 1997 to the present time I work in the system of state revenues committees system

 

Specialist area, professional interests:

Methodology and tax administration

Methodology and administration of rehabilitation and bankruptcy procedures

 

Achievements, rewards:

One of the developers:

  • project of the Code of the Republic of Kazakhstan "On taxes and other mandatory payments to the budget" (2008 year)
  • projects of the Law of the Republic of Kazakhstan "On amendments and additions to certain legislative acts on Taxation issues of the Republic of Kazakhstan " (2009-2016 years)
  • projects of the Laws of the Republic of Kazakhstan "On recovery of the solvency of citizens of the Republic of Kazakhstan" and the accompanying project of the Law (2016-2018 years)
  • projects of the Law of the Republic of Kazakhstan "On amendments and additions to certain legislative acts on rehabilitation and bankruptcy issues of the Republic of Kazakhstan " (2018 year)

State awards marks of excellence:

“20 years of independence of the Republic of Kazakhstan” (2011 year)

“Excellent worker of tax service” (2011 year)

“Excellent worker of finance service” (2013 year)

“25 years of independence of the Republic of Kazakhstan” (2016 year)

“Certificate of honor of the President of the Republic of Kazakhstan” (2017 year)

First Row Experts

Jenny Clift

Principal Legal Officer, United Nations Commission on International Trade Law (UNCITRAL)

Biography

Jenny Clift is a Principal Legal Officer with the International Trade Law Division, United Nations Office of Legal Affairs, which functions as the Secretariat for the United Nations Commission on International Trade Law (UNCITRAL). She is head of the Legislative Unit of the Secretariat and secretary of UNCITRAL’s insolvency working group.  In the latter position, she has led the completion of a number of insolvency texts, including the UNCITRAL Legislative Guide on Insolvency Law, parts one to four; the UNCITRAL Practice Guide on Cross-Border Insolvency Cooperation; the Judicial Perspective on the Model Law on Cross-Border Insolvency and the revised Guide to Enactment and Interpretation of the Model Law on Cross-Border Insolvency. Current work includes a model law on the recognition and enforcement of insolvency-related judgments, model legislative provisions on facilitating the cross-border insolvency of enterprise groups, legislative recommendations on the obligations of directors of enterprise group companies in the period approaching insolvency, and legislative recommendations on the insolvency of micro, small and medium-sized enterprises.

 

Prior to joining the United Nations in 1998, Jenny worked as a senior legal officer for the Australian Attorney-General’s Department in the area of international trade law and for five years was the Australian delegate to UNCITRAL in the area of electronic commerce. She has received INSOL International’s Scroll of Honour.

Stephan Madaus

Professor of Law, Martin Luther University Halle-Wittenberg, Germany

Biography

Stephan Madaus is a Professor at Martin Luther University Halle-Wittenberg (Germany) where he teaches German, European and international insolvency law as well as property and tort law.

Area of professional interests: Insolvency Law, restructuring law, international law

Professional experience: 15 years of experience in research and legal advice in the field of insolvency and restructuring law.

He is a member of the International Insolvency Institute and a Founding Member of the Executive of the Conference of European Restructuring and Insolvency Law (CERIL). In 2017 he was mandated (with two colleagues) by the German Ministry of Justice to evaluate the 2012 reform of the German Insolvency Code.

With Prof. Bob Wessels (emeritus, Leiden University) he led the Project on the ‘Rescue of Business in Insolvency Law’ of the European Law Institute from 2013 to 2017. He has published in prominent legal journals in Germany, Europe and beyond, including a treatise on the fundamental and doctrinal nature of rescue plans entitled Der Insolvenzplan.


* The Programme may be subject to change