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Uncommon Instruments to Secure Bankruptcy Claims in the Russian Federation Legal System: What Are the Measures to Protect a Creditor?

Friday, May 17
12:30 - 14:00

Hall #1, General Staff Building (6-8, Dvortsovaya sq.)

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According to statistics unsecured bankruptcy claims satisfy not more than 1.7% of a debt. Meanwhile, secured claims usually filed by banks satisfy almost 20% of a debt. The primary instrument to create collateral rights is a contractual lien which is traditionally used in lending.

Creditors who are not engaged in this business on a professional level cannot benefit from this instrument due to a specific nature of noncredit relationships.

These creditors are able to benefit from the lien right of set-off and so called lien stemmed from asset seizure (England, Germany, France).

The session is supposed to discuss these two models securing claims, being the lien right stemmed from asset seizure (Article 174.1 of the Civil Code of the Russian Federation) and set-off (Article 410 of the the Civil Code of the Russian Federation). Contrary to other countries, the case law of the Russian Federation does not acknowledge these tools for bankruptcy cases, and this adversely affects civil-right transactions and the rights of unsecured creditors including major companies actively engaging contractors with an authorized body.

Moderator

Rustem Miftakhutdinov

Head of Insolvency Proceedings Unit, Rosneft Oil Company PJSC, Russian Federation

Speakers

Ekaterina Abasheeva

Chief of Division, Central Bank of the Russian Federation

Konstantin Grichanin

Deputy Head of litigation department, PJSC ROSNEFT, Russian Federation

Stephan Madaus

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

Biography

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.

Andrei Smirnykh

Project Director, Sberbank, Russian Federation

Yuliy Tay

Managing partner, Bartolius law office, Russian Federation

Oleg Zaitsev

Chairman, Bankruptcy Club, Russian Federation


* The Programme may be subject to change