Interim provisions of the bankruptcy legislation.

19.06.2009

LEGAL UPDATE No. 48.

Goltsblat BLP advises that the Presidium of the Supreme Arbitration Court of the Russian Federation has issued Information Letter No. 130 of 4 June 2009 “On certain matters associated with interim provisions of Federal Law No. 296- FZ of 30 December 2008 ‘On Amendments to the Federal Law “On Insolvency (Bankruptcy)” ’ ”.

Let us recall that these substantial changes to the Federal Law on bankruptcy came into effect on 31 December 2008.

The Information Letter explains that the new version of the bankruptcy law is applied by state arbitration courts during bankruptcy cases initiated by rulings issued after 31 December 2008 to accept petitions in bankruptcy.

With respect to bankruptcy cases and procedures initiated before 31 December 2008, until the procedures are concluded, the Federal Law is applied in its pre-amended form.  Once the relevant bankruptcy procedures are completed, the case is to be considered in accordance with the amended Federal Law. If, however, bankruptcy procedures initiated before 31 December 2008 are concluded after this date and no new procedures are initiated (completion of receivership procedures, termination of proceedings on the case), article 149 of the previous version of the bankruptcy law is applicable.

The Supreme Arbitration Court Presidium also states that if, in relation to bankruptcy cases initiated before 3 December 2002 and conducted under the previous bankruptcy law, no application is received by 1 July 2009 for transfer to the bankruptcy procedures envisaged by the amended Federal Law on bankruptcy, such cases shall be terminated.

The Information Letter makes it possible to determine correctly which law is to be applied in current bankruptcy procedures, so that the participants in relations associated with bankruptcy might review their risks and opportunities within the scope of the relevant bankruptcy procedures.

For additional information, please contact:
 
Elena Trusova, Head of Group,
Dispute Resolution, Goltsblat BLP;
Tel: +7 (495) 287 44 44,
Email: info@gblplaw.com

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