The Supreme Court Plenum Resolution clarifies legal regulation of personal insolvency (bankruptcy)
Legal Update No 540
Goltsblat BLP advises that there have been substantial developments to legal regulation of personal insolvency (bankruptcy) in October 2015.
1 October 2015 saw entry into force of much-anticipated Federal Law No. 476-FZ of 26 December 2014 “On Amending the Federal Law “On Insolvency (Bankruptcy)” and Certain Legislative Acts of the Russian Federation Regulating Rehabilitation Procedures Applied to Individual Debtors”, adopted less than a year before its effective date. On 13 October 2015, hot on the heels of the law's enactment, the Supreme Court adopted Plenum Resolution No. 45 “On Certain Issues Pertaining to Introduction of Procedures Applied in Personal Insolvency (Bankruptcy) Cases” (“Plenum No. 45”).
Plenum No. 45, which counts 49 clauses, gives a broad interpretation of the 33-article law that is binding on lower courts. Below, we summarise the provisions we believe to be of particular interest.
If you would like to receive our legal alerts and updates highlighting current legal issues relevant to your areas of interest and providing expert commentary by our lawyers, please click on "Sign Up" and fill out the form.