In December 2014, amendments were introduced to the Russian Insolvency Law. This alert analyses some of the amendments that are of crucial importance to all categories of debtors. These include in particular:
changing the procedure for initiating insolvency proceedings by debtors and creditors being credit organizations, with the aim to restrict the options of debtors and give advantages to creditors;
enhancing the protection of secured creditors and vesting them with additional rights in the course of receivership; and
providing creditors, with some exceptions, with the option to challenge debtors’ transactions independently.
Altogether, the developments introduce efficient tools to protect the interests of creditors being credit organizations, especially whose claims are secured by a pledge.