FBK Legal has been a partner of the annual conference titled “Insolvency 2019: Protection of Creditors’ Rights” held by the event planning agency Sobytiye.
FBK Legal’s Partner Alexander Ermolenko moderated one of the sessions and Head of Practice Marina Balandina spoke about the practical side of challenging claims supported with court orders.
“Unfortunately, neither the Bankruptcy Law, nor the Arbitration Procedure Code contains any regulations that protect creditors from unjustified claims supported with court orders. Article 16 Clause 10 of the Bankruptcy Law allows for the guaranteed inclusion of such claims in the register. Despite the fact that certain courts (mainly in the Moscow Circuit) refuse to include such unjustified claims in the register, it is still an exception from the rule. We can only hope that the situation will change after the enactment of new laws,” Marina Balandina said.
At the conference, leading Russian lawyers also discussed how changes in the regulation had modified the bankruptcy procedure on the whole, which problems remained relevant and which solutions would soon be stipulated in laws.