Cross-border bankruptcy: current trends in court practice

Maria Kirilova|

Juristin, YaPartners Consulting Moskau

April 26, 2024|

< 1 min read

Contact Maria Kirilova

Ms. Maria Kirilova has published an article in the DRRZ (Band 8, 2023, Heft 2) titled „Cross-border bankruptcy: current trends in court practice“. In this article she deals with recent Russian courts’ decisions on insolvency cases involving foreign legal persons. Russian courts tend to apply UNCITRAL’s concept of “centre of main interests” by analogy. In favour of Russian claimants, the courts have ruled to conduct bankruptcy proceedings in respect not of a foreign company itself, but of its assets located in Russia. This pro-creditor approach was further intensified due to EU sanction regimes which make it impossible for the Russian claimants to pursue insolvency proceedings in an EU member state.

Since the legal basis in this area is weak, court rulings are of decisive importance. Another problematic area is the execution of court decisions in another country which requires the recognition of reciprocity in the absence of bilateral agreements. As Maria Kirilova notes,, this tendency may have been influenced by the global political environment, particularly since February 2022, and may lead to a very narrow definition of reciprocity.

You can find the full text in Russian in the DRRZ Deutsch-Russische Rechtszeitschrift, Band 8, Dezember 2023, Heft 2: 

Members of the DRJV receive the DRRZ as part of their membership.

Hinweis: Mitglieder der DRJV erhalten die DRRZ im Rahmen ihrer Mitgliedschaft.

Foto: Pranav Shrivastava auf Unsplash