It is proposed to allow the bankruptcy procedure of foreign companies in Russia
Lawyers at the St. Petersburg International
Legal Forum proposed that the law provide for the possibility of initiating
bankruptcy proceedings for foreign companies.
Within the framework of entrepreneurial
activity, companies from Russia often concluded deals with foreign companies.
At the moment, these countries are unfriendly. In case of signs of insolvency,
these companies are often denied bankruptcy proceedings by arbitration courts.
Currently, there is no mechanism for bankruptcy of foreign companies in Russia
– such norms are not provided for in the current legislation in relation to
such companies in Russia.
If the law provides for the possibility of
bankruptcy proceedings against companies registered in a foreign jurisdiction
but operating in Russia, then this would be a big step for Russian law.