News date: 28 April 2021
Dmitry Konstantinov, Counsel and Head of Insolvency and Financial Restructuring in Russia at Ilyashev & Partners Law Firm and coordinator of INSOL Europe in Russia, delivered a report, entitled “Preventive restructuring (EU Directive 2019/2023: the future of bankruptcy law?” at the international conference “Particularities of the national economic and legal models used for financial rehabilitation and business restructuring. International experience”, which took place on 27 April 2021 in Moscow. It was hosted by the Council of the Chamber of Commerce and Industry of the Russian Federation for financial, industrial and investment policies and the Association of distressed assets professionals.
Dmitry highlighted the principles of preventive restructuring, which may be implemented to Russian insolvency (bankruptcy) legislation in the future.
“Owing to the Covid-19 pandemic, Russian bankruptcy legislation has elaborated clauses on moratorium that makes it almost fully-featured. This is how we learnt that the restructuring elements may work in our country as well. Now the only question is whether similar mechanisms would be in any demand in peaceful times,” — stressed Dmitry Konstantinov.
Participants to the event discussed the choice of model for rehabilitation procedures, as well as the problems of such models’ application, taking into account the particularities of national jurisdictions, adaptation of financial rehabilitation and restructuring models in the context of particularities of the national economies and the part played by the competent authorities.
Representatives of the CCI of the RF, major banks and leading scientific schools from around the world attended the event.