This review concerns a number of amendments to Federal Law "On insolvency"1 (the "Law") introduced by federal laws No. 222-FZ2 and No. 488-FZ3, and the interpretation of the amendments in the Review of Court Practice on Matters Related to Participation of State Authorities in Insolvency Proceedings and Procedures Applicable in these Proceedings, approved by the Presidium of the Supreme Court of the Russian Federation on 20 December 2016 (the "Review").
This review covers the following most important amendments:
- Liability of controlling persons of insolvent entities, including those which have tax debts, and of non-operating companies excluded from the Unified State Register of Legal Entities ("USRLE") pursuant to an administrative procedure;
- Increased protection of the interests of state authorities in insolvency proceedings;
- Change of procedure for the sale of debtor assets;
- Change of procedure for the settlement of creditors' claims by appropriation of the debtor's assets and the distribution of remaining assets between a debtor's founders (shareholders);
- Other amendments.