Alastair Beveridge
President of
INSOL Europe

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In a series of recent judgments, Russian courts have confirmed their territorial approach to international insolvencies. These cases concerned recognition of foreign insolvency proceedings (foreign insolvency judgments), originating from the Czech Republic. In one of these, the court in Moscow refused to recognize and enforce the judgment of the Regional Court of Brno, which held the Czech company, PSJ a.s., to be insolvent. The second case related to the personal bankruptcy of a Russian citizen, Ms. Terekhova. The Russian court refused to recognize the judgment of the City Court of Prague, which had established the bankruptcy of Ms. Terekhova.  

This Inside Story by Ilya Kokorin (of Counsel, Buzko and Partners, Russia; Lecturer, Leiden University) will describe the reasoning of Russian courts in both cases and explain how they fit (or, rather, do not fit) within the current international framework for recognition of cross-border insolvencies, as represented by the UNCITRAL Model Law on Cross-Border Insolvency (1997) (Model Law). Read the full story and other articles here.

If you would like the opportunity to have your Inside Story published in a future edition, please email Communications Manager, Paul Newson for details.

For advertising enquiries or if you would like to submit an article for a future edition, please contact publishing manager Paul Newson.

With the fast-growing number of cross-border insolvency cases and the adoption in many jurisdictions of international insolvency rules and provisions, the turnaround and insolvency profession faces increasing challenges in the current economic environment. The current outlook demonstrates that the practitioners of tomorrow need to have extensive knowledge of the transnational and international aspects of legal and financial problems of businesses in distress.

Full details can be found in this press release.

At the conclusion of the debate, the panelists (mostly) agreed that the UK retains its crown for now, the Dutch scheme is an exciting development, and France has some room for development!

Many thanks to RSM for hosting the event, and also to Carmel King (Grant Thornton UK LLP) and Vanessa Rudder (Alvarez & Marsal Europe LLP) for organizing on behalf of INSOL Europe and IWIRC London respectively. We look forward to future opportunities for collaboration. 

IEAF-ERA Joint Conference on Restructuring and Insolvency within the EU, Thursday 7-Friday 8 November 2019

The European Academy of Law (ERA) and INSOL Europe Academic Forum Joint Conference on Restructuring and Insolvency within the EU will take place on Thursday 7-Friday 8 November 2019 at the premises of the ERA in Trier, Germany. The conference will chart the latest developments in European insolvency and restructuring, particularly focusing on the recently adopted Preventive Restructuring Directive, continuing case-law of the CJEU under the European Insolvency Regulation, and other matters such as Brexit. A combined agenda and registration form are now available here. Members of INSOL Europe can receive 25% discount off the registration fee by using the code “INSOL25_Restructuring19” during the registration process.