National Report for the Russian Federation

Abstract

Abstract This chapter discusses the law on creditor claims in Russia. Russia’s principal bankruptcy law is the Federal Insolvency (Bankruptcy) Law 2002. The law sets out a comprehensive regime of submission, priority, and ranking of claims. It is almost entirely mandatory and leaves very little to be governed by pre-insolvency contractual arrangements. Its policies are generally favourable to creditors and are aimed at achieving pari passu distribution, including restriction of administration claims and giving unsecured creditors access to part of the proceeds of sale of security assets. The remainder of the chapter is concerned with insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.