Referral Agreement
with Hogan Lovells
in Russia
Рус Eng
All Practices
BANKRUPTCY AND RESTRUCTURING

We have built up extensive expertise in the bankruptcy and be structuring of Russian entities, including work with distressed assets. We are one of the leading Russian companies providing cross-border bankruptcy services, including asset recovery.

OUR CORE SERVICES:

  1. Bankruptcy: from initiation of proceedings/establishment of a claim to completion of the proceedings

  2. Restructuring of distressed assets

  3. Investments in distressed assets

  4. Cross-border bankruptcy

BANKRUPTCY LEADERS
PRObankruptcy 2023

Top 100 most influential people in bankruptcy

(Alexey Dudko and Denis Almakaev)

Rossiyskaya Gazeta 2023

№1 in nominations:

Kommersant 2023

#1 in the nomination "Bankruptcy of Credit Organizations"

Chambers europe
2015-2021

Restructuring and bankruptcy

Best Lawyers 2022

Bankruptcy and restructuring

(Denis Almakaev)

BANKRUPTCY

ESTABLISHING CLAIMS, INCLUDING COMBATING FICTITIOUS CLAIMS OF OTHER CREDITORS:

  • Initiating bankruptcy on the application of a creditor

  • Legal support for inclusion of a creditor's claims in the register

  • Legal support for settlement of the first claimant's claims (subrogation)

  • Analysis of other creditors' claims for fictitious or unsubstantiated nature of such claims

  • Challenging transactions and court decisions that gave rise to fictitious debts

  • Forming objections to fictitious or unsubstantiated claims of creditors

  • Appealing against judicial acts on inclusion of fictitious or unsubstantiated debts in the register

CHALLENGING TRANSACTIONS:

  • Analysing the debtor's transactions, identifying signs of invalidity in debtor's transactions (suspicious and preferential transactions under Ch. III.2 of the Bankruptcy Law)

  • Representation of interests in disputes over contestation of debtor's transactions, including defence of debtor's transactions from invalidation during bankruptcy proceedings

SUBSIDIARY LIABILITY OF CONTROLLING PERSONS:

  • Identification of controlling persons and ultimate beneficiaries

  • Legal support for isolated disputes on bringing controlling entities to subsidiary liability, including defence of controlling entities against subsidiary liability and claims for damages

  • Search for assets of controlling entities, including in foreign jurisdictions

INTERACTION WITH THE COURT-APPOINTED RECEIVER:

  • Control over the activities of the court-appointed receiver and ensuring transparency of bankruptcy proceedings

  • Appeal against unlawful actions (inaction) of the court-appointed receiver

  • Challenging the amount of remuneration of the court-appointed receiver and the persons involved

  • Recovery of damages from the court-appointed receiver

  • Control over the sale of assets and control over the observance of legality and transparency in the organization of tenders

  • Recognition of the invalidation of compromised tenders

RESTRUCTURING

OUT-OF-COURT RESTRUCTURING OF CORPORATE, FINANCIAL AND TAX TRANSACTIONS:

  • Supporting restructuring transactions in relation to various banking and finance projects, including assisting Russian and international banking syndicates and other lenders and borrowers in amending loan and security documentation in various jurisdictions.

RESTRUCTURING IN BANKRUPTCY:

  • Development and implementation of legal mechanisms for debtor's withdrawal from bankruptcy

  • Development and implementation of legal mechanisms for restoring the debtor's solvency by introducing rehabilitation procedures in bankruptcy

INVESTMENTS IN DISTRESSED ASSETS

  • Selecting an asset at the investor's request or monitoring the emergence of attractive lots according to specified parameters

  • Formation and implementation of a strategy for acquiring assets of a debtor in bankruptcy

  • Due Diligence - examination of assets of a debtor in bankruptcy

  • Representation of interests during an auction and preventing auction manipulation

  • Support in participation in auctions and registration of the transfer of title

  • Support of interests during the conclusion of a settlement agreement between creditors, debtor and investor

  • Support in attracting an investor for the purpose of restoring the debtor's solvency

CROSS-BORDER BANKRUPTCY

  • Recognition the bankruptcy of foreigners in the Russian Federation, including at the request of a foreign creditor

  • Recognition and support of bankruptcy proceedings of foreign debtors abroad

CLIENTS AND PROJECTS
"Westwalk" case
LEVEL Legal Services lawyer successfully defended the interests of a Cypriot company before the Supreme Court of the Russian Federation in the bankruptcy case of another Cypriot company - Westwalk Projects Ltd, which was called ‘a cult case for the domestic legal order’ as the first ever ‘completely foreign’ bankruptcy in Russia, opening a new chapter in the field of cross-border bankruptcy
GLOBIX LIQUIDATORS
Represened the Gibraltar liquidators of the collapsed crypto exchange Globix regarding international and Russian aspects of the insolvency and recovery of illegally withdrawn multi-million-dollar crypto assets
TRUST
Represented Non-Core Assets Bank “Trust” in Cyprus and other foreign courts regarding claims for damages for unlawful withdrawal of assets by former owners of failing banks and Russian billionaires, the Ananyev brothers and their wives, in excess of EUR 600 million
DEPOSIT INSURANCE AGENCY (DIA)
Represented the State Corporation Deposit Insurance Agency (DIA) in a case against Russian oligarch and former owner of ZAO Mezhpromban Sergei V. Pugachev in connection with the bankruptcy of the bank. The case was also tried in courts in several countries, notably England, France, Switzerland, Luxembourg, the Cayman Islands. As part of the proceedings, the defendant's assets in excess of USD 1 billion were seized, Sergei V. Pugachev was held subsidiarity liable in Russian courts for a record amount of more than RUB 75 billion, and a Russian judgment was recognized and enforced in England and the Cayman Islands. Sergei V. Pugachev was found guilty of contempt of court in England for failing to comply with court orders and concealing assets, and the case resulted in the first-ever legal foreclosure against millions of dollars of Sergei V. Pugachev's assets as part of the estate of discretionary trusts
INTERNATIONAL CRYPTO EXCHANGE GLOBIX
Working for the Gibraltar liquidators of the bankrupt international crypto exchange Globix. The bankruptcy is currently being conducted in Gibraltar, where the largest amount of funds had been invested. During the bankruptcy proceedings, it was revealed that crypto assets from investors' funds had been withdrawn in anticipation of the bankruptcy in the jurisdiction of the CIS countries. This project is one of the few recent yet major international bankruptcies of crypto exchanges involving a significant withdrawal of crypto assets in favor of foreign persons. The case is a confirmation that Russian law firms, despite sanctions and the difficult international situation, are still engaged globally by leading international asset recovery companies to assist with pan-European projects and play an important role in their recovery
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key contacts
ALEXEI DUDKOSenior Partner, Head of Dispute Resolution and Investigations Practice
DENIS ALMAKAEVPartner, Head of International Disputes Practice
EUGENE PERKUNOVCounsel, Head of the Bankruptcy and Restructuring Practice