KK&P’s insolvency practice’s experience is set out in a new section on the firm’s website
At http://kkplaw.ru/practice/insolvency/ the firm details its approach to insolvency projects, which is praised by Chambers Europe 2018 (Restructuring/Insolvency: Litigation – Russia) and Pravo.ru-300 (the major Russian legal ranking), among others, and the firm’s insolvency practice’s key features, along with descriptions of its most notable projects.
The firm represents major lenders (including major banks recognised by the Central Bank of Russia as a core part of the Russian economy, i.e., Raiffeisen Bank and B&N Bank) in insolvency cases, in parallel proceedings in Russia and abroad, including foreclosure on foreign assets of debtors, protects the interests of beneficiaries in relation to subsidiary and tort liability for the obligations of debtors and represents expert opinions on Russian insolvency laws in landmark litigation cases of foreign state courts and international arbitrations.
In 2015-2018, Nikolay Pokryshkin and the team represented clients with claims of app. US$600 million in 46 insolvency cases of Russian oil and gas, distribution, transport, logistics and construction companies, light and heavy industry plants, banks and their beneficiaries (individuals), as well as in dozens of related parallel disputes in Russia and the EU.
The firm’s cases include one of the Top-10 most interesting bankruptcy proceedings in Russia in 2017 according to Pravo.ru (representing the interests of Raiffeisen Bank and GALA-FORM in relation to app. US$73 million-worth of claims in the insolvency proceedings of oil and gas companies Enisey and NGK Razvitie Regionov), representing B&N Group in the recovery of over US$73 million from a group of related debtors, including insolvency, and a number of insolvency-related litigation proceedings.
Maxim Kulkov regularly acts as a recognised expert on Russian insolvency law and cross-border bankruptcy issues. Within the last two years alone, he has prepared more than a dozen expert reports:
- in a High Court of Justice (UK) case on the recovery of more than US$144.6 million from Vladimir Kekhman in favour of Bank of Moscow, which also took into account the parallel case of Mr Kekhman’s bankruptcy in Russia;
- in an LCIA case concerning a dispute between a UAE state investment company and a Russian developer totalling app. US$173 million on Russian law issues (the likelihood and the level of influence of the parties to the dispute on the insolvency of a joint venture in Russia, potential claims by the bankruptcy trustee relating to restructuring transactions, and potential subsidiary liability of the joint venture’s management and shareholders for accepting each of the parties’ proposals to rescue the project);
- in a New York (USA) court case on the recognition of a decision to recover more than app. US$29.8 million from a Russian citizen in favour of a Russian state bank, taking into account the cross-border consequences of declaring the citizen insolvent in Russia;
- in an LCIA case on a corporate dispute between shareholders of a large Russian distribution company on the recovery of losses and the redemption of shares in connection with its insolvency (the claims amount to app. US$500 million);
- in a High Court of Justice of England and Wales case on a claim filed against an insolvent Russian bank’s founders and its management in the amount of app. US$1.7 billion as damage caused to the bank and its creditors by means of withdrawal of the bank’s assets in favour of its founders and the management.