Best Restructuring & Insolvency Lawyers in Novosibirsk

Share your needs with us, get contacted by law firms.

Free. Takes 2 min.

Vetrov and Partners
Novosibirsk, Russia

Founded in 2000
50 people in their team
Russian
English
What do we do as a law firm?We specialize in litigation, tax, corporate and other disputes, as well as business support, protection and defense of intellectual property, and asset protection.A professional team knows how to achieve goals.Among the firm's clients are representatives of small, medium...
AS SEEN ON

About Restructuring & Insolvency Law in Novosibirsk, Russia

Restructuring and insolvency law in Novosibirsk, Russia, deals with the legal processes for businesses and individuals who are unable to meet their financial obligations. The primary legal framework is governed by the Federal Law “On Insolvency (Bankruptcy)” and supplemented by related economic and procedural legislation. This area of law helps facilitate debt restructuring, formal bankruptcy proceedings, protection of creditor rights, and the orderly resolution of financial distress situations. In Novosibirsk, as in the rest of Russia, these procedures seek to balance the interests of debtors, creditors, and the overall economy, allowing for wealth preservation, business recovery where possible, or fair asset distribution in liquidation cases.

Why You May Need a Lawyer

Legal advice is critical in restructuring and insolvency matters because the consequences of mishandling such cases can be severe. Common situations where you may need a lawyer include:

  • Your business is facing persistent debt or has received payment demands from creditors.
  • You are being sued for nonpayment of debts or facing asset seizure.
  • You wish to initiate restructuring to avoid bankruptcy and continue business operations.
  • You represent a creditor seeking to recover outstanding payments from insolvent entities.
  • You are an individual or business contemplating voluntary bankruptcy proceedings.
  • You suspect fraud or misuse of assets in a debtor’s conduct during insolvency.
  • You need assistance with negotiation or mediation between parties during insolvency proceedings.

Lawyers can help you navigate complex court rules, advocate on your behalf, and ensure your rights and interests are fully protected at each stage of the process.

Local Laws Overview

Restructuring and insolvency procedures in Novosibirsk are governed mainly by federal legislation but are applied by local arbitration courts. Key aspects of local law include:

  • Initiation of Proceedings: Insolvency can be initiated by the debtor, creditors, or government authorities in the local arbitration court.
  • Observation Period: The process often begins with an observation period, during which a court-appointed administrator assesses the business condition and protects assets.
  • Creditors’ Meetings: Creditors play an active role in approving rehabilitation or liquidation plans.
  • Debt Restructuring: Legal mechanisms such as debt restructuring agreements or external management may be applied to restore solvency without resorting to liquidation.
  • Asset Liquidation: If recovery is not possible, a liquidation procedure follows, involving the sale of assets under court supervision to satisfy creditors’ claims.
  • Personal Insolvency: Since 2015, individuals can also file for bankruptcy under Russian law, with local courts overseeing these proceedings.
  • Director’s Liability: Company directors may face personal liability for unlawful actions taken during financial distress (for example, fraudulent transactions or preferential payments).

Local legal experts in Novosibirsk are familiar with the nuances of these laws and the regional court practices, which can significantly affect the outcome of your case.

Frequently Asked Questions

What is the difference between restructuring and insolvency?

Restructuring aims to reorganize a debtor’s financial obligations to restore solvency and allow continued operations, while insolvency refers to the legal process when an individual or company is unable to pay off their debts and may result in asset liquidation.

Who can initiate insolvency proceedings in Novosibirsk?

Insolvency proceedings can be initiated by the debtor, any creditor, or authorized government authorities through the local arbitration court.

How long does the insolvency process take in Novosibirsk?

The timeframe varies depending on case complexity but generally ranges from several months up to a few years, especially in complicated business bankruptcies.

Are individuals allowed to declare bankruptcy in Russia?

Yes, since 2015, individuals have the right to file for personal bankruptcy in Russia, including in the Novosibirsk region.

What happens to employees if a company goes bankrupt?

Employees’ claims for wages and severance are given priority in insolvency proceedings, often addressed before satisfying the debts of other creditors.

What is the role of the arbitration court in restructuring and insolvency?

The arbitration court supervises the process, appoints administrators, approves restructuring or liquidation plans, and makes rulings on creditors’ claims and disputes.

Can a company continue trading during insolvency proceedings?

In some cases, especially during restructuring or external management phases, a company may continue to operate under court-appointed supervision.

What is the liability of company directors during insolvency?

Directors can be held personally liable for deliberate or negligent actions that harm creditors, such as concealing assets or making preferential payments before bankruptcy.

Can creditors influence the insolvency process?

Yes, creditors participate in meetings, vote on plans, and can challenge transactions or actions that undermine their rights.

How can a lawyer help me during restructuring or insolvency?

A lawyer provides crucial guidance on legal strategy, court representation, negotiations with creditors, protection against liability, and ensures compliance with all legal requirements.

Additional Resources

  • Arbitration Court of the Novosibirsk Region - Handles local insolvency and bankruptcy cases.
  • Federal Tax Service - Maintains the Unified State Register of Bankruptcy Information.
  • Russian Union of Self-Regulating Arbitration Managers - Professional body offering information and referrals.
  • Local Legal Aid Offices - Provide free or low-cost legal consultations for individuals.
  • Business Support Centers - Can assist with early restructuring advice and connect businesses with legal specialists.

Next Steps

If you require legal assistance in restructuring or insolvency matters in Novosibirsk, consider the following steps:

  • Assess your situation early to determine if preventative restructuring or formal insolvency is needed.
  • Gather relevant documents, including financial statements, contracts, debt correspondence, and court notices.
  • Contact a qualified restructuring and insolvency lawyer with local experience in Novosibirsk.
  • Request an initial consultation to understand your rights, obligations, and available options.
  • Follow your lawyer’s advice on timely filings, negotiations, and court procedures to protect your interests.
  • Stay informed about the progress of your case and maintain open communication with your legal representative.

Early legal intervention can help prevent the escalation of financial difficulties and increase the chances of a favorable outcome, whether you are seeking to recover debts, protect assets, or navigate the road to recovery.

Lawzana helps you find the best lawyers and law firms in Novosibirsk through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Novosibirsk, Russia - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.