International Insolvency Forum

MAY 16-18, 2018

INTERNATIONAL
INSOLVENCY FORUM

Registration

About Forum

St. Petersburg

May 16–18

The State Hermitage Museum
General Staff Building
6-8, Dvortsovaya sq.

The II International Insolvency Forum will take place on 16-18 May 2018.

The Insolvency Forum will be part of the the VIII St. Petersburg International Legal Forum and once again will provide an unmatched venue for insolvency professionals from all over the globe: officials from government and the legislature, judges, official receivers, lawyers, academics, entrepreneurs and representatives of many international insolvency management organizations.

First held during SPBILF 2017, the Forum offered world-class debate on matters of pressing concern in insolvency. This year, the participants will again have the opportunity to discuss a range of insolvency issues currently on the global socioeconomic agenda.

Programme

May, 16 (Wednesday)

18.30 - 20.00
Reception on Behalf of Co-Chairmen of the International Insolvency Forum

Partner of the Reception – Clifford Chance law firm

May, 17 (Thursday)

8.30 – 10.00

The number of bankruptcies in Russia will grow. Strengthen the number of bankruptcies can instability in the financial market and a new round of sanctions policy, but also socio-political factors such as cheap mortgages and even fighting corruption. The explosive growth in mortgage lending can result in numerous personal bankruptcies: if last year there were about 40,000 bankruptcies, then this year more than 60,000 are expected. Criminal prosecution of "white-collar workers" will also increase the number of bankruptcies.

Despite the numerous legislative initiatives in the field of bankruptcy, the desire to tighten the responsibility for criminal bankruptcies, to strengthen the personal responsibility of business owners and top managers, the state has not yet determined the strategy. What is more important - sanation or liquidation of the debtor? Whom to defend first of all - the debtor or the creditor? How justified are special rules for banks that are both debtors and creditors? Should the state have priority in recovering from a citizen a criminal fine, leaving behind private creditors? What is the risk of a chain reaction, when the insolvency of one debtor is dragged to the bottom of its counterparties, or when a citizen who has not been freed from debt will fall into bankruptcy again and again. The experience of law firms dealing with bankruptcy practice can help answer these questions. The scope of services to support bankruptcy procedures is constantly growing, and with it the qualifications of lawyers who provide these services. Business breakfast will bring together leading practitioners in this field.

Topics to be discussed:

  • What does the bankruptcy law and the bankruptcy market expect in the near future? How will separate segments of the market behave?
  • In which direction is going the market of criminal bankruptcies? How will the strengthening of measures of subsidiary liability affect the market?
  • How can the "cheap mortgage" affect the number of bankruptcies of individuals, will this affect the financial stability of banks?
  • Is a successful sanation in the non-banking sector possible (without government support)?
  • What interesting cases enriched court practice in bankruptcy cases?
  • What competencies do legal firms need to become leaders in the market of legal support for bankruptcy procedures
10.00 - 11.30

Co-Chairmen:

Elena Borisenko

Deputy Chairman of the Board of Management, Gazprombank

Sidney Brooks

Ret. Chief Bankruptcy Judge, U.S. Bankruptcy Court/District of Colorado

Speakers:

Jennifer Clift

Principal Legal Officer, United Nations Commission on International Trade Law (UNCITRAL)

Radu Lotrean

President, INSOL Europe

11.30 – 13.00

Organizers of the discussion session – “Fedresurs” and Russian Union of Self-Regulated Organizations of Arbitration Managers

The Administrator — the Key Role in the Bankruptcy Procedure. The level of an Administrator’s expertise, his/her powers and authorities provide for the success of a bankruptcy procedure both for debtors and creditors.

From the point of view of the economy as a whole, the institution of bankruptcy administrators must provide for the most efficient process of ownership transition, the maximum repayment of creditors’ funds and reduction of the relevant procedures duration.

However, today, on the background of the existing regulation and self-regulation systems and growing professional risks, it is rather hard to perform the relevant functions. Many experienced professionals leave the profession, more and more procedures are conducted by novices or some nominal persons.

Disintegration of the professional community results in some contradictory legislative changes deteriorating administrators’ professional position.

Therefore, the reform of the bankruptcy professional community is a key matter today. Some aspects of the reform will be discussed at the session.

Thus, the agenda includes such subject as strengths and weaknesses of two reformation models: The first model: To readjust administrators’ salaries and to make no other changes, which may result in transformation of administrators into government officials with small index-linked salaries and unlimited number of cases.

The second model provides for comprehensive changes to administrators’ status, remunerations and regulation of their operations. Notarial community is offered as a reference to take as an example.

The discussion on the issues will be interesting both to administrators and representatives of creditors and debtors.

The session is to include reports by representatives of the professional community, government agencies, judges, domestic and foreign experts.

Co-Moderators:

Dmitriy Skripichnikov

Chairman, Russian Union of Self-Regulated Organizations of Arbitration Managers

Aleksey Yukhnin

Director for Development of Projects, Interfax Information Group

Speakers:

Sidney Brooks

Ret. Chief Bankruptcy Judge, U.S. Bankruptcy Court/District of Colorado

Ekaterina Salugina-Sorokovaya

Director of Department for finance and banking activity and investment development, Ministry of Economic Development of the Russian Federation

Igor Oshurkevich

Chairman, Association of Crisis Management and Insolvency of Republic of Belarus

Ilyas Tleulin

Head, Public association of bankruptcy administrators "ARLAN"
Republic of Kazakhstan

13.00 – 14.30
Lunch
14.30 – 16.00

Organizer of the discussion session – International and Comparative Law Research Center

The most optimal solution of cross-border insolvencies regulation for the member states of the EAEU will be discussed within the session.

Under the integration within the EAEU the economies of the member states become more and more unified. In this situation, when insolvency procedure extends beyond the borders of one single state, the new challenge appears – creation of the instruments for cross-border insolvency regulation. Under what circumstances the foreign entities become the subject of insolvency procedure? How should we recognize the foreign insolvency proceedings? How to avoid cross-border transactions, how to pierce the corporate veil and make foreign controlling entities subsidiary liable etc.?

Indeed, the pattern of insolvency laws of the EAEU member states is diversified. For instance, under the Kazakh laws the variety of rehabilitation procedures is set up. In the Kyrgyz Republic, the institution of non-curial insolvency is envisaged, under which the judiciary functions are exercised by the creditors’ committee. Priority rules, secured creditors rights, the transactions avoidance rules, the right for set-off and etc. differ significantly in EAEU member states.

Consequently, the following question gets important: which risks and opportunities do businesses have under cross-border insolvency within the EAEU? Are there prospects for the forthcoming migration of debtors to the member states, where the certain rehabilitation procedures are widely applied? Shall the creditors’ rush to the most loyal “creditor-friendly” regimes be foreseen instigated by the great volume of legal tools designed to challenge transactions and make the controlling entities of the debtor liable?

The other point of issue refers to the appreciation of states’ approach: how shall the member states of the EAEU respond to the evolving “insolvency markets” and shall the member states compete in order to elaborate the “best” insolvency laws? How can the states limit the forum shopping and the options to choose the most beneficial jurisdiction for the purpose of insolvency? How can the cross-border effect of insolvency be guaranteed? How to open borders to foreign bankruptcies and not to be affected by regulatory competition and unfair forum shopping?

Format of the meeting – presentations of speakers and panel discussion.

Co-Moderators:

Elena Mokhova

Associate Professor, Department of International Public and Private Law, National Research University – Higher School of Economics

Ekaterina Papchenkova

General Director, International and Comparative Law Research Center

Speakers:

Artur Ogannesyan

First Deputy Minister, Ministry of Justice of the Republic of Armenia

Stanislav Sadovnikov

Deputy Director, Department of Sanation and Bankruptcy, Ministry of Economy of Belarus

Ekaterina Salugina-Sorokovaya

Director of Department for finance and banking activity and investment development, Ministry of Economic Development of the Russian Federation

Aigul Ualiyeva

Head of the Financial Resolution Department, Committee of State Revenues, Ministry of Finance of the Republic of Kazakhstan

Experts:

Sidney Brooks

Ret. Chief Bankruptcy Judge, U.S. Bankruptcy Court/District of Colorado

Jennifer Clift

Principal Legal Officer, United Nations Commission on International Trade Law (UNCITRAL)

Stephan Madaus

Professor, Martin-Luther-University Halle-Wittenberg

16.00 – 16.30
Coffee break
16.30 – 18.00

Organizer of the discussion session – Central Bank of the Russian Federation (Bank of Russia)

The bankruptcy of any organization results in troubles for people and entities, deteriorates their financial positions, hinders and sometimes even prevents their development. The outcomes are most evident in case of bankruptcy of financial institutions, especially of strategically important ones and working with general audience. Thus, since the middle of the previous century, the development of financial institutions insolvency prevention tools has been of relevance both for science studying financial market issues, and for practice.

The Russian experience of the recent decades, characterized with a vigorous and sometimes unreasonable growth of financial institutions with their further withdrawal from the market, is of great interest because, despite of all threats, some measures have been taken to provide for a sustainable financial market and, therefore, to protect the rights of many nationals of the Russian Federation. However, it turned out impossible to avoid all losses and, therefore, social disturbances.

In the recent time, certain legislative changes aimed at too-big-to-fail credit institutions bankruptcy prevention have been adopted in Russia. And the next in turn are the establishment and implementation of similar approaches in relation to insurance companies. However, we may and should discuss more comprehensive approach and maintenance of balance between public and private interests in this respect.

The main subjects of this session are the practice of financial institutions sanation, new proposals and other related issues.

Russian and foreign professionals and representatives of the Ministry of Finance of the Russian Federation and the Bank of Russia will take part in the session.

The attendees will discuss:

  • Approaches to financial institutions’ insolvency issues settlement in Russian and foreign practices.
  • The priority of procedures: financial sanation or liquidation, as regards to financial institutions, such as credit institutions and insurance companies.
  • Issues of ball tools application in Russian and foreign practices.
  • Novelties of credit institutions and insurance companies bankruptcy settlement in Russian and foreign law.
  • Secondary liability of financial institutions’ controllers in case of bankruptcy thereof.
  • The role of public institutions in financial institutions insolvency and/or bankruptcy settlement.

Moderator:

Aleksey Guznov

Director of the Legal Department, Bank of Russia

Speakers:

Richar Healey

Partner, Gateley Plc

Alexander Zhdanov

Director of the Financial Resolution Department, Bank of Russia

Anatoly Kozlachkov

Vice-President, Association of Banks “Russia”

Yana Pureskina

Director of the Financial Policy Department, Ministry of Finance of the Russian Federation

Vladimir Chistyukhin

Deputy Governor, Bank of Russia

Igor Yurgens

President, All-Russian Insurance Association

21.00 – 23.00
Cultural Program of the SPbILF

May, 18 (Friday)

10.30 - 12.00

Organizer of the discussion session – Federal Tax Service of the Russian Federation

Statistics show that seven of ten bankruptcy procedures do not result in debt recovery at all, while in the remaining three cases creditors receive only a small part of the amounts they are legally entitled. It often results from abuse by unfair managers and debtor’s beneficiaries as well as by receivers and associated persons related to such managers and beneficiaries. The abuse can take place in the course of a bankruptcy procedure and/or on the threshold thereof.

The law stipulates that a bankruptcy procedure shall be applied for the purpose of liabilities repayment to creditors, including settlement through debtors’ sanation. Any opportunities of misconduct in relation to bankruptcy procedures shall be ruled out, and this is the main purpose of the bankruptcy law reform.

The most notable of the recent legislative actions against misconduct is the revision of procedural regulations for secondary liability of the persons in control of the debtor. Thus, we can see the establishment of a major legal doctrine aimed rather at prevention than at justice restoration and ruling out the use of bankruptcy just as the way of debts charge-off.

Not only the evasion of liabilities existing as at the date of a bankruptcy petition shall be prohibited but also the use of a bankrupt status for business operations, as it results in both additional damages through the default under the debtor’s current liabilities and undue advantages over fair competitors.

A professional receiver shall act to achieve the maximum debt repayment possible for the debtor, along with damages prevention. The objective of self-regulatory organizations of insolvency practitioners is to ensure supervision over official receivers and to provide for legal and effective procedures.

The increase of debt settlement rate and compliance in the area of bankruptcy is an indicator of simple and transparent business operations in Russia. Trust in contractors and the ability to be sure that a business partner would neither disappear nor avoid due performance will provide for civil-law operations sustainability.

What types of misconduct do creditors more often encounter in bankruptcy procedures and how they resist them?

What makes the application of bankruptcy law to avoid liabilities repayment possible?

Secondary liability, objection to transactions or something else? How can we choose the best remedy?

Is an official receiver an ally or an enemy of a fair creditor or debtor?

What shall be done to make rehabilitation procedures attractive for business community?

Is it possible to achieve the balance of interests of debtors and fair creditors?

What shall legislators do to raise the efficiency of bankruptcy procedures ?

The attendees of the session will discuss their views of the issues on the agenda.

Moderator:

Konstantin Chekmyshev

Deputy Head, Federal Tax Service of the Russian Federation

Speakers:

Aleksandr Avdeyko

Head of Legal Department, Ministry of Internal Affairs of the Russian Federation

Evgeniy Akimov

Director of Enforcement and Bankruptcy Department, Sberbank

Sergey Arakelov

Deputy Head, Federal Tax Service of the Russian Federation

Rustem Miftakhutdinov

Associate Professor, Kutafin Moscow State Law University (MSAL)

Ivan Razumov

Judge, Supreme Court of Russia

Christopher Redmond

Founder, Chief Executive, Redmond Law Firm LLC

12.00 – 12.30
Coffee break
12.30 – 14.00

Organizer of the discussion session – Ministry of Economic Development of the Russian Federation

The international practice demonstrates that a bankruptcy procedure is the most efficient way of natural persons’ debts settlement. The laws of most jurisdictions have established natural persons bankruptcy procedures the main purpose of which is to let an individual get rid of a debt burden and start his of her financial life anew. It is possible either through the debtor’s property sale or by means of the debt restructuring. In the both cases, the balance between the debtor’s and the creditors’ interests shall be observed.

There is also the issue of bankruptcy of persons belonging to important social groups. Some jurisdictions have simplified bankruptcy procedures for the cases when the debt is not large but the procedure is too expensive for the debtor. What specific features are provided for in different jurisdictions for such cases? What problems do the practitioners face?

These subjects will be discussed at the session.

The agenda will also include the discussion of judicial practice and legislative initiatives on natural persons bankruptcy issues in different countries.

Moderator:

Ekaterina Salugina-Sorokovaya

Director of Department for finance and banking activity and investment development, Ministry of Economic Development of the Russian Federation

Speakers:

Sidney Brooks

Ret. Chief Bankruptcy Judge, U.S. Bankruptcy Court/District of Colorado

Aigul Ualiyeva

Head of the Financial Resolution Department, Committee of State Revenues, Ministry of Finance of the Republic of Kazakhstan

Oleg Zaytsev

Consultant, Research Center of Private Law named after Sergey Alekseev under the President of the Russian Federation

14.00 – 15.00
Lunch
15.00 – 16.30

The number of corporate bankruptcies in the economy grows persistently. Though the rate is not very high — 5-8% annually — the number of bankruptcies would not return to the pre-crisis level. While the efficiency of bankruptcy procedures for creditors tends to decrease; in 2017, about 5.5% of claims entered into registers were satisfied. It is less than in 2016 when creditors were repaid 6% of claims entered into registers.

Despite the fact that only a small part of their claims are satisfied, they are creditors who most often initiate bankruptcy proceedings. Creditors were the applicants in 79% of cases the data about which were submitted by administrators to Fedresurs (the Unified Federal Register of Bankruptcies) in 2017. Debtors initiated 9%, tax authorities - 10%, employees - 1% of bankruptcy proceedings.

Creditors’ money repayment based on the results of a bankruptcy procedure depends both on the availability of debtors’ property at the start of the procedure and on other factors, such as administrators’ efforts for bankruptcy estate formation. Inventory count reports show that only 46% of debtors that returned over 80% of liabilities to creditors in 2017 had enough property for the repayment. While 37% of payers had no property at all.

At the session, the experts will discuss the reasons for low rate of repayment as the result of bankruptcy procedures, point out to the most relevant issues and map out the ways of their resolution providing for more efficient procedures.

Both creditors’ external advisers and internal legal services representatives responsible for bad assets have been invited to take part in the discussion. The form of the discussion provides for each speaker to put forward a key problem, to voice out his or her justified position and to propose possible ways of resolution thereof.

Representatives of bankruptcy administrators community and scientific community will act as arbiters, comment on the proposed solutions and arguments, and offer their views of the key issues.

Moderator:

Viktor Belchenko

Director, LLC Bankruptcy Problem Center; Chairman of the Expert Board dealing with Troubled Assets, Association of the Russian Banks

Speakers:

Rustem Miftakhutdinov

Associate Professor, Kutafin Moscow State Law University (MSAL)

Vladimir Nazarenko

Director of Litigation Department of Legal Directorate, State corporation “Bank for development and foreign economic affairs (Vnesheconombank)”

Dmitriy Skripichnikov

Chairman, Russian Union of Self-Regulated Organizations of Arbitration Managers

Aleksey Yukhnin

Director for Development of Projects, Interfax Information Group

16.30 – 17.00
Coffee break
17.00 – 18.30

Moderator:

Aleksey Yukhnin

Director for Development of Projects, Interfax Information Group

20.00 – 23.30
SPbILF Gala Dinner
*The Programme may be subject to change.

Speakers

Evgeniy Akimov
Evgeniy Akimov
Director of Enforcement and Bankruptcy Department, Sberbank
Sergey Arakelov
Sergey Arakelov
Deputy Head, Federal Tax Service of the Russian Federation
Aleksandr Avdeyko
Aleksandr Avdeyko
Head of Legal Department, Ministry of Internal Affairs of the Russian Federation
Viktor Belchenko
Viktor Belchenko
Director, LLC Bankruptcy Problem Center; Chairman of the Expert Board dealing with Troubled Assets, Association of the Russian Banks
Elena Borisenko
Elena Borisenko
Deputy Chairman of the Board of Management, Gazprombank
Sidney Brooks
Sidney Brooks
Ret. Chief Bankruptcy Judge, U.S. Bankruptcy Court/District of Colorado
Konstantin Chekmyshev
Konstantin Chekmyshev
Deputy Head, Federal Tax Service of the Russian Federation
Vladimir Chistyukhin
Vladimir Chistyukhin
Deputy Governor, Bank of Russia
Jennifer Clift
Jennifer Clift
Principal Legal Officer, United Nations Commission on International Trade Law (UNCITRAL)
Aleksey Guznov
Aleksey Guznov
Director of the Legal Department, Bank of Russia
Richard Healey
Richard Healey
Partner, Gateley Plc
Anatoly Kozlachkov
Anatoly Kozlachkov
Vice-President, Association of Banks “Russia”
Radu Lotrean
Radu Lotrean
President, INSOL Europe
Stephan Madaus
Stephan Madaus
Professor, Martin-Luther-University Halle-Wittenberg
Rustem Miftakhutdinov
Rustem Miftakhutdinov
Associate Professor, Kutafin Moscow State Law University (MSAL)
Elena Mokhova
Elena Mokhova
Associate Professor, Department of International Public and Private Law, National Research University – Higher School of Economics
Vladimir Nazarenko
Vladimir Nazarenko
Director of Litigation Department of Legal Directorate, State corporation “Bank for development and foreign economic affairs (Vnesheconombank)”
Artur Ogannesyan
Artur Ogannesyan
First Deputy Minister, Ministry of Justice of the Republic of Armenia
Igor Oshurkevich
Igor Oshurkevich
Chairman, Association of Crisis Management and Insolvency of Republic of Belarus
Ekaterina Papchenkova
Ekaterina Papchenkova
General Director, International and Comparative Law Research Center
Yana Pureskina
Yana Pureskina
Director of the Financial Policy Department, Ministry of Finance of the Russian Federation
Ivan Razumov
Ivan Razumov
Judge, Supreme Court of Russia
Christopher Redmond
Christopher Redmond
Founder, Chief Executive, Redmond Law Firm LLC
Stanislav Sadovnikov
Stanislav Sadovnikov
Deputy Director, Department of Sanation and Bankruptcy, Ministry of Economy of Belarus
Dmitriy Skripichnikov
Dmitriy Skripichnikov
Chairman, Russian Union of Self-Regulated Organizations of Arbitration Managers
Ekaterina Salugina-Sorokovaya
Ekaterina Salugina-Sorokovaya
Director of Department for finance and banking activity and investment development, Ministry of Economic Development of the Russian Federation
Ilyas Tleulin
Ilyas Tleulin
Head, Public association of bankruptcy administrators "ARLAN"
Aigul Ualiyeva
Aigul Ualiyeva
Head of the Financial Resolution Department, Committee of State Revenues, Ministry of Finance of the Republic of Kazakhstan
Aleksey Yukhnin
Aleksey Yukhnin
Director for Development of Projects, Interfax Information Group
Igor Yurgens
Igor Yurgens
President, All-Russian Insurance Association
Oleg Zaytsev
Oleg Zaytsev
Consultant, Research Center of Private Law named after Sergey Alekseev under the President of the Russian Federation
Alexander Zhdanov
Alexander Zhdanov
Director of the Financial Resolution Department, Bank of Russia

Supported by

Organisers

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IIF 2017

I International Insolvency Forum

Conditions of Participation

Participation Packages and Fees

Please be advised that the conditions of participation in the International Insolvency Forum are the same as in the St. Petersburg International Legal Forum

IIF 2018 DELEGATE PACKAGE

01.04.2018 – 30.04.2018

150 000 RUB / $ 2650 / € 2130
Participate

Special price
IIF 2018 DELEGATE PACKAGE

for the representatives of commercial organizations, except consulting companies

01.04.2018 – 30.04.2018

90 000 RUB / $ 1590 / € 1278

81 000 RUB Special price for RCCA members

Participate

IIF 2018 ACCOMPANYING PERSON PACKAGE

01.04.2018 – 30.04.2018

40 000 RUB / $ 700 / € 570 Participate

Learn more

Discounts


Representatives of the following organizations are provided with the special conditions of participation:

  • World Bank
  • The Organisation for Economic Co-operation and Development (OECD)
  • European Bank for Reconstruction and Development (EBRD)
  • United Nations Commission on International Trade Law (UNCITRAL)
  • International Association of Insolvency Regulators (IAIR)
  • American Bankruptcy Institute (ABI)
  • International Insolvency Institute (III)

Should you have any questions, please do not hesitate to contact us via email: delegate@spblegalforum.com

Contacts

speakers@spblegalforum.ru

+7 (812) 449 36 21

Office hours: 10:30 – 18:00



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