Corporate insolvency proceedings are increasingly becoming a staple of judicial practice, providing debtors with a legitimate mechanism to discharge liabilities to creditors, often through the partial satisfaction of claims.

To initiate the process, it is essential to meticulously prepare and submit a bankruptcy petition to the commercial (arbitration) court in written form.

Drafting Bankruptcy Petitions for Debtors and Creditors

A debtor’s petition must specify the following essential details:

1. The designation of the commercial court where the petition is being filed;
2. The aggregate amount of creditor claims concerning monetary obligations, including those due as of the filing date, to the extent not disputed by the debtor, alongside the underlying causes of the indebtedness;
3. The total debt related to compensation for harm caused to life or health, statutory compensation exceeding such harm, labor remuneration and severance pay for employees, and royalties due to authors of intellectual property;
4. The quantum of outstanding mandatory payments (taxes and levies);
5. A detailed justification of the inability to satisfy creditor claims in full, or evidence that the enforcement of claims against the debtor’s assets would substantially impede business operations, pursuant to Federal Law No. 127-FZ "On Insolvency (Bankruptcy)";
6. Information regarding active litigation in courts of general jurisdiction, commercial courts, or arbitral tribunals, as well as details on any writs of execution or other instruments presented for non-consensual (direct) debiting of funds from the debtor’s accounts;
7. A comprehensive disclosure of the debtor's assets, including cash reserves and accounts receivable;
8. The debtor’s corporate registration data (Primary State Registration Number and Tax Identification Number);
9. Bank account details, including the addresses of credit institutions and information regarding the debtor’s digital ruble account (where applicable);
10. The name and address of the Self-Regulatory Organization (SRO) designated to nominate an interim manager;
11. A schedule of accompanying documentation.

In the event a petition is filed by a creditor, the submission must include:

1. The name of the commercial court of jurisdiction;
2. The full name and registered address of the debtor;
3. The debtor’s corporate registration credentials (registration number and Tax Identification Number);
4. The name and address of the petitioning creditor, employee, or former employee;
5. The total quantum of claims against the debtor, specifying accrued interest, penalties, and liquidated damages;
6. The underlying obligation giving rise to the claim and the maturity date of such obligation;
7. Where required by law, a final and enforceable judgment from a court of general jurisdiction or commercial court, or an order granting enforcement of an arbitral award;
8. Evidentiary support for the indebtedness (e.g., invoices, bills of lading, and other commercial instruments);
9. The candidacy of the interim manager (full name and affiliated SRO) or the name of the SRO from which the interim manager is to be appointed;
10. A schedule of documents supporting the creditor's petition.

It is important to note that, in addition to debtors and creditors, bankruptcy proceedings may also be initiated by authorized regulatory bodies.

Provided the statutory requirements are met, the court shall issue a ruling to accept the petition no later than five days following its submission.

Interim Relief in Bankruptcy: Drafting and Filing Motions

Upon motion by the petitioner or any other party to the insolvency case, the commercial court may grant interim measures. Under the Russian Code of Commercial Procedure (APC RF), these measures include:

1. The attachment of funds (including future deposits) or other assets belonging to the defendant, whether held by the defendant or third parties;
2. Prohibiting the defendant or third parties from performing specific actions related to the subject of the dispute;
3. Mandating the defendant to perform specific acts to prevent the spoilage or deterioration of the disputed property;
4. Transferring the disputed property into the custody of the plaintiff or a third party;
5. Suspending enforcement under a contested execution document or other instrument subject to non-consensual collection;
6. Suspending the sale of property in the event of a legal challenge to its attachment.

Interim measures must strictly adhere to the principle of proportionality relative to the claims asserted.

The accuracy and procedural compliance of the documentation determine not only the court’s acceptance of the case but also the viability of securing interim relief, which is often critical to ensuring a creditor's recovery from an insolvent entity.

Comprehensive Legal Support for Bankruptcy Filings

1. Advising on statutory requirements for preparing and filing bankruptcy petitions.
2. Structuring and submitting bankruptcy petitions and motions for interim measures.
3. Representing debtors or creditors throughout the insolvency process.
4. Managing comprehensive legal support for complex corporate bankruptcy proceedings.