Bankruptcy - PRACTICE AREAS

The practice

Insolvency law is a complex and highly technical area requiring narrowly specialised professionals with deep expertise. This is particularly relevant in the current economic environment, where preventive measures aimed at safeguarding business interests are becoming increasingly important, and debtors face a growing need to conduct insolvency proceedings with a focus on minimising the risks of subsidiary and criminal liability.

EPAM’s Bankruptcy and Restructuring Practice is one of the largest and most experienced teams in the Russian market. Our practice brings together several dozen dedicated specialists who, in recent years, have been involved in hundreds of disputes arising out of insolvency proceedings.

Our lawyers possess unique expertise and focus on complex, precedent-setting matters. Clients engage the Firm both at the initial stages of insolvency, when it is critical to devise an optimal strategy in proceedings involving multiple stakeholders with competing interests, and at later stages, to ensure robust defence against aggressive claw-back claims and applications for the imposition of liability.

Our experienced team and well-established methodologies enable us to deliver efficient and effective solutions even in the most contentious insolvency proceedings. Close cooperation with other highly specialised practices within the Firm allows us to support projects across all sectors of the economy, including insolvencies of financial institutions, credit organisations, agricultural enterprises and other businesses.

Our clients include major market players, among them:

Founders and former top managers of Transaero Airlines – advising in one of the largest and most complex subsidiary liability cases in Russian practice (claim value exceeding RUB 249 billion).
JSC Stockmann – representing the client in a dispute with the insolvency administrator of IPK Atlas LLC (formerly Podium Market LLC) concerning the invalidation of transactions for the acquisition of certain assets (claim value RUB 1.7 billion).
Global Metcorp, part of an international steel brokerage group – representing the client in the insolvency of Torex LLC, formerly one of the largest steel suppliers, including in standalone disputes regarding inclusion of claims in the creditors’ register, removal of the insolvency administrator, transaction challenges and subsidiary liability.
Major real estate developer – defending the client’s interests in a series of disputes concerning control over one of the largest shopping centres in St Petersburg, as well as in complex insolvency proceedings (claims exceeding USD 100 million).
Group of bankruptcy creditors of Energokapital, formerly one of the largest brokerage firms in North-West Russia – representing clients in subsidiary liability claims against the opponent’s beneficiaries (RUB 3 billion).
Subsidiary of Surgutneftegaz – defending the client in liability claims arising out of the insolvency of a fuel card operator and in transaction challenge disputes (aggregate value RUB 28 billion), including before the Supreme Court of the Russian Federation.

In cooperation with other practices within the Firm, we ensure effective handling of cross-border insolvencies and asset tracing outside Russia. Supported by a network of trusted foreign counsel, we provide comprehensive international legal support. Notable matters include representing Bank Saint Petersburg in High Court proceedings in London involving claims exceeding USD 500 million, and coordinating multiple related proceedings in France, Bulgaria, Cyprus and the British Virgin Islands concerning asset tracing, interim relief, recognition and enforcement.

Our market leadership is confirmed by top-tier rankings and industry awards:

Band 1, Kommersant ranking – Corporate insolvency (high-end) and personal insolvency (2025); practice matters regularly recognised as “Disputes of the Year”.
Group 1, Pravo-300 – Insolvency (disputes, restructuring, advisory) (2025).
Forbes Club Legal Ranking – Crisis management (protection of personal and business assets in Russia / asset restructuring and prevention of subsidiary liability), “Leader” category (2022).
Group 1, PROBankruptcy Leaders 2025 – beneficiary insolvency, inclusion (and challenge) of claims in the creditors’ register, personal asset protection, comprehensive insolvency support, transaction challenges/defence, pre-insolvency settlements, business restructuring and crisis management, subsidiary liability (defence and claims), and cross-border insolvencies including asset tracing.
Group 1, Pravo.ru research – Insolvency disputes (2025).
Firm partners have been included in the “100 Most Influential Persons in Insolvency” list since its inception.
IFLR 1000 – Tier 1 (one of only three firms and the only Russian firm among the leaders) (2022).
Chambers Europe – Band 1, Dispute Resolution: Litigation; Restructuring & Insolvency (2021).

Our lawyers are actively involved in legislative initiatives. The Firm’s experts participated in the reform of Russian insolvency legislation and in drafting key regulatory acts and bills, including the Federal Law “On Financial Support for Strategically Important Companies”, Federal Law No. 173-FZ dated 13 October 2008 “On Additional Measures to Support the Financial System of the Russian Federation”, and advised the Ministry of Economic Development of the Russian Federation and the State Duma Committee on Property in relation to the Federal Law “On Insolvency (Bankruptcy)”.

Services

We provide legal assistance in the following areas:

preparing legal opinions, including risk assessments in relation to potential subsidiary liability arising in various scenarios (business decisions, transaction structures) and recommending mitigation strategies;
developing business structuring models aimed at minimising the risk of subsidiary liability;
preparing and filing insolvency petitions;
advising on and securing the inclusion of claims in the debtor’s creditors’ register;
challenging bad-faith creditors’ claims and preventing abusive or controlled insolvency proceedings;
defending against subsidiary liability claims and claims for damages;
developing and implementing strategies to pursue controlling persons of the debtor for subsidiary liability and recovery of damages;
challenging the debtor’s transactions and defending against claw-back claims, as well as representing clients in other standalone disputes within insolvency proceedings;
representing clients at creditors’ meetings and on creditors’ committees, including challenging adopted resolutions;
addressing misconduct by insolvency administrators, including successfully implementing mechanisms for their removal and disqualification, and recovering damages caused by their bad-faith actions;
preparing objections to financial analysis reports and conclusions regarding the absence of signs of deliberate (fraudulent) bankruptcy;
conducting insolvency due diligence of assets offered for sale at auction and challenging auction results;
filing criminal complaints with law enforcement authorities in relation to deliberate bankruptcy (Article 196 of the Criminal Code of the Russian Federation).

Reputation

EPAM demonstrates “...outstanding performance indicators” (Pravo.ru Insolvency Market Research).

“Among firms ranked at the federal level, EPAM shows the leading figure: RUB 48.2 billion per matter handled” (Pravo.ru Insolvency Market Research).

“...one of the strongest teams in insolvency litigation...” (Chambers Europe).

The team is distinguished by its “original thinking, dedication and ability to generate brilliant ideas within tight deadlines.” (Chambers Europe).

“They do not merely advise; they provide practical and workable solutions.” (Chambers Europe).

“EPAM’s lawyers demonstrate exceptional professional judgement. They are attentive to detail, conduct thorough analysis, build effective strategies and achieve outstanding results.” (The Legal 500).

“This is a first-class restructuring and insolvency practice… Clients are in a winning position thanks to the team’s in-depth knowledge, excellent advocacy and efficiency.” (The Legal 500).

“This is one of the best practices for handling the most complex and precedent-setting insolvency disputes.” (The Legal 500).