Pavel Novikov

Pavel Novikov is a partner in the Moscow office of Baker McKenzie. He focuses on domestic litigation and international commercial arbitration, specifically on insolvency and restructuring disputes. He represents clients in commercial, corporate and administrative (regulatory) disputes. He also acts on behalf of the clients in criminal investigations and cases.

1. Introduction As in other jurisdictions, Russia’s insolvency legislation is based on the pari passu principle. However, this principle is subject to certain exceptions, specifically with respect to shareholders and other non-arm’s length creditors, such as the controlling persons of an insolvent company (“Affiliated Creditors”). In practice, Affiliated Creditors use other instruments (e.g. loans, intergroup supplies etc.) to have their claims listed in the creditors’ register of an insolvent company. First, this enables such creditors…