Disclosure of Security Interests as a Tool to Protect Creditors’ Rights and Significance of Security Interest Registers in Insolvency Proceedings

Friday , 19 May
14:25 - 15:40

Hall #1, General Staff Building (6-8, Dvortsovaya sq.)

Track: International Insolvency Forum

Description

Organizer of the discussion session – Fedresurs

 

The importance of information disclosure is very high and growing in today’s world. The protection of lenders’ rights is the primary concern in this. Indeed, it is absolutely essential for lenders to have standby access to fully updated pertinent information, any change in which may entail legal implications for the lender. One of the key aspects of information access is the maintenance of security interest registries, which are logs wherein the data is recorded pertaining to pledges and their functional equivalents, as well as the details of leases, retention of property title, and other information carrying legal implications for third parties.

Registries of security interests are generated and used in many economies. UNCITRAL has developed a set of standards for the keeping of these registries, derived from best international practice in the field. The application of these standards would substantially enhance the protection of the rights of lenders and other parties to civil commerce.

It is difficult to overestimate the criticality of disclosure of these particular kinds of information, especially when insolvency proceedings are ongoing against a debtor. What specific types of information should be subject to disclosure, and how the registries should be organized for such information, are two of the questions to be answered by this session.

 

Moderator

Aleksey Yukhnin

Director for Development of Projects, Interfax Information Group

Speakers

Elena Avakyan

Executive Director, Non-Profit Partnership “For Advancement of Corporate Law”

Spyridon Bazinas

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

Konstantin Korsik

President, Federal Notary Chamber

Rustem Miftakhutdinov

Associate Professor for the Individual and Corporate Law, Kutafin Moscow State Law University (MSAL); Judge (retired), The Supreme Arbitration Court of the Russian Federation

Adolfo Rouillon

Judge (Retired), Civil and Commercial Court of Appeals, Rosario, Province of Santa Fe, Argentina

Dmitriy Skripichnikov

Deputy head of the Economic Division, State Duma


* The Programme may be subject to change