Friday , 19 May
15:55 - 17:35
Hall #1, General Staff Building (6-8, Dvortsovaya sq.)
Track: International Insolvency Forum
Organizer of the discussion session – The Central Bank of the Russian Federation
Prior to the global financial crisis of 2008-2009, the widespread take on the insolvency of financial players (banks, insurers, financial market infrastructure providers, etc.) was to let their bankruptcy proceed to winding-up, if the organization showed signs of insolvency (bankruptcy). The proper procedures had to come into play as early as feasible, so as to assure the maximum satisfaction of creditors’ claims, and secure the insolvency proceedings as such. The need was generally recognized to put the safeguards in place to protect the investors (both individuals and, in many economies, also legal entities) and, in some cases, also to protect other retail consumers of financial services, e.g., retail investors, insurance sponsors, etc.
The global financial crisis of 2008-2009 ushered in a new perspective on the issue of the insolvency of financial players (most notably, the major financial institutions critical to system continuity), and compelled the parties concerned to look for new ways to settle the insolvency of such entities. Some of the settlement instruments offered by the international community have found their way into Russian legislation and the practices of the Bank of Russia and the Investment Insurance Agency. However, what is urgently needed is a more comprehensive take on the insolvency settlement of all financial players, wherein special guidelines shall be provided in respect of banks, insurance companies, non-government pension funds, and system-critical financial institutions. This task is a priority that must be addressed in the nearest term.
The plan is to discuss the following at the roundtable:
The Secretary, United Nations Commission on International Trade Law (UNCITRAL)
Deputy Chairman, Bank of Russia
Director of the Legal Department, Bank of Russia
Director of Bankruptcy LL.M Program, Chair for Business Law, Lomonosov Moscow State University Law School, Member of the Russian Supreme Court Scientific Advisory Board
Director of department for liquidation of financial institutions, Deposit insurance agency
Deputy Governor, Bank of Russia
* The Programme may be subject to change