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Personal Liability and Risks of Company Managers and Beneficial Owners

Wednesday, 15 May
08:30 - 09:45

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

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Business owners often take for granted that their liability is limited to the contribution they made when establishing the enterprise, and that, even under the worst-case scenario, the greatest punishment they might face is losing the business. Recently, both lawmakers and courts have dramatically changed their approach to this issue. Today, a businessperson’s liability has become very similar to how things were several centuries ago, before the concept of a limited liability company took its final shape. The sheer magnitude of many lawsuits and the complexity of legal structures employed are often surprising to the imaginations of even the most experienced professionals.

At the business breakfast arranged by Kommersant Publishing House at the St. Petersburg International Legal Forum, we will take a closer look at the nuances of exposing business owners to personal liability, with a focus on finding and seizing assets, comparing the relevant aspects of both Russian and foreign legal practices, recovering debt from straw parties and affiliates, and challenging illegal transactions.

Discussion topics:

  • The pendulum of personal liability: from partnerships to joint-stock companies and back – where debts come from
  • Transfer of assets to a fund or trust and their inclusion in a bankruptcy estate. Existing cases of challenging such transactions
  • Asset tracing and recovery in offshore jurisdictions
  • The rule in Gibbs as applied in Sberbank vs. International Bank of Azerbaijan
  • Enforcing debts against affiliates or nominees in England

 

MODERATOR:

Alexander Moskovkin, Chief of Law Section, Rossiyskaya Gazeta newspaper

 

SPEAKERS:

  • Rustam Kurmaev, Managing Partner, Rustam Kurmaev & Partners
  • Dmitry Kletochkin, Partner, Rustam Kurmaev & Partners
  • Nikolay Vargasov, Head of Legal Department, UFG Wealth Management
  • Mark Forte, Partner, Conyers Dill & Pearman
  • Duncan Saunders, Senior lawyer, Fried, Frank, Harris, Shriver & Jacobson
  • Richard Healey, Partner, Gateley PLC

* The Programme may be subject to change