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Changes to Russian Corporate Law: Additional Protection of Creditors' Rights upon Reduction of Charter Capital and Introduction of New Federal Register
23 August 2011
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On July 20, 2011 the President of the Russian Federation signed a new law aimed primarily at improving regulation of the procedure for the reduction of the charter capital of Russian limited liability companies (“LLC”) and boosting the protection of creditors’ rights upon a reduction in the charter capital of an LLC in the event of a disparity between the level of charter capital and the net asset value of the company. The new law essentially introduces for LLCs many of the provisions that already apply for Russian joint stock companies. These provisions of the new law come into effect from January 1, 2012.
New Russian Unified Federal Register of Information on the Operations of Legal Entities is also introduced by the new law in addition to the existing Unified State Register of Legal Entities. Respective provisions of the new law come into effect from January 1, 2013.
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