Legal alert: Recent Amendments to the Russian Civil Code: the New Regulation of Legal Entities
On May 7, 2014 high-importance amendments were introduced to the Russian Civil Code with regard to legal entities (the Law). The amendments will take effect on September 1, 2014.
Key amendments:
- New division into public and non-public companies shall be introduced
- Controller’s liability shall be introduced
- Management shall be protected from liability
- Two-key principle shall be allowed
- Legal regulation of shareholders’ agreements has been itemized
- Major changes have been introduced to provisions on reorganization and winding-up of legal entities
- Grounds for a parent company’s liability for its subsidiary’s debts have been specified
Please follow the link to find the full text of the alert.
