The Court of Appeal confirmed the decision of the Arbitration Court of Saint Petersburg and the Leningrad Region, which denied the claim of the bankruptcy creditor and insolvency administrator to hold shareholders and top managers personally liable, both subsidiarily and for the recovery of damages on corporate grounds. This marks yet another victory for the law Firm's attorneys in the Transaero bankruptcy case — one of the most high-profile bankruptcy proceedings in modern Russian history (with claims totaling 249 billion rubles).

In the ruling of the Thirteenth Arbitration Court of Appeal dated 15 May 2025, all allegations against former shareholders and members of the management bodies of Transaero — T.G. Anodina, O.A. Pleshakova, and A.P. Pleshakov — were substantively examined and dismissed. These allegations included: failure to file for bankruptcy, alleged misconduct through a series of dishonest transactions, manipulation of financial statements, and failure to transfer documents to the insolvency administrator.

The court noted that the deterioration of Transaero’s financial performance was linked to the revocation of its airline operating license and currency exchange rate fluctuations. It was also stated that Transaero was subject to external economic restrictions and did not show signs of insolvency at least until the third quarter of 2015 inclusive.

The court established that, under these conditions, the company had a justified plan to overcome the crisis, which was carried out by its management.

The interests of the clients were represented by Partner Evgeny Gurchenko, Counsel Aleksander Svashenko, and Associate Yulia Sevostyanova.