BESTLAWYERS@KTAPLAW.RU
+7 (495) 902 72 72
+7 (495) 902 72 72
119121, RUSSIAN FEDERATION,
MOSCOW, 7TH ROSTOVSKY LANE, 15
MOSCOW, 7TH ROSTOVSKY LANE, 15
BANKRUPTCY, DEBT RECOVERY, AND PROTECTION FROM PENALTIES
IN PERIODS OF ECONOMIC TURBULENCE, EFFECTIVE LEGAL SUPPORT IN THE RESTRUCTURING, INSOLVENCY AND BANKRUPTCY SECTORS BECOMES VERY IMPORTANT.
BANKRUPTCY, DEBT RECOVERY, AND PROTECTION FROM PENALTIES
IN PERIODS OF ECONOMIC TURBULENCE, EFFECTIVE LEGAL SUPPORT IN THE RESTRUCTURING, INSOLVENCY AND BANKRUPTCY SECTORS BECOMES VERY IMPORTANT.
Ranked Group I in the “Large Practices” segment for six consecutive years (2020–2025)
according to the Pravo.ru federal research “Leaders in Bankruptcy.”
SINCE THE LAW FIRM WAS FOUNDED, DEBT COLLECTION AND BANKRUPTCY FIELD HAS BEEN ITS UNDERLYING FOCUS. THUS, FOR A LONG TIME, THE LAW FIRM WAS ACCREDITED BY THE DEPOSIT INSURANCE AGENCY (DIA) AS A LEGAL ADVISOR, AND PROVIDED ADVISORY SERVICES WITH REGARD TO THE INSOLVENCY OF CREDIT INSTITUTIONS AS AN EXPERT FOR THE AGENCY FOR THE RESTRUCTURING OF CREDIT ORGANIZATIONS (ARCO), AND WAS ACCREDITED BY SBERBANK OF RUSSIA UNTIL 2012.
NOWADAYS, LEGAL WORK TO RECOVER ASSETS UNDER BANKRUPTCY IS IN HIGH DEMAND. THE PROFESSIONALS OF THE LAW FIRM HAVE BEEN DEVELOPING THEIR PRACTICE IN THIS FIELD FOR THREE DECADES AND HAVE MASTERED UNIQUE METHODS FOR PROTECTING CREDITORS AND RECOVERING THEIR ASSETS.
NOWADAYS, LEGAL WORK TO RECOVER ASSETS UNDER BANKRUPTCY IS IN HIGH DEMAND. THE PROFESSIONALS OF THE LAW FIRM HAVE BEEN DEVELOPING THEIR PRACTICE IN THIS FIELD FOR THREE DECADES AND HAVE MASTERED UNIQUE METHODS FOR PROTECTING CREDITORS AND RECOVERING THEIR ASSETS.
FOUNDATION OF THE PRACTICE
THE EMPLOYEES OF THE LAW FIRM FIRST GAINED EXPERIENCE IN BANKRUPTCY BACK IN THE 1990S WHEN PARTICIPATING IN THE FOLLOWING BANK BANKRUPTCIES ON BEHALF OF THE CREDITORS: GLORIA BANK, KREDOBANK, AND INCOMBANK.
IN 2002, THEY GAINED KEY EXPERIENCE IN RECOVERING ASSETS IN THE COURSE OF LIQUIDATING SBS-AGRO, ONE OF THE LARGEST RUSSIAN BANKS AT THAT TIME. FOR TWO YEARS, THE LAWYERS SUPPORTED THE BANKRUPTCY MANAGER'S ACTIONS TO RECOVER ASSETS. AS A RESULT, MORE THAN 50 TRIALS WERE HELD (FOR RECOVERY OF OVERDUE DEBT, FOR LOAN AGREEMENTS IN SEVERAL CONSTITUENT ENTITIES OF THE RUSSIAN FEDERATION, INVOLVING BOTH COMMERCIAL ENTITIES AND GOVERNMENTAL AGENCIES), INCLUDING IN THE SUPREME ARBITRATION COURT, WHICH CONSIDERABLY INFLUENCED AND CONTRIBUTED TO FURTHERING LAW-ENFORCEMENT PRACTICES.
IN 2007, THE LAW FIRM ACTIVELY RECOVERED ACCOUNTS PAYABLE, CHALLENGED PROBLEM TRANSACTIONS AND RECOVERED ASSETS OF THE LARGEST COMMERCIAL BANK OF ST. PETERSBURG, ST. PETERSBURG RECONSTRUCTION AND DEVELOPMENT BANK (SPRDB). TOTAL CLAIMED AMOUNT: RUB 1 BILLION.
IN 2002, THEY GAINED KEY EXPERIENCE IN RECOVERING ASSETS IN THE COURSE OF LIQUIDATING SBS-AGRO, ONE OF THE LARGEST RUSSIAN BANKS AT THAT TIME. FOR TWO YEARS, THE LAWYERS SUPPORTED THE BANKRUPTCY MANAGER'S ACTIONS TO RECOVER ASSETS. AS A RESULT, MORE THAN 50 TRIALS WERE HELD (FOR RECOVERY OF OVERDUE DEBT, FOR LOAN AGREEMENTS IN SEVERAL CONSTITUENT ENTITIES OF THE RUSSIAN FEDERATION, INVOLVING BOTH COMMERCIAL ENTITIES AND GOVERNMENTAL AGENCIES), INCLUDING IN THE SUPREME ARBITRATION COURT, WHICH CONSIDERABLY INFLUENCED AND CONTRIBUTED TO FURTHERING LAW-ENFORCEMENT PRACTICES.
IN 2007, THE LAW FIRM ACTIVELY RECOVERED ACCOUNTS PAYABLE, CHALLENGED PROBLEM TRANSACTIONS AND RECOVERED ASSETS OF THE LARGEST COMMERCIAL BANK OF ST. PETERSBURG, ST. PETERSBURG RECONSTRUCTION AND DEVELOPMENT BANK (SPRDB). TOTAL CLAIMED AMOUNT: RUB 1 BILLION.
RANKINGS
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Pravo-300, 2017-20252025 - 🏆 The Firm was recognized in 12 categories, including:
🥇 Group I:- Bankruptcy (High-Market Disputes) - 2025, 2024, 2023, 2021, 2018
- Bankruptcy (Restructuring and Consulting) - 2025, 2024, 2022
- Bankruptcy (High-Market Disputes) - 2022, 2020, 2019, 2017
- Bankruptcy (Restructuring and Consulting) - 2023
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Kommersant, 2019-20252025 - 🏆 The Firm was recognized in 26 nominations in the Federal Ranking “Leaders of the Russian Legal Services Market”, including:
🥇 Band 1:
- Corporate Bankruptcy: High-End
- 🥇 Band 1: Sergey Kovalev (Bankruptcy) - 2019-2025
- 🥈 Band 2: Dmitry Tugushi (Bankruptcy) - 2025
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Rossiyskaya Gazeta, 2023-20252025 - 🏆 The firm’s lawyers were recognized in 28 nominations.
10 firm professionals were included across 9 practice areas, including:
🥇 Group I:- Bankruptcy - 7 lawyers
- Bankruptcy - 1 lawyer
Top Firm Lawyers (Personal Rankings, 2023–2025) — Bankruptcy
🥇 Group I:
- Sergey Kovalev (2023-2025)
- Dmitry Tugushi (2023-2025)
- Kirill Berkovsky (2023-2025)
- Ivan Korshunov (2023-2025)
- Ilya Kotlyarov (2023-2025)
- Roman Krylov (2024-2025)
- Alexei Galustyan (2025)
- Alexei Galustyan (2024)
- Tatiana Matyushina (2025)
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Pravo.ru Research, 2020–2025
Ranking of Leading Bankruptcy Law Firms in Russia2025 - 🏆 Ranked Group I in the overall Bankruptcy ranking for the sixth consecutive year. Pravo.ru- Group I - Overall Ranking. Leading law firms advising on major bankruptcy cases. https://research.pravo.ru/research/261040/
- No. 2 - Ranking of firms by the average amount per court decision, among firms included in the federal ranking with a total number of cases exceeding 30.
- No. 3 - Ranking of firms by participation in ancillary (separate) disputes, among firms included in the federal ranking with a total number of cases exceeding 30.
- No. 5 - Ranking of firms by participation in cases related to the inclusion in and exclusion from the creditors’ claims register, among firms included in the federal ranking with a total number of cases exceeding 30.
- No. 6 - Ranking of firms by total value of cases (aggregate amount of RUB 394 billion).
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Forbes Ranking, 20232023 - 🏆 The Firm was included in the Forbes Ranking: Best Law Firms in Russia.
Positions in the Ranking according to 6 criteria:- No. 6 - total amount of all disputes for the year
- No. 11 - number of court decisions
- No. 2 - media mentions or citations
- No. 17 - revenue per lawyer
- No. 17-20 - share of disputes with the state
- No. 18 - total revenue
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The Legal 500 EMEA, 2020-20212022 - 🏆 The Firm was recognized in two nominations, including key practice area:
Tier 4️⃣:- Restructuring and Insolvency
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PRObankrotstvo, 2022-20252023-2025 - 🏆 Personalized ranking of the “100 most influential persons in bankruptcy according to PRObankruptcy”:
- Sergey Kovalev
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Arbitration Association (RAA), 2022-20232023 - 🏆 The Firm was recognized in 5 nominations, including the key practice area:
🥇 Group I (Leading Practice):- Bankruptcy and Restructuring
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Forbes Club Legal Ranking, 2021-20222022 - 🏆 The Firm was recognized in 11 nominations, including key practice areas:
🥇 The Leader:- Prevention of Subsidiary Liability (2021-2022)
- Protection of Personal Assets and Business in Russia / Restructuring (2022)
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IFLR1000, 2018-20212021 - 🏆 The Firm was recognized in 1 nomination:- Restructuring and insolvency
Practice Highlights
- Extensive experience in high-value insolvencies, cross-border bankruptcies and precedent-setting subsidiary liability disputes.
- Recognised expertise in asset recovery, transaction challenges and creditor protection.
- Regular involvement in matters shaping Russian insolvency and bankruptcy case law.
PERSONAL BANKRUPTCY
- Legal representation in the personal bankruptcy proceedings of a leading figure in the banking and IT systems integrator. The matter involves potential creditor claims exceeding RUB 321 billion.
A key dispute concerns the challenge of cash withdrawals made by the debtor’s spouse (USD 24 million). The legal team is seeking to establish a precedent-setting position on whether such withdrawals of jointly owned cash (not constituting transactional expenses) may be challenged in bankruptcy. The matter raises fundamental issues of spousal property regimes and joint liability. With inconsistent lower-court practice, the case is currently pending before the Supreme Court, which is expected to clarify the applicable legal standard. - Comprehensive representation in a personal bankruptcy (a well-known banker and developer) with potential claims of RUB 208 billion, achieving:
- postponement of hearings to challenge adverse court decisions;
- deferral of asset realisation proceedings for one year;
- suspension of a major bank’s claim pending resolution of related litigation;
- successful defence of several challenged transactions;
- refusal to approve consultants engaged by the bankruptcy trustee.
- Advising an individual real estate investor in a personal bankruptcy with claims exceeding RUB 9.1 billion.
- Full support of the bankruptcy of a beneficiary of major grain elevator assets in the Omsk region, with a creditors’ register exceeding RUB 900 million.
SUBSIDIARY LIABILITY
- Defence of a former bank auditor in a landmark subsidiary liability claim exceeding RUB 1 trillion.
The courts of two instances fully dismissed the claims, confirming that the auditor did not qualify as a controlling person and that the alleged transaction was immaterial to the debtor’s operations. The case strengthened judicial practice on auditor liability in insolvency. - Protecting a major bankruptcy creditor in disputes exceeding RUB 15 billion, following remittal from the Supreme Court.
The strategy prevented adverse findings that could have triggered subsidiary liability and was supported by expert opinions prepared by the firm. - Representing pharmaceutical companies in the bankruptcy of a major drug distributor and its beneficiary, with potential subsidiary liability of RUB 25.5 billion.
Key disputes were successfully defended, and aggressive actions by the majority creditor and trustee were neutralised. - Defence of top management of construction, banking and industrial groups in subsidiary liability claims ranging from RUB 400 million to RUB 15 billion, including multiple cases fully dismissed at retrial.
- Advising Forbes-listed individuals on insolvency risk management, transaction challenge exposure and personal liability, with potential exposure exceeding RUB 23 billion.
- Protection of interests of a former member of the management board of a commercial bank in a case with regards to bringing to subsidiary liability. The amount of outstanding claims of Debtor's creditors: RUB 9 billion.
- Acting for international clients, including foreign investors and insurers, in high-value subsidiary liability disputes involving cross-border asset tracing and recovery.
Bankruptcy Procedures in Banking
- The partners of the law firm are experienced in representing the interests of a major Northern Irish bank as a bankruptcy manager in interrelated bankruptcies, and in the accompanying commercial and corporate disputes in the territory of the Russian federation. In the course of implementing protective measures, management control over the bankruptcy proceedings was restored, multiple transactions to strip the debtor of its assets to a total of over EUR 2 billion were challenged, and pledged assets of the bank were protected. The project was implemented in 12 jurisdictions: Ireland, Northern Ireland, Cyprus, Czech Republic, Ukraine, Belize, Panama, Sweden, Hong Kong, UAE, Liechtenstein and Russia. As part of the project, a decision of the high court of justice of northern Ireland was recognized and enforced by the supreme arbitration (commercial) court of the Russian federation; arbitration (jurisdiction) clauses were challenged; corporate control was restored; claims were included in the creditors' lists; opponents to whom the right of claim had been unlawfully assigned were excluded from the company registers; managers were dismissed; transactions were challenged and general support for the bankruptcy proceedings was provided.
- Acting for the State Deposit Insurance Agency as bankruptcy administrator of a major St Petersburg commercial bank.
Over 70 court proceedings were conducted, resulting in recovery of assets exceeding RUB 1 billion and subsidiary liability claims successfully brought against former board members and executives. - Advising on the liquidation of one of Russia’s largest banks, including over 50 asset recovery proceedings across multiple regions. Several cases before the former Supreme Arbitration Court had a material impact on insolvency practice.
- Representing creditors in multiple bank bankruptcies, including major Russian banks, covering claims registration, creditors’ meetings, assignment of claims, set-offs and pre-bankruptcy structuring.
CORPORATE BANKRUPTCY
- Representation of Bankruptcy Creditor (Client) in bankruptcy cases. The cost of the project consists of the total volume of debtor creditors register— $0,9 bln – RUB 59.7 billion, the Client's interest is to account its claims and do not account claims of other Creditors, as well as to secure the Client's interests during bankruptcy proceedings. RESULT: The total amount of the Client's claims accounted in the register is RUB 9.7 billion. The possibility of obtaining investment rights or rights to property. Compensated enforcement of the right of claim to the debtor in favor of the majority creditor.
- Protection of the interests of a bankruptcy creditor, a major Russian mining and metallurgical company, with regard to the specific matters of the bankruptcy of the oldest metallurgical plant in the Kemerovo region and the largest metallurgical plant in the Chelyabinsk region. The total claimed amount exceeds rub 15 billion. As a result, an effective strategy was developed to protect the bankruptcy creditor's interests with regard to the terms and conditions of the disposal of the bankrupt debtor's assets in the bankruptcy proceedings.
- Representation of a Bankruptcy Creditor in bankruptcy cases. The total claimed amount is more than $0,4 bln – RUB 25.7 billion. The objective of the project was to distribute the debtor's assets in a fairly manner and to satisfy the creditor's claim to the fullest extent possible.
- Protection of interests of an owner of a leading trademark in the household appliance segment in a bankruptcy case of a Moscow-based developer with a total amount claimed by the creditors of RUB 10 billion.
- Protection of interests of the largest mining and metallurgical company and creditors linked with that company in the bankruptcy proceedings of two plants. The total amount of claims is more than RUB 15 billion. Result: the plant received the status of a city-forming enterprise, which allowed to change the procedure for selling the debtor's assets and postponing liquidation of the plant. 1,396 persons (32% of the employed population of the town) preserved their jobs.
- Representation of interests of a Private Person (1) in a case over the Debtor's bankruptcy under a separate dispute over the invalidation of the agreement of sale and purchase of a share in the authorised capital of the company, and (2) in a case over the Debtor's bankruptcy under a separate dispute over bringing the Private Person to subsidiary liability. The amount of subsidiary liability and the cost of a share in the authorized capital of the company: RUB 3.7 billion.
- Representation of a bankruptcy creditor in the debtor's bankruptcy case of a major Moscow-based "A+" business center. Total amount claimed by the creditor in the bankruptcy case: RUB 5.7 billion. The purpose of the project was to distribute the debtor's assets on a fair basis and to satisfy the claims raised by the represented creditor in full.
- Representation of a bankruptcy creditor in a development company's bankruptcy proceedings. Total amount claimed by the creditor in the bankruptcy proceedings: RUB 2.2 billion. As part of the project, the creditor's claims were included in the creditors' list of the debtor, and unlawful acts by opponents related to holding a meeting of creditors and introducing the bankruptcy procedure immediately after the monitoring process were challenged.
- Protection of interests of a bankruptcy creditor to the amount of RUB 0.7 billion in bankruptcy proceedings of the largest livestock-breeding company of the Kaluga region with total assets of up to RUB 2 billion. As a result of the work, the creditor's claim was included in the creditors' list. Work was carried out to challenge the debtor's transactions in order to recover and return the disposed assets to the bankruptcy estate.
- Representation of interests of a leading company in China’s automotive industry in bankruptcy proceedings of a Russian dealer with a claimed amount exceeding RUB 3 billion.
- Representation of interests of a multinational company as a bankruptcy creditor in the debtor's bankruptcy case, and as a lessor in a dispute about the withdrawal of the leased property from the bankruptcy estate and seizure thereof. The bankruptcy related aspect of the project was aimed at protecting the creditor's interests, challenging the debtor's suspicious transactions when transferring the business and assets, and challenging the actions of a biased bankruptcy manager. The leasing related aspect of the project was aimed at withdrawing equipment that was the subject matter of the leasing and was owned by the client from the bankruptcy estate and holding an inventory of the debtor.
- Representation of interests of a foreign creditor in the bankruptcy proceedings of the largest canning factory in the Krasnodar territory. As a result of an auction sale of the debtor's assets, the client's claims were satisfied to the total amount of RUB 0.13 billion. As part of the project, all asset-stripping transactions were challenged, including at the level of the supreme court of the Russian federation. The assets were returned to the bankruptcy estate.
- Representation of an international group of biotechnological companies as a creditor in a bankruptcy case of one of the largest pharmaceutical distributors in Russia, and in the dispute with the surety and the beneficiary of the debtor.
- Representation of a major international insurer of export credits as a creditor in the bankruptcy proceedings of a well-known producer of dairy products.
- Representation of interests of a multinational company in bankruptcy proceedings to protect the rights of the client as the debtor's counterparty in a dispute over challenging transactions. The purpose of the project was to protect from challenges and to preserve the validity of transactions without returning monetary assets to the bankruptcy estate. As a result, the bankruptcy manager's claim to challenge the transactions was dismissed.
- Representation of interests of a Belarusian oil company in the case of recovery of debts from a Russian oil product distributor. It was necessary to recover the debt and the client's losses. The aim of the project was to recover the debt, set off counterclaims (which were complicated by succession, enforcement proceedings and abuse on the part of the defendant, and also by the foreign factor), search for the debtor's assets, and develop a strategy for involving persons controlling the debtor.
- Representation of client's interests in the debtor's bankruptcy as a creditor whose claims are secured by the debtor's assets.
Key Contacts
Key Contacts
- Mr. Sergey KovalevManaging Partner, PhD in Law, Attorney-at-law
Sergey is a recognized practitioner with vast experience in the areas of dispute resolution, bankruptcy and distressed assets recovery in Russia.s.kovalev@ktaplaw.ru
CV - Mr. Dmitry TugushiSenior Partner, Attorney-at-law
Dmitry has more than 25 years of experience in dispute resolution focusing on complex corporate disputes and construction disputes.d.tugushi@ktaplaw.ru
CV