Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 30.10.2002

Federal Law No. 127-FZ of October 26, 2002 On Insolvency (Bankruptcy)

The new Federal law contains several substantial amendments in the field of legislative regulation of bankruptcy procedures with regard to:
- ensuring the rights and legitimate interests of creditors;
- protection of the rights of bona-fide owners (founders, participants) of the indebted organization;
- alteration of a status of and procedure for regulation of activities of the administrator in bankruptcy;
- establishment of requisite peculiarities of bankruptcy of individual categories of debtors.
It also expands the circle of legal entities which may be declared insolvent (bankrupt). It fixes the amounts of monetary claims against debtors the presence of which makes it possible to initiate a case for bankruptcy (against the debtor which is a legal person, in the aggregate - of no less than one hundred thousand Rubles, against the debtor who is an individual - of no less than ten thousand Rubles).
It solves the issue of priority in satisfying the claims of creditors secured with a pledge subject to the observance of rights of employees and socially vulnerable categories of citizens. The creditors whose claims are secured with a pledge are vested with the right of priority in receiving the funds in case of realization of the object of pledge. Moreover, the claims that may not be satisfied through the realization of the object of pledge shall be met by generally accepted procedure on equal terms with other creditors of the third priority order.
It provides for ahead-of-time settlements with creditors in the course of administration in bankruptcy.
It has improved the procedure for making an amicable settlement: it provides for a possibility to dissolve an amicable settlement in the event the conditions envisaged therein are worse to the creditors as compared with those stipulated under the law, it has detailed the procedure and consequences of appealing the amicable settlement and those of its dissolution.
It has improved the procedure for selling debtor's property. It provides for obligatory conduct of a public tender for selling the debtor's property with the initial selling price of the debtor's property put up for the tender to be fixed by an independent appraiser.
The law introduces a new reorganization procedure - financial improvement which should, given certain conditions, make it possible for the founders (participants) of the debtor to retain control over the business even in the conditions of starting a case for bankruptcy.
It provides for a possible return from bankruptcy proceedings back into administration in bankruptcy, given a real possibility of solvency restoration, for an additional issuance of shares in the course of administration in bankruptcy provided there is a consent thereto of the owner of the debtor.
It specifies the peculiarities of bankruptcy of individual categories of debtors, such as organizations of defence industry, town-forming, agricultural, financial organizations and subjects of natural monopolies. With respect of organizations which are subjects of natural monopolies, the amendments shall take effect as from January 1, 2005.
As from the effective day of the Federal law, there shall be invalidated Federal law No. 6-FZ of January 8, 1998 On the Insolvency (bankruptcy) and as from January 1, 2002 - Federal law No. 122-FZ of January 24, 1999 On the Peculiarities of Insolvency (Bankruptcy) of Subjects of Natural Monopolies of the Fuel and Energy Complex.
The federal law shall take effect upon the expiration of thirty days as from its official publication, except for some exclusions.

Federal Law No. 129-FZ of October 28, 2002 On Amending the Federal Law On the Protection of the Population and Territories Against Emergency Situations of Nature- and Technology-Inflicted Character

The amendments provide for the obligation of organizations to carry out the training of its employees into the means of protection and activities under emergency situations. It also requires that the heads and other officials of state administration structures, bodies of local self-administration and organizations shall undergo training in activities under emergency situations at institutions of secondary and higher professional education, institutions of advanced training, courses and facilities of professional re-orientation and at other institutions possessing a relevant license and also directly at their workplace.
The federal law shall take effect as from its official publication.

Federal Law No. 128-FZ of October 28, 2002 On the Ratification of Agreement On the Provision of Flights of the Aviation of the Armed Forces of Member-States of the Commonwealth of Independent States With Air-Navigation Information

It ratifies the Agreement signed in January 25, 2000 in Moscow.

Decision of the Government of the Russian Federation No. 776 of October 28, 2002 On Amending Decision of the Government of the Russian Federation No. 912 of July 21, 1997

The amount of the monthly increment in consideration for the complexity, intensity and high performance results at work to employees holding the positions not classified as governmental posts who are performing the technical support of activities of federal governmental bodies shall fixed in the range from 50 up to 100% of their official salary (earlier - up to 50% of the official salary).
The decision shall take effect as from November 1, 2002.

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