Dmitry Yakushev delivered a presentation on distinguishing between insolvency and operating at a loss in the context of the deals contesting practice

On February 27, 2026 Dmitry Yakushev, Attorney and Counsel of Andrey Gorodissky & Partners Law Firm’s Bankruptcy practice team spoke in a hands-on workshop ‘Deals Contesting and Protection’ in Bankruptcy, held by the Club of Systemically Important Creditors ‘RECOVERY Club’.

In his report Dmitry elaborated on:

• The difference between insolvency and operating at a loss. Why enterprise’s negative financial performance, low profitability, and accumulated debts are not tantamount to its insolvency.
• Practical case: how one of the major Kuzbass coal mining enterprises was recognized insolvent at the dates of contested transactions because of its debt of several million rubles.
• Courts’ formalistic approach to determination of insolvency. Temporary cash deficiencies resulting in delays in payments should not be qualified as insolvency in case the business remained capable to operate at the time of making of the contested transactions, had operating assets, personnel, orders.
• Foreign experience: how courts of Germany, Great Britain, and the USA address determination of insolvency. Unlike Russian courts, courts of those countries more deeply investigate into enterprise’s economic model and reasons behind the occurrence of the property crisis.

The Club of Systemically Important Creditors ‘RECOVERY Club’ is a closed communication platform for systemically important creditors, enhancing competences of specialists and promoting innovations in technologies and legal solutions for recovery of debts through exclusive expert interaction within the professional community.

The principle objective of the club is bringing together of representatives of banks, large holding companies, other corporate creditors and government agencies (Deposit Insurance Agency, Federal Tax Service) to form an integrated professional environment where all of them can share proven debt recovery strategies, jointly find solutions for complicated cases, develop best-practices based standards for protection of creditors’ interests.

The ‘RECOVERY Club’ is not just a business association; it is rather a real expertise center capable of meeting new debt recovery and bankruptcy market challenges and shaping the future of the industry.