Anton Sitnikov
Partner, Head of Corporate / M&A
Goltsblat BLP
By the proposed amendments to the Civil Code lawmakers, probably for the first time in modern history, follow quite a revolutionary approach. They don't simply introduce cosmetic changes to certain wording but focus upon the launch of a number of new legal institutes, such as option agreements, representations and others that in one form or another have been known to the legal world both in common and civil law countries for many years but have yet not been properly materialized in Russian realities.
The amendments suggest a more vigorous contractual freedom, fewer imperative norms and wider room for court judgments.
In line with proprietary interests and law of contract, the new Civil Code provides for greater distinction of corporate rights, attempting to ensure their better protection in complex shareholder and alike arrangements.
So there will be a lot to see and learn in the not too distant future, in particular once one can observe how these new provisions would work in a quite rigid court system.
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