New stage of the domestic corporate law development

As the events over the past few years have shown, in the Russian bankruptcy and corporate law there appeared an unknown category of persons named corporate beneficial owners. Every year the number of cases in which courts are forced to move away from a formal view on the participants in a legal entity as true owners of business is increasing. Here we are talking about cases where not only the beneficial owner recedes from the loans of the entity controlling it, but also where the beneficiary reveals himself/herself/itself in order to be able to protect his/her/its interests. Pavel Vitalievich Khlyustov, an attorney at law, candidate of judicial sciences, partner of Barshchevsky & Partners Bar Association, told us about the ways of establishing the practice in settling economic disputes with the participation of beneficial owners, and whether they can be released from responsibility by a complex system of offshore companies, and whether the Russian courts need a doctrine of “piercing the corporate veil», as well as further development of judicial practice in solving these issues.