On the exequatur in France of decisions of Russian arbitration (commercial) courts in bankruptcy cases
Introduction (General Provisions)
The recognition and enforcement in France of decisions rendered by Russian arbitral (commercial) courts within the framework of bankruptcy proceedings fall under the scope of private international law and are governed by the rules of French law in the absence of an international treaty.
There is no bilateral agreement between France and the Russian Federation regarding the mutual recognition and enforcement of judicial decisions. Consequently, the general law (droit commun) of France applies.
In accordance with Article 509 of the French Code of Civil Procedure, foreign judicial decisions cannot produce legal effects on French territory without first undergoing the exequatur procedure.
This principle is confirmed by judicial practice, notably by the Munzer (Cass. civ. 1re, 7 January 1964) and Cornelissen (Cass. civ. 1re, 20 February 2007) rulings, according to which the French court exercises limited review, verifying three conditions: the jurisdiction of the foreign court, compliance with French international public policy (ordre public), and the absence of fraud.
Furthermore, Article L111-3 2° of the Code of Civil Enforcement Procedures provides that foreign judicial decisions may only acquire executive force in France after being recognized as such by a court (Tribunal judiciaire de Rouen, 14 January 2026, n° 25/04425).
First and foremost, exequatur is mandatory for any bankruptcy decisions rendered outside the European Union. Without it, such decisions have no legal force in France. This means that the debtor continues to be considered solvent (in bonis), their assets are not considered divested from their disposal (dessaisissement), and creditors retain the right of individual enforcement on French territory, even if they have filed their claims in the foreign proceeding (Cass. 1re civ., 28 March 2012, n° 11-10.639). Moreover, a bankruptcy trustee appointed in a foreign proceeding is not entitled to carry out enforcement actions in France without obtaining exequatur (v. not. doctrine and practice of international bankruptcies).
Three Conditions for Obtaining Exequatur
To obtain exequatur, three main conditions must be met:
- Jurisdiction of the Foreign Court: First, the foreign court must be competent from the perspective of French private international law. In bankruptcy cases, this criterion is usually the Center of Main Interests (COMI) of the debtor or their place of residence/location. The procedure must be opened in Russia against a debtor whose main economic interests are linked to the territory of the Russian Federation, which allows for the recognition of the jurisdiction of the Russian court.
- Compliance with International Public Policy: Second, the decision must comply with the international public policy of France. This includes, above all, respect for the rights of defense:
- Parties must be properly notified of the process;
- Parties must have the opportunity to present their arguments;
- Parties must have access to judicial remedies.
French judicial practice in the field of bankruptcy adheres to a flexible approach to the concept of public policy (Cass. com., 18 January 2000; Cass. com., 5 February 2002). The procedure conducted by Russian courts must be adversarial in nature, while the parties had the opportunity to participate in the case and appeal judicial acts. In practice, there are cases of refusal of exequatur due to the violation of these rights (Cour d’appel de Chambéry, 10 July 2025, n° 22/01725).
- Absence of Fraud: Third, there must be an absence of fraud (fraude à la loi). Exequatur cannot be granted if the decision was obtained for the purpose of circumventing the law or prejudicing the rights of creditors. There must be no signs of abuse of right or a fictitious transfer of the procedure to a foreign jurisdiction.
The Question of the Status of the Financial Manager in Russian Bankruptcy Proceedings
The status of the financial manager (finansovyy upravlyayushchiy) in Russian bankruptcy proceedings deserves separate attention.
In accordance with Federal Law No. 127-FZ of October 26, 2002, “On Insolvency (Bankruptcy),” a financial manager is appointed by an arbitral court and exercises their powers from the moment of confirmation until the completion of the asset realization procedure or the termination of the proceedings.
Their powers are not limited by a fixed term, but are directly linked to the duration of the procedure. At the same time, they may be relieved of their duties or removed by the court in cases provided for by law (Art. 213.9 of the Federal Law “On Insolvency (Bankruptcy),” in conjunction with Art. 83 of the law). Powers also terminate upon completion of the bankruptcy procedure, including the full satisfaction of creditors’ claims.
The issue of the application of the foreign bankruptcy law (lex concursus) is also of particular importance. French law allows its application, but only after the recognition of the foreign bankruptcy decision (v. not. CA Chambéry, 10 July 2025, cited above). Until that moment, the consequences of the foreign procedure do not take effect on French territory.
Finally, international agreements may simplify the recognition procedure (for example, Convention franco-tunisienne of 28 June 1972; Convention franco-serbe of 18 May 1971), however, in the relations between France and Russia, such agreements are absent (Tribunal judiciaire d’Évry-Courcouronnes, 24 March 2026, n° 24/07019; Tribunal judiciaire de Bobigny, 15 July 2025, n° 23/11900).
Conclusion
Thus, decisions of Russian arbitral courts in bankruptcy cases can be recognized and enforced in France provided that exequatur requirements are met. Until it is obtained, such decisions have no legal force on French territory and do not generate consequences related to the bankruptcy procedure, including the restriction of the debtor’s rights or the powers of the manager. After receiving the exequatur, the decision acquires executive force, allowing the foreign manager to act in France in the interests of creditors within the limits permitted by French law.
Cabinet BRAHIN Avocats
Fedor IlIN
Master’s Degree in Business Law
Specialization in Transport and Aviation Law
Université Toulouse 1 Capitole
Email : fedor.ilin@brahin-avocats.com
1, Rue Louis Gassin – 06300 NICE (FRANCE)
Tel : +33 493 830 876 / Fax : +33 493 181 437
www.brahin-avocats.com
