The head office of a pharmaceutical company contacted KIAP with a request to provide assistance in terminating contracts with counterparties in connection with the decision to close the Russian branch. The difficulty was that some counterparties, in particular the servicing bank, delayed the termination procedure requiring that the parent company provide a number of properly legalized documents that are typical for Russian companies but are not available in the country of incorporation of our client.
To accomplish this task, KIAP employees held negotiations with the lessor, bank and service companies. During the negotiations they were able to agree on the termination of existing contracts without payment or with the payment of minimal fines (regardless of the conditions stipulated in previously concluded contracts). As a result of the negotiations, KIAP lawyers prepared and concluded appropriate agreements on termination of contracts.
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