THE USE OF ESCROW IN STRUCTURING MERGERS AND ACQUISITIONS
https://doi.org/10.17803/1994-1471.2019.102.5.137-143
Abstract
The paper examines the legal nature and features of escrow agreements (escrow) under Russian and foreign law, as well as the procedure for conducting mergers and acquisitions (M&A — mergers and acquisitions) under anglo-saxon and continental law. It is noted that both Russian entrepreneurs and foreign investors in such contracts prefer foreign law to Russian law due to the uncertainty of legal institutions. The authors analyze the possibility of using the escrow mechanism not only for cash, as it used to be before, but also for other property, in particular, uncertified securities. The paper analyzes amendments to the Civil Code of the Russian Federation which have recently entered into force, introducing chapter 47.1 into the Code. On its basis, the potential possibility of applying an escrow contract to mergers and acquisitions of companies is considered. The authors generally evaluate the effect of the new regulation as positive, but also draw attention to the lack of regulation of the institutions studied in the Russian legal order.
About the Authors
M. G. EROKHINA
Law Institute of the I. Kant Baltic Federal University
Russian Federation
Russian Federation
EROKHINA Marina Georgievna, Associate Professor of the Department of Civil Law and Procedure
236029, Kaliningrad, ul. Gaidara, d. 103
D. R. ARNAUTOV
Law Institute of the I. Kant Baltic Federal University
Russian Federation
Russian Federation
ARNAUTOV Dmitriy Romanovich, Student
236029, Kaliningrad, ul. Gaidara, d. 103
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Review
For citations:
EROKHINA M.G., ARNAUTOV D.R. THE USE OF ESCROW IN STRUCTURING MERGERS AND ACQUISITIONS. Actual Problems of Russian Law. 2019;(5):137-143. (In Russ.) https://doi.org/10.17803/1994-1471.2019.102.5.137-143
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