Fiduciary Relationships among Participants of Private Companies

Student: Barakov Aidar

Educational Programme: Jurisprudence (Bachelor)

Year of Graduation: 2021

Russian legal system does not unambiguously recognize that participants of private companies (hereinafter - “Participants”) owe each other fiduciary duties. Recent judicial practice evidences the existence of direct obligatory as well as fiduciary relationships among Participants. Recognition of the existence of the fiduciary relationships among Participants in the Civil Code of the Russian Federation will protect them from the abuse of corporate rights by enabling them with a right to file a direct claim for damages or mandatory buy-out. For a more accurate understanding of the reasons and consequences of the stated recognition, the Author defines the legal nature of fiduciary relationships and the legal nature of private companies and proves the inefficiency of available current remedies for breaches of fiduciary duties.

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