Termination of the IAIR membership of The Ministry of Economic Development of the Russian Federation

20/05/2022

On 24 March 2022 the Executive Committee of the International Association of Insolvency Regulators (IAIR) passed a motion to terminate the IAIR membership of The Ministry of Economic Development of the Russian Federation because they believed that the current invasion of Ukraine by Russia goes against IAIR’s values of of mutual respect and international cooperation.  The motion was supported by 8 Executive Committee Members and 3 Executive Committee Members abstained. 

The Ministry of Economic Development of the Russian Federation was notified of the decision and given the opportunity to comment but no reply has been received.  Hence, in line with the constitution[1], the termination came into effect as from Monday 25 April 2022.

 

[1] This termination is done in line with the IAIR constitution clause 3.10

“The Association (acting through the Executive Committee) may terminate the membership of any member if:

  • such member fails, without cause, to pay its subscription within three months of the due date for payment (as specified in paragraph 3.7) (unless alternative payment arrangements have been agreed with the Executive Committee); or
  • the department, agency or authority ceases to qualify for membership by virtue of a change in its functions and activities.

The Association, through the Executive Committee, may also terminate the membership of any member if, in the reasonable opinion of the Executive Committee, such member is in material breach of any of the other terms of this Constitution or if its continued membership would have an adverse effect on the goodwill and reputation of the Association.

In each case, the Executive Committee will cause to be sent to the relevant member not less than one month’s written notice of termination and the membership will terminate on the expiry of such notice period.”