A bond is debt
The claim follows the issue decision, repayment terms, coupon and the actual breach.
Identify the issue
The issuer name is not enough: retain the ISIN, registration number and security terms.
Action may be collective
Check the bondholders’ representative and meeting resolutions before filing independently.
From default to bankruptcy
| Stage | What to verify | Why it matters |
|---|---|---|
| Coupon or redemption delay | Issue terms, due date and issuer notice | Define the breach and amount |
| Material breach | Statutory and issue-based early-redemption grounds | Confirm whether an accelerated claim arose |
| Case commencement | Case number, notice, procedure and administrator | Choose the correct procedural route |
| Claims register | Representative action, principal and coupon calculation | Avoid duplication and prove the amount |
| Distributions | Ranking, security, assets and challenged payments | Assess a realistic rather than promised recovery |
Bondholder action plan
Identify the issue
Keep the broker or custody statement, ISIN, issue decision and repayment terms.
Verify the breach
Record coupon, amortisation and redemption dates and official non-payment notices.
Find the representative
Check the bondholders’ representative and notices about collective action.
Open the case docket
Confirm the court, case number, procedure, administrator and Fedresurs notices.
Calculate the claim
Separate principal, coupon, other payments and costs; exclude unsupported amounts.
Confirm filing route
Determine who has already lodged which claim before taking the required procedural step.
Evidence pack
Title to securities
Custody statement or broker report for the relevant date.
Issue documents
Issue decision, programme, prospectus and issuer notices.
Calculation
Principal, coupon, dates, partial payments and acceleration ground.
Case records
Court orders, Fedresurs notices and representative documents.
Frequently asked questions
Must every holder lodge a separate claim?
Not always. Check the representative’s powers, issue terms, claims already lodged and the procedural rules of the specific case.
Does security guarantee full payment?
No. The type, extent and validity of security still require proof, and actual recovery depends on assets and competing claims.
Does coupon continue under the original schedule?
Accrual depends on the law, issue terms, claim date and court orders; the original schedule cannot simply be extended mechanically.
Can a defaulted bond be sold?
Technical tradability does not replace a review of restrictions, trading status, price and transfer of claim rights.
How is this different from broker insolvency?
Here the debtor is the bond issuer. Broker insolvency concerns the custody and return of client money and securities held through the intermediary.
Primary legal sources
- Federal Law No. 39-FZ on the Securities Market
- Federal Law No. 127-FZ on Insolvency
- Russian Bankruptcy Register search
- Russian Commercial Court Docket
- Bank of Russia securities-market registers
Related guides
Corporate bankruptcy · Broker insolvency · A debtor’s brokerage account
Need to review a bond issue, claim calculation and the correct bankruptcy route?
Initial consultationA Bond Default Does Not Replace a Claim in the Issuer’s Insolvency
| Question | Record | Outcome |
|---|---|---|
| Issuer identity | Issue decision | Correct debtor |
| Holding | Depositary statement | Claim quantity |
| Amount due | Issue terms | Coupon or principal |
| Representative | Issue disclosure | Action channel |
| Case opened | Court and register | Deadline and route |
Order a statement
Record holder, quantity and account date.
Find issue documents
Check principal, coupons, offers, security and representative.
Match the procedure
Corporate default, litigation and insolvency have different deadlines.
Issue Terms and Custody Records Support the Claim Amount
A bondholder should not combine principal, accrued coupon, damages and purchase market price into one unexplained figure. The claim follows issue documents, matured obligations and applicable insolvency rules. A bondholders’ representative may perform statutory functions, but each investor should monitor official notices and its recorded status. Distribution depends on priority, security, estate value and realization; a falling exchange price does not itself set the admitted claim. Insolvency of the custodian broker remains a separate risk. Practical review requires formal broker, depositary or operator statements, the agreement, transaction history, acquisition-cost evidence and tax-regime records rather than app screenshots. Cash, securities, a claim against an issuer and a digital right are different assets and must not be combined without reconciliation. Disclose domestic and foreign platforms fully to the financial manager and court, but never publish passwords, private keys or authentication codes. Valuation is date-specific and may change with the market. A transfer, sale or account closure shortly before filing does not automatically protect an asset and may require transaction review. Tax consequences, fees, transfer restrictions and actual realizability must be assessed separately. This guide provides a preparation route; the treatment of a particular asset depends on records and the court process.