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Business Duty Officer

Major Changes in Bankruptcy

Major Changes in Bankruptcy

In May 2021 The Government of the Russian Federation as a subject of the legislative initiative submitted a bill to the State Duma, which, as its drafters suggest, will radically change the effectiveness of the institution of bankruptcy. To date, the draft is on the first reading in the State Duma of the Russian Federation, however, it is already generating justified interest.

Important innovations:

  1. Among the procedures, listed in the Federal Law "On Insolvency" (Bankruptcy)” для юридических лиц предложено оставить только две процедуры — реабилитацию и ликвидацию предприятия.
  2. Предложен новый способ возвращения задолженности банкротом — продажа всего имущественного комплекса, intended for entrepreneurial activity, as a single enterprise, which will allow you to change the owner while maintaining business and jobs. Such an innovation can significantly increase the risk of raider capture. In other words, number of bankruptcy cases, initiated in order to seize the property of the organization, will start to grow.
  3. The selection of the bankruptcy trustee will be carried out by means of a random selection using the website of the register of data specialists, the parties will no longer be able to approach the issue on their own, which will significantly complicate the procedure for withdrawing assets through bankruptcy.

Also, the Ministry of Economic Development of the Russian Federation proposed a project of a marketplace with the property of bankrupts. Now the property of debtors, which doesn't fall into the field of view of dealers (i.e. not living quarters or cars) sold approximately in 5 times cheaper than the market price, which naturally does not contribute to the effective repayment of debts. Marketplace, according to the developers of the reform, will lead to a quick and profitable sale of property and a more complete satisfaction of the rights of creditors.

In connection with the innovations, the bankruptcy procedure on the one hand will look more transparent., on the other hand, there will be even more risks starting from the management phase of the organization.. That is why it is worth contacting a qualified lawyer, which will protect the interests of your interests as at the stage of doing business, and at the stage of bankruptcy proceedings.

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