RusBankrot
We know everything about bankruptcy
24/11/2024
Sunday
THIS DAY IN HISTORY:
24 November 
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
24 November
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
Will the Western corporations that have left Russia be driven to bankruptcy?
Against the background of the mass exodus of foreign companies from Russia, the country's authorities continue to announce measures that can be taken. One of such measures discussed in a number of media may be the bankruptcy of companies within 3 to 6 months. Finance Minister Anton Siluanov called such a bankruptcy mechanism accelerated.
In an interview with a Russian state television channel, the finance minister said that the country is not interested in foreign business leaving Russia. This path is not beneficial to either side. However, if the company abandons its property and employees, it may be declared bankrupt, and then its property will be put up for auction and transferred to new owners.
In case a firm goes out of business completely, bankruptcy can take around three months, including temporary management and transfer into the hands of new owners. If the operating activity is continued, and the sale of goods or the provision of services is terminated, the bankruptcy process may take up to six months.
Experts note that the process of "accelerated bankruptcy" is not so obvious at the moment, as Minister Siluanov commented to journalists. Anna Larina, the Executive Director of the "Help" Management Company, explained to Rusbankrot that the concept of "accelerated bankruptcy" does not exist in Russian legislation. Rather, we are talking about the so-called simplified bankruptcy procedure, which does not involve an observation stage.
“Perhaps,” Anna Larina believes, “emergency changes will be made to the bankruptcy law.” In this case, for example, the termination of the activities of foreign firms in Russia (including the mass dismissal of workers and the closure of production facilities) will become a legal basis for applying the simplified procedure.
At the same time, the expert notes, "the company must have debts to creditors to go bankrupt." Intended (premeditated) bankruptcy of a company in Russia provides for criminal punishment (Article 196 of the Criminal Code of the Russian Federation). It is clear that with such measures on the part of the Government, the authorities are trying to restrain the withdrawal of assets from Russia.
In an interview with a Russian state television channel, the finance minister said that the country is not interested in foreign business leaving Russia. This path is not beneficial to either side. However, if the company abandons its property and employees, it may be declared bankrupt, and then its property will be put up for auction and transferred to new owners.
According to the minister, this option may be applied to those companies in which more than 25% of the authorized capital is assigned to foreign owners.
At the same time, the terms will depend on the mood of the owners themselves.In case a firm goes out of business completely, bankruptcy can take around three months, including temporary management and transfer into the hands of new owners. If the operating activity is continued, and the sale of goods or the provision of services is terminated, the bankruptcy process may take up to six months.
Experts note that the process of "accelerated bankruptcy" is not so obvious at the moment, as Minister Siluanov commented to journalists. Anna Larina, the Executive Director of the "Help" Management Company, explained to Rusbankrot that the concept of "accelerated bankruptcy" does not exist in Russian legislation. Rather, we are talking about the so-called simplified bankruptcy procedure, which does not involve an observation stage.
A simplified procedure is applied in certain cases (for example, when the debtor is liquidated or declared absent).
This allows to significantly reduce the time of bankruptcy proceedings in order to quickly pay off the debts to creditors.“Perhaps,” Anna Larina believes, “emergency changes will be made to the bankruptcy law.” In this case, for example, the termination of the activities of foreign firms in Russia (including the mass dismissal of workers and the closure of production facilities) will become a legal basis for applying the simplified procedure.
At the same time, the expert notes, "the company must have debts to creditors to go bankrupt." Intended (premeditated) bankruptcy of a company in Russia provides for criminal punishment (Article 196 of the Criminal Code of the Russian Federation). It is clear that with such measures on the part of the Government, the authorities are trying to restrain the withdrawal of assets from Russia.
16.03.2022
