Russian deputies proposed to fix the terms of bankruptcy in the law

The Legislative Assembly of the Rostov Region made a decision to prepare a number of proposals regarding the terms of a bankruptcy procedure to the State Duma.  People's deputies propose to set deadlines at the level of federal legislation in order to avoid delays.  The corresponding proposal, according to the initiator of the bill, Andrey Kharchenko, is also planned to be sent to the government of the Russian Federation.

According to the first vice-speaker of the regional Legislative Assembly, at the moment, there is no such a term.  This leads to the fact that the bankruptcy process is often dragged over for many years, which makes it difficult to get real results and restore the solvency of a person.  As an example, Kharchenko cites the Rabochy plant, the bankruptcy process of which has been going on for ten years.

Deputies of the Legislative Assembly of the Rostov region also considered the mechanism of restructuring debts to creditors, which exists in agriculture.  It is proposed to extend it to other industries and market segments.

According to Kharchenko, who is quoted by the local media, this procedure allowed 80% of companies operating in the agricultural sector to pay off their debts and avoid insolvency.

In 2021, about 500 enterprises in the region signed similar restructuring contracts.

It is difficult to say how much the proposal of regional deputies will be supported by the representatives of the State Duma.  The direction of the appeal to the federal level will be preceded by consideration of initiatives in the relevant committee of the Legislative Assembly of the Rostov Region.