A NEW LAW ON BANKRUPTCY MIGHT BE ADOPTED IN SPRING

According to the First Deputy Prime Minister Andrei Belousov, the draft law on bankruptcy might be adopted as early as this spring - it will be a revolutionary one. The official indicated that the imminent adoption of the law was the instruction of the president, which now needs to be implemented.

The Deputy Prime Minister noted that over the past twenty years, there have been no systemic changes in the bankruptcy legislation, as the amendments made to it were of a point nature.

According to Belousov, the bankruptcy legislation is hopelessly outdated.

The new draft law is based on decisions taken at a meeting with Putin over a year ago. Since then, there has been a development of the law, which now includes about 500 pages affecting various interests.

Among the legal developments, in particular, there is a provision on increasing the role of SROs in the activities of managers. They are encouraged to take more responsibility for their members, and increased requirements for the use of compensation funds at their disposal will be introduced.

In addition, Belousov noted a number of innovations related to the role of the Federal Tax Service in the bankruptcy proceedings and the specification of the interests of creditors and debtors.