THE TERM OF BANKRUPTCY OF FIRMS HAS INCREASED DUE TO THE BURDEN ON THE COURTS

The period of bankruptcy of legal entities has increased by more than 1.5 times – up to three years – over the past seven years. This is reported by Izvestia with reference to the information of the Federal Resource.

As experts explain, such an increase in terms is due to the burden on the courts and the creation of new institutions.

According to the head of Fedresurs Alexey Yukhnin, the changes are also related to the active activity of managers to return finances to the auditors.

"For example, contesting transactions is used. As well as submitting applications for bringing controlling persons to subsidiary responsibility," Yukhnin noted.

He also drew attention to the fact that the longer the procedure is delayed, the more the costs for it grow.

Evgeny Akimov, Head of the Department of Compulsory Recovery and Bankruptcy of Sberbank, also linked the extension of the bankruptcy terms with the emergence of new institutions.

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