VLADIMIR PUTIN TO DISCUSS OUT-OF-COURT BANKRUPTCY WITH CABINET OF MINISTERS

On November 16, Russian Leader Vladimir Putin will discuss the procedure of out-of-court bankruptcy of citizens with members of the government. This is reported by Interfax with reference to the Kremlin's press service.

As specified, the meeting on this topic will be held as part of a video conference. The report on this occasion was prepared by the Minister of Economic Development Maxim Reshetnikov. According to reports, the Cabinet of Ministers will also touch upon a number of other topical issues.

Over the current year, 3,647 out-of-court insolvency procedures were conducted in Russia, which is almost 1,000 more than in 2021. This year, 59% of applications for launching an out-of-court bankruptcy procedure were satisfied, a year earlier it was about 49%.

Recall that the law on the out-of-court insolvency procedure was adopted on September 1, 2020. The reason for its creation was that the majority of debtor citizens could not satisfy creditors' claims and finance their own bankruptcy procedure. It is resorted to in the simplest cases with small debts, when it is not necessary to study the debtor and look for assets. In this case, only the citizen himself can become the initiator of bankruptcy.

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