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Russia introduces bankruptcy moratorium

A ban on initiating bankruptcy cases by creditors will again start in Russia on April 1, 2022 and will last at least for six months. The measure may be applied to both organizations and individual entrepreneurs, including issues of insolvency of individuals. The head of the Cabinet of Ministers Mikhail Mishustin announced ...

Germany faces a wave of bankruptcies due to the refusal of Russian gas

The refusal of Russian gas could lead to a sharp increase in the number of bankruptcies in Germany. This will mostly affect small and medium-sized enterprises that do not have long-term contracts for the supply of natural gas. The attention to the problem was drawn ...

Bankruptcy moratorium 2022: what you need to know

... if there is a debt to the creditor. At the same time, the decision does not say anything about the impossibility to initiate bankruptcy for debtors themselves. Reasons for imposing a moratorium The government hopes to support both entrepreneurs and citizens ... ... with time to strengthen finances and search for new sources of income. The full text of the Decree of the Government of the Russian Federation can be found here .

The number of bankrupt borrowers doubled in Russia

... trend in the number of personal bankruptcies will continue next year. From February 1, a regulatory act, allowing citizens to retain income in the amount of the subsistence level in the event of debt collection through the MTP, will come into force in Russia. Taking this into account, one can expect an increase in the popularity of bankruptcy among low-income citizens. In the meantime, the population continues to go into debt, on the maintenance of which they have to spend on average more than 60% of their income. The number of enforcement proceedings to collect debts of citizens ...

THE NUMBER OF INDIVIDUAL BANKRUPTCIES IN RUSSIA GREW BY 71%

... among all borrowers, the number of citizens who have gone through the bankruptcy procedure remains very low, experts say. An additional factor that influenced the popularization of bankruptcies of individuals could be the emergence of extrajudicial bankruptcy in Russia. According to a number of specialists, this greatly facilitated access to the legal procedure for citizens. According to the head of Fedresurs, one should not discount the experience accumulated by arbitration managers and judges in recent years,...

WHICH REGIONS OF RUSSIA BECAME LEADERS BY THE NUMBER OF BANKRUPTS?

... An important factor is the activity of law enforcement agencies and credit organizations. For example, last year the “Bank of Russia” was more active in identifying “black” lenders (issuing loans without a license) and “financial pyramids”. It is also ... ... regions, as a rule, there are more of them. That is why we could suggest that citizens have learned to use the institution of bankruptcy as a way to deal with obligations, without expecting the moment of truth in the face of complete impoverishment.

Experts summed up the results of bankruptcies that took place in 2021

... companies became more likely to go bankrupt by only 4%. However, experts predict further growth of this indicator. The high growth of insolvency cases of citizens is explained by the increase in the credit burden and the increasing spread of out-of-court bankruptcy procedures. The relatively small increase in the number of insolvency cases among business representatives may be due to the moratorium, which was in force in 2020, and the months-long proceedings. At the same time, statistically, the situation ...

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