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Uzbekistan adopts law on bankruptcy of individuals

... judicial authorities with insolvency petitions must transfer an amount equal to seven times the minimum wage (822,000 soums) to a special deposit. This money will be used to pay for the work of the bankruptcy trustee. It is known that in the event of bankruptcy of individuals, the law allows several procedures: debt restructuring, sale of property and bankruptcy. If we are talking about an individual entrepreneur, then liquidation proceedings are possible as well. We should remind our readers that ...

THE BANKRUPTCY PROCEDURE HAS BECOME 40% MORE POPULAR AMONG RUSSIANS

The ability to write off debts, recognizing their own insolvency, is beginning to be in increasing demand among residents of Russia. In the first half of the year, 121,313 Russians (including sole proprietors) became bankrupt. According to statistics published on the Fedresurs portal, the number of citizens who went bankrupt in 2022 increased by 37.8%. At the same time, some Russians (2,933 people) preferred to file bankruptcy out of court, using the services of the MFC. Such citizens turned out...

How to deal with inaction of the bailiff in bankruptcy

The bankruptcy trustee of a debtor citizen initiated an administrative case, in the framework of which he asked to recognize the bailiff's inaction as illegal. The issue concerned the necessity to terminate previously initiated enforcement proceedings against the debtor in connection with the introduction of insolvency proceedings. The situation arose in the framework of the bankruptcy case of citizen Volobuev. His bankruptcy trustee Vadim Knyazyuk, in accordance with the rules of law, sent a...

Record growth of bankruptcies recorded in Russia in spring 2022

... reason for the active spread of the procedure is the awareness of citizens about such a possibility. Over the years, the number of people who learn about their right to file for bankruptcy and write off debts has grown, reports Forbes . If we talk about bankruptcy of individuals, in the majority of cases they initiate the proceedings themselves. Basically, these are the least well-off categories of the population, for whom the measure becomes a way out of the debt hole. That is why the bankruptcy moratorium ...

BANKRUPTCY OF THE BUSINESS COACH OF THE "CLUB OF MILLIONAIRES" IN CHITA COMING TO ITS FINAL STAGE

Vitaly Kozak, who teaches financial literacy at the representative office of the “Club of Millionaires” in Chita, is waiting for the completion of the bankruptcy procedure. The local deputy and entrepreneur was declared bankrupt on January 25, 2022. Now his assets are put up for sale, which does not prevent him from continuing his teaching career. Kozak's property is being sold at an initial price of 5 million rubles. A residential building and a land plot were put up for auction. The area of...

WHAT WILL THE BANKRUPTCY MORATORIUM LEAD TO?

... state. Six months is quite a decent period, during which it is possible to either prepare for the procedure, accumulate all sources of income, find a reliable lawyer, or completely solve all financial problems. bankruptcy, bankruptcy of legal entities, bankruptcy of individuals, bankruptcy moratorium 2022, experts, columnists, state support

Three-day time limit may be approved for termination of enforcement proceedings in Russia

Several deputies of the State Duma came up with the initiative to reduce the deadlines for completing enforcement proceedings. On January 13, 2022, draft law No. 55151-8 was officially registered and sent for further discussion. If the legal document is adopted, the lives of many former debtors whose obligations have already been paid off will become noticeably easier. Instead of a two-month period, which is established by the current legislation for the termination of the collection, the deputies...

Supreme Court of Russia allowed bankruptcy trustee request information about the assets of bankrupt’s children

... preceding the appearance of signs of the debtor's insolvency, but not for the entire period of his family life. According to Makarov, the decision adopted by the Supreme Court may contribute to the unification of judicial practice on issues related to the bankruptcy of individuals and the search for their property.

The number of bankrupt borrowers doubled in Russia

More than 400 thousand Russian citizens, unable to cope with the burden of accumulated debts, have officially become insolvent. The rate of ruin is growing both in comparison with the COVID-19 year 2020 and in comparison with the relatively calm 2019. The number of individuals declared bankrupt in January-September 2021 increased by 137 thousand. Such figures are given by the finanz.ru media outlet, the specialists of which have studied the data of ‘Fedresurs’ website. Experts say that the reason...

IS BANKRUPTCY AS GOOD AS IT SEEMS TO BE?

Lola Bakaeva, a legal adviser of the ELCO Profi Law Office, prepared a detailed material on the risks and negative consequences of the bankruptcy procedure for individuals. Is it safe and can bankruptcy be called a real way to get rid of the debts? Bankruptcy of indIviduals is advertised today literally at every corner. However, no matter how attractive the idea of getting rid of all the debts is, it should be understood that bankruptcy is not an easy procedure. On the one hand, it pursues the goal ...

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