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IMPORTANT CHANGES IN THE BANKRUPTCY LAW

A number of significant amendments have been made to the Insolvency Law. In particular, now a citizen's spouse and relatives can be involved in bankruptcy. Now the arbitration manager has the right to receive data on the assets of the debtors' spouses without going to court. In addition, the arbitration manager can find out information about the property and other relatives of the bankrupt. It will be possible to do this in court, but without a direct hearing. Also, the former or current ...

A DRAFT LAW ON FREE LEGAL AID IN COURTS FOR PARTICIPANTS IN A SPECIAL MILITARY OPERATION WILL BE SUBMITTED TO THE DUMA

... should increase the level of legal support and protect the interests of veterans and participants in a special military operation, as well as their families. The explanatory note to the bill notes that today, in a significant part of the regions, the law does not provide free legal assistance on a number of issues for participants in a special military operation and their loved ones. This also applies to the termination of loan obligations and the suspension of enforcement proceedings.

THEY WANT TO USE THE EXECUTIVE INSCRIPTION TO COLLECT DEBTS FOR HOUSING AND COMMUNAL SERVICES

A bill involving the use of an executive inscription to collect debts for housing and communal services (housing and communal services) will be submitted to the State Duma. This was stated by ... ... from United Russia Sergey Pakhomov. It is proposed to amend the fundamentals of legislation on notaries and a number of other laws. According to Vedomosti, the authors of the project believe that the changes will solve the issue of non-payments for housing ...

ORPHANS WANT TO BE FREED FROM PAYING OFF HOUSING FOR THEIR PARENTS' DEBTS

A draft strengthening the housing rights of underage orphans has been submitted to the State Duma. At the moment, the debts of the testators are transferred to the heirs along with the property. At the same time, persons who receive a share in the inheritance without fail accept it regardless of the will and the order. The bill submitted to the State Duma by Deputy Yaroslav ...

FINANCIAL OMBUDSMEN WILL BE INVOLVED IN HELPING DEBTORS

The Public Council under the Financial Commissioner's Office is preparing a draft law on the participation of a financial ombudsman in the pre-trial settlement of disputes on loan debts between banks and citizens. This is not his authority at the moment. As explained by Financial Commissioner Viktor Klimov,... ... lender, a technical protocol or another document. It is planned that a moratorium on debt collection, new loans and out-of-court bankruptcy may be introduced for the period of conciliation procedures. As a result, borrowers will receive a competent independent ...

THE STATE DUMA PROPOSED TO ALLOW LIQUIDATION NETTING IN BANKRUPTCY OF QUALIFIED INVESTORS

... permits the use of offsetting obligations between professionals in the securities market and insolvent qualified individual investors. The initiative was posted in the electronic database of the Parliament under No. 543525-8. It implies amendments to the Law "On the Securities Market" and the Law on Bankruptcy. Currently, as a general rule, it is prohibited to set off claims in bankruptcy cases, with the exception of a number of cases. Thus, liquidation netting, which allows you to pay for urgent transactions and repo transactions, is acceptable ...

FOR WHAT REASONS CAN A COURT NOT RELEASE A DEBTOR CITIZEN FROM HIS OBLIGATIONS?

After completing settlements with bankruptcy creditors and consideration by the court of the report on the results of the sale of a citizen's property, the debtor is released from further fulfillment of creditors' claims, including those not declared during the bankruptcy procedure. At the same time, Federal Law No. 127-FZ dated 10/26/2002 "On Insolvency (Bankruptcy)" (hereinafter referred to as the Bankruptcy Law) establishes a number of cases in which such exemption is unacceptable. The conditions of non-release of a citizen from obligations ...

BORROWERS WILL BE WARNED ABOUT THE CRITICAL GROWTH OF DEBTS

Starting in 2024, over-indebted Russians who want to take out another loan or loan will be informed about the high risks of debt burden. The relevant law came into force on January 1. The new law stipulates that banks and microfinance organizations (MFOs) are required to calculate the debt burden indicator (the ratio of monthly payments on all loans to the client's income) for each possible borrower....

DEBTORS WILL BE GIVEN THE OPPORTUNITY TO REQUEST THE RESUMPTION OF ENFORCEMENT PROCEEDINGS

... resumption of suspended enforcement proceedings – up to three years. The relevant draft was prepared by the Ministry of Justice pursuant to the decision of the Constitutional Court. As explained in the explanatory note, the proposed changes will give the debtor the opportunity to apply for the resumption of suspended enforcement proceedings. In addition, the bill makes it possible to exclude abuse by the recoverer. As the legislators noted, a number of grounds for suspending enforcement proceedings may ...

THE LITERACY TEST WAS PROPOSED TO BE MADE MANDATORY WHEN RECEIVING THE FIRST LOAN

... the actual amount of overpayments and the situation in the economy. In addition, it should contain data on the real risks of bankruptcy of a citizen. The deputy from the New People faction notes that the mandatory introduction of a financial literacy ... ... should help reduce the number of impulsively taken loans. Also, such an innovation will help reduce the risks of falling into a debt trap.

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