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Extrajudicial bankruptcy regulations may be soon changed in Russia

The Ministry of Economic Development is working on the issue of amending the law on insolvency as part of the procedure for out-of-court bankruptcy of citizens. Among the legal developments, there is a proposal to allow applicants to correct the data they indicated when initiating bankruptcy. Corrections of information may be related to the debtor's application for out-of-court bankruptcy, to which he will be entitled to make adjustments. It is proposed to set a deadline for such a possibility...

SENATORS CAN ALLOW PENSIONERS GO THROUGH EXTRAJUDICIAL BANKRUPTCY

An initiative group of senators came up with a legislative proposal. The draft normative act, if adopted, will enable each recipient of an insurance pension to go bankrupt out of court. Now it is necessary to get a government response on the submitted project. According to TASS, the draft confirms the possibility of going bankrupt for anyone who receives an insurance pension. The basis for a pension can be not only age, but also disability or loss of a breadwinner. The main thing is that the...

PUTIN INSTRUCTED TO FINALIZE THE PROCEDURE FOR OUT-OF-COURT BANKRUPTCY

Russian President Vladimir Putin has instructed the government to finalize the out-of-court bankruptcy procedure by converting it to electronic form as much as possible. The corresponding list of instructions from the head of state following the meeting with the Cabinet was published by the press service of the head of the Russian Federation. "To ensure that the procedure for out-of-court bankruptcy of citizens is finalized in order to maximize its transfer to electronic form and eliminate...

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...

LOW-INCOME CITIZENS AND RETIREES WILL BE ABLE TO EASILY INITIATE THEIR OWN BANKRUPTCIES

A draft law that gives the right to low-income citizens and retirees to initiate their own bankruptcy under simplified requirements has been submitted to the State Duma. The amendments are expected to be introduced into the Insolvency Law. A law on out-of-court bankruptcy of citizens has been in effect in Russia for more than six months now. Within the framework of the adopted norms, individuals have the right to initiate their own bankruptcy without the participation of a court if they have debts...

THE NUMBER OF INDIVIDUAL BANKRUPTCIES IN RUSSIA GREW BY 71%

... the same time, 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 ...

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