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Ministry of Economic Development is working on a law prohibiting the withdrawal of assets through bankruptcy

The Ministry of Economic Development has initiated new amendments to the Insolvency Law. This time we are talking about suppressing attempts to withdraw the assets through bankruptcy proceedings by unscrupulous debtors . At the moment, the bill has already been developed and sent for approval of the government. According to Mikhail Beshtoev, the Head of the Corporate Regulation Department of the Ministry of Economic Development,...

Russian banks ask to change the rules of the bankruptcy moratorium

... the fact that while maintaining the validity of the norm, even solvent debtors will be able to evade their obligations, which will lead to additional financial problems on the part of their counterparties. The relevant draft law was prepared by the Ministry of Economic Development, but has not yet been adopted. Another initiative was the idea of establishing the right of creditors to initiate court cases to deprive debtors of the right to apply a moratorium on bankruptcy. In this case, the applicants themselves will be required to prove that the debt did not arise due to the circumstances due to which the moratorium was introduced, Interfax reports .

LINKED TRANSACTIONS IN BANKRUPTCY WILL BE EASIER TO CHALLENGE

The Ministry of Economic Development and Trade proposed to amend the legislation on bankruptcy in order to simplify the procedure for challenging linked and potentially invalid transactions of the debtor. The initiative lies in the need to specify the conditions for challenging the chain of transactions in the insolvency law, by means of which the unscrupulous pre-bankrupts cover up the withdrawal of their assets. At the moment, the law does not prohibit ...

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