Bankers beg Mishustin to lift the moratorium on bankruptcy

Several professional associations, including leading Russian banks, collection agencies and microfinance organizations, have drawn up an appeal to the head of Government. In it, they ask Mikhail Mishustin to cancel the moratorium on bankruptcy, effective from April 1, 2022. As a reason, the letter calls the brewing systemic crisis of non-payments in the main spheres of life of Russians.

The initiator of the open letter was the National Council of the Financial Market (NSFR). Its participants are the largest banks in the country (VTB, Rosbank, Alfa-Bank, Sovcombank, Gazprombank and other financial organizations). The appeal was also signed by the Association of collectors (NAPCA), RRC, bondholders, the union of MFOs SRO "Mir".

Government Resolution No. 497 of March 28, 2022 led to the suspension of almost all enforcement proceedings. Individual entrepreneurs who owed money to banks, ordinary citizens and a significant part of firms were protected from payments on obligations. If the regulatory act is not canceled ahead of time, then there may be a systemic failure in the entire economic system of the country, including banks, housing and communal services and the tax system of the state.

Credit institutions cannot collect fines and penalties on borrowed obligations.

This, according to bankers, leads to unjustified enrichment of debtors. Non-payment risks have hit the financial system of various authorities, including the Federal Tax Service, Customs, Pension Fund and banking system.

Representatives of the expert community call the housing and utilities sector another "victim" of the moratorium. It turned out to be impossible to collect debts on utility bills. As a result, the accounts receivable of housing and communal services reached 1.4 trillion rubles during the period when funds are needed to prepare for the winter heating season. The planned repair of residential buildings and social infrastructure facilities was also in question.

Collectors also talk about serious arrears.

According to the NAPCA, the volume of penalties decreased by 97%. Enforcement proceedings began to bring only about a third (32%) of all penalties. The financial discipline of payers has also shrunk to 30%. At the same time, there are fewer and fewer enforcement documents from bailiffs to credit organizations.

Earlier, «Rusbankrot» had already written about the meeting of experts that took place within the walls of the State Duma. Then representatives of financial structures reported serious risks and abuses caused by the universality of the moratorium on bankruptcy. The deputies presented the announcement of the bill, and experts convinced the people's deputies that it should be adopted as soon as possible. It seems that now the turn has reached the executive branch.