RusBankrot
We know everything about bankruptcy
25/04/2024
Thursday
THIS DAY IN HISTORY:
25 April 
1970 Bulgaria and Romania joined the European Union
1970 Bulgaria and Romania joined the European Union
1970 The judicial liability for absenteeism, introduced in 1940, was canceled in the USSR
1970 The judicial liability for absenteeism, introduced in 1940, was canceled in the USSR
1970 The meeting on the Elbe of Soviet and American troops
1970 The meeting on the Elbe of Soviet and American troops
25 April
1970 Bulgaria and Romania joined the European Union
1970 Bulgaria and Romania joined the European Union
1970 The judicial liability for absenteeism, introduced in 1940, was canceled in the USSR
1970 The judicial liability for absenteeism, introduced in 1940, was canceled in the USSR
1970 The meeting on the Elbe of Soviet and American troops
1970 The meeting on the Elbe of Soviet and American troops
Bankruptcy moratorium turned out to be unnecessary for Ural industrialists
A month has passed since a government act established a large-scale ban on initiating bankruptcy of both individuals and legal entities. However, the industrial enterprises of the Urals continue to massively refuse to apply to the moratorium on insolvency.
According to Kommersant, the Russian Copper Company (RCC), located in Yekaterinburg, and its subsidiary, “Mikheevsky GOK”, located in the Chelyabinsk region, have recently filed applications for waiving the moratorium. Both organizations made such a decision for the second time. Previously, RCC had to refuse from the moratorium in 2020, when the it was introduced due to the pandemic.
The moratorium, introduced until October 1, 2022, was intended to help Russian businesses overcome the economic situation caused by the sanctions of a number of foreign countries. Creditors in this situation are deprived of the opportunity to file bankruptcy petitions against debtors, but no one prevents people with debts from declaring their own bankruptcy.
According to Kommersant, the Russian Copper Company (RCC), located in Yekaterinburg, and its subsidiary, “Mikheevsky GOK”, located in the Chelyabinsk region, have recently filed applications for waiving the moratorium. Both organizations made such a decision for the second time. Previously, RCC had to refuse from the moratorium in 2020, when the it was introduced due to the pandemic.
For companies that feel fairly confident financially, the moratorium may become an obstacle to further development. It is known that enterprises that have fallen under its action cannot buy back their own shares, pay dividends and distribute profits. Therefore, the statement published by Igor Altushkin's company is quite understandable.
According to Fedresurs, by May 4, 2022, more than 2.2 thousand firms had already refused from the moratorium. Among them there are such enterprises of the Ural region as “SUENKO” (Siberian-Ural Energy Company), “UOTK” (Ural Oil Transportation Company), “NLMK-Ural” and many others.The moratorium, introduced until October 1, 2022, was intended to help Russian businesses overcome the economic situation caused by the sanctions of a number of foreign countries. Creditors in this situation are deprived of the opportunity to file bankruptcy petitions against debtors, but no one prevents people with debts from declaring their own bankruptcy.
For the enterprises in the Urals, Russia's leading industrial region, the moratorium can also be useful. Sanctions have an impact on import and export processes. Metallurgy, mechanical engineering and chemical products have traditionally been the basis of exports of many companies.
Many firms are now forced to change their supply chains, increasing the share of China, countries of the Southeast Asia and Africa in the foreign trade operations. However, the leaders of many companies do not yet see significant risks for further business activities and therefore refuse the moratorium. 06.05.2022
