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Jan 29, 2021
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The Ministry of Economic Development submitted to the Cabinet of Ministers a draft reform of the institution of bankruptcy

The Ministry of Economic Development has submitted to the government a project on the reform of the institution of bankruptcy, said the deputy head of the department Ilya Torosov.

According to him, the document was finalized according to the remarks of the State Legal Department of the President (GPU). The final version of the document was approved by the approving ministries, departments, the necessary conclusions were received, and soon the project will be sent for reconciliation to the GPU, Interfax reports Torosov.

Note that the Ministry of Economic Development and Trade has been working on the project for several years and was going to submit it to the State Duma by the end of 2020. The department proposes to radically change the bankruptcy procedure in Russia.

So, in accordance with the project, the rules for the sale of bankruptcy property will change. Instead of bidding upward, the so-called Dutch floating-price auctions should be introduced.

In addition, the draft retained the rejection of monitoring procedures, financial rehabilitation and external administration in insolvency cases. The Ministry of Economic Development proposes to leave only two procedures: debt restructuring and bankruptcy proceedings (liquidation).

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