Главная > News > Changes in the regulation of insolvency (bankruptcy)
29 december 2022

Changes in the regulation of insolvency (bankruptcy)

On 13 December 2022, the Resolving Insolvency Law has been adopted. This Law will come into force on 1 October 2023 (except for certain provisions that already came into force on 17 December 2022) and replace the Law “On Economic Insolvency (Bankruptcy)”.

The revisions set forth in the Law cover inter alia the following aspects:

  • introduction of new terms and clarification of existing ones;
  • changing the content of the procedures; changing the grounds for filing a bankruptcy petition by the debtor, the term for compulsory submission of such petition will be six months from the date the respective ground arises (to date, the term is equal to one month);
  • changing the grounds for filing a bankruptcy petition by the creditor; in particular, the creditor will not be obliged to provide credible and documented information about the debtor’s insolvency having or acquiring steady nature (this wording is excluded at all); in practice, it is often difficult for a creditor to provide such information due to the lack of access to the debtor’s relevant documents;
  • regulating the procedure of satisfying creditors’ claims from the funds received from the sale of pledged property;
  • claims for attraction to subsidiary responsibility may be filed and will be considered only until the completion of liquidation proceedings (to date, creditors and other entitled persons may file such claims within 10 years from the date of initiation of bankruptcy proceedings).