Alcohol producers may be allowed to sell leftovers to pay bankruptcy debts

Russian producers of ethyl alcohol and alcoholic beverages with a revoked or expired license may be allowed to sell the remaining products to pay off debts in the event of bankruptcy or recognition of the licensee as insolvent. Such amendments were prepared by the Ministry of Finance of Russia, reported department press office.

“By granting the right to such organizations to sell the existing balances of ethyl alcohol, alcoholic and alcohol-containing products, funds can be raised, which, in turn, can be used to pay off the debt,” said Alexander Korobutov, deputy director of the department for customs policy and alcohol market regulation of the Ministry of Finance.

The ministry also proposes that such manufacturers be allowed to sell the rest of their goods within two months of the cancellation or termination of the license to other organizations holding a similar license. Now the ethyl alcohol remaining after two months from the cancellation of the license receives the status of being in illegal circulation and is subject to destruction, the Ministry of Finance specified.

Amendments are being made to the Federal Law “On state regulation of the production and circulation of ethyl alcohol, alcoholic and alcohol-containing products and on limiting the consumption (drinking) of alcoholic products”.

As previously reported, vodka production in Russia in January-February decreased by 8.2% year-on-year and amounted to 9.8 million decalitres, and cognac – increased to 1.2 million decalitres (+6.3%). The total volume of alcoholic products produced in the country, excluding beer, poiret and mead, amounted to 23.8 million decalitres, which is 3.3% more than the results of the same period last year. The production of grape wine increased by 10.2%, amounting to 3.4 million decaliters, the production of champagne for the same period amounted to 1.7 million decaliters (+25.8%), and liqueur wines – 0.17 million decaliters (+31, 3%).

The total volume of alcoholic products produced in the country, excluding beer, poiret and mead, amounted to 23.8 million decalitres, which is 3.3% more than the results of the same period last year.