Bankruptcy has changed the rules – Kommersant FM
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New rules for out-of-court bankruptcy are starting to work in Russia. Now Russians will be able to undergo a simplified procedure if the amount of their debt is at least 25 thousand rubles. and no more than 1 million rubles. Previously, the limits ranged from 50 thousand rubles. up to 500 thousand rubles. In addition, Russians who receive benefits from the state, such as a pension, will also be able to go through the bankruptcy procedure without going to trial. At the same time, they should not have other income or property subject to collection.
Innovations will significantly facilitate the procedure, but creditors may suffer, says David Kononov, head of the anti-crisis practice of Lemchik, Krupsky and Partners:
“Practice shows that most cases of bankruptcy of individuals vary in the amount of debt up to 1 million rubles. Increasing the rate at which you can go and go bankrupt out of court simplifies this procedure. The burden on the courts is significantly reduced, and the costs of publications that financial managers must make are reduced.
The second very important innovation is that previously some categories of citizens could not take advantage of extrajudicial declaration of bankruptcy because they had the same income in the form of benefits, pensions, which cannot be terminated. The negative side is that creditors will still suffer one way or another, because the threshold amount has increased.
That is, during the proceedings, the court looks at whether the debtor behaved in good faith in principle, whether he is worthy of writing off this debt. If it suddenly turned out that the debtor took out a loan with the clear intention of not repaying it, the debts were not written off. In out-of-court bankruptcy, debt write-off occurs automatically. And before, creditors risked up to 500 thousand rubles, and then dealt with it in court. Approximately 20% of creditors may suffer because of this.”
The rules for bankruptcy proceedings launched through the court are also changing. For example, the maximum permissible period for debt restructuring is increased from three to five years, provided that creditors have agreed to this plan. In addition, there remains the opportunity to submit an application to transfer the procedure to the court for any amount, says the head of the legal bureau “Olevinsky, Buyukyan and Partners” Eduard Olevinsky:
“These changes benefit not only debtors. Increasing the term for restructuring judicial debts will also benefit creditors. Extrajudicial bankruptcy may be used by those who actually have income, and it is simply not obvious to the creditor.
Banks will have to improve mechanisms for monitoring and assessing the creditworthiness of their borrowers. If an out-of-court procedure is initiated by the debtor, then the creditor can generally demand that this procedure be transferred to the court for any amount. I think that the number of such translations will increase dramatically after the amendments.”
In addition, according to the new rules, a repeated application for bankruptcy can be submitted to the MFC after five years. Previously this period was 10 years.
Everything is clear with us – Telegram channel “Kommersant FM”.
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