I would be glad to pay, it’s sickening to pay - Newspaper Kommersant No. 170 (7371) of 09/15/2022

I would be glad to pay, it’s sickening to pay - Newspaper Kommersant No. 170 (7371) of 09/15/2022



The end of the moratorium on bankruptcy on October 1 worries at least part of the business. Thus, retailers are asking Prime Minister Mikhail Mishustin to extend the moratorium until March 1, 2023, citing difficulties due to the departure of foreign suppliers, increased logistics costs and pressure from landlords. Concerns are shared by property maintenance companies facing defaults and mounting debt. But lawyers believe that extending the moratorium is worth it only for the industries most affected by this crisis.

Kommersant has read the letter from the Association of Internet Trade Companies (AKIT; unites Wildberries, Ozon, DNS, M.Video-Eldorado, etc.) to Prime Minister Mikhail Mishustin with a request to extend the moratorium on bankruptcy until March 1, 2023 and further explain its application. The Kommersant government confirmed receipt of the appeal.

A moratorium on bankruptcy, which prevents creditors from forcibly collecting debts or initiating insolvency proceedings, was introduced in April as one of the measures to support businesses during the crisis. The moratorium ends on October 1st. But this, the president of AKIT Artem Sokolov believes, in the absence of economic stabilization threatens with a wave of bankruptcies. As stated in the letter from ACIT, retail has been hit hard by the departure of a number of foreign suppliers, a sharp rise in prices and disruptions in logistics, and a decrease in the purchasing power of the population. For individual companies, the situation remains critical, and the conditions contained in lease agreements with large shopping centers provide an opportunity for harsh pressure from landlords, AKIT writes. In addition, government agencies do not have a unified position regarding the application of the moratorium. So, he explains in the appeal, the bailiffs recover funds from the accounts of debtors, although they are subject to the moratorium.

Ilya Yaroshenko, president of the Baon network, believes that the extension of the moratorium may be relevant for retailers who are faced with supply problems due to the termination of contracts by some Western brands, as well as logistical and financial difficulties. “There are also brands in our segment that refuse to work with Russia,” he explains.

Alexey Vanchugov, managing partner of Vanchugov & Partners, on the contrary, believes that the moratorium on bankruptcy has created incentives for tenants to be tough. Thus, the owners of shopping centers cannot recover penalties for downtime from foreign chains that have suspended work in Russia, he says. According to Mr. Vanchugov, it is better to introduce targeted support measures, for example, subsidies for some companies. CEO of DNA Realty Anton Belykh adds that abuses are also possible on the part of retailers: sometimes they ask for discounts on renting premises, citing supply disruptions and a drop in revenue, although in fact their business may not have such problems.

President of the National Fitness Community Elena Silina says that market participants do not consider the moratorium on bankruptcy to be a significant support mechanism. The head of the Association of Entrepreneurs of the Beauty Industry Lyalya Sadykova confirms that the moratorium has not become a popular measure. Vice-President of the Federation of Restaurateurs and Hoteliers of Russia Vadim Prasov noted that restaurateurs and hoteliers did not send requests to extend the moratorium.

But the position of AKIT is supported by the Association of Real Estate Service Companies (AKON), which in September also turned to Mr. Mishustin with a request to extend the moratorium (Kommersant has a copy of the letter). According to ACON, the growth of residents' debts for utilities threatens the activities of homeowners' associations, which cannot immediately cover their debts to suppliers.

Denis Danilov, head of projects at the RKT consulting group, says the extension of the moratorium could have a negative impact on companies that do not receive payment from debtors. And unscrupulous players can withdraw property, which will complicate the future collection process, he adds. Igor Virfel, an arbitration manager, agrees that the negative effect of the lack of a mechanism for collecting funds from debtors outweighs the current problems.

There are questions and there are questions about the application of the moratorium, lawyers say. According to the Ministry of Justice, only persons in respect of whom bankruptcy applications have been filed and not accepted are subject to the moratorium, and the Supreme Court does not limit the circle of persons, Denis Danilov points out. Valeria Tikhonova, senior lawyer for Vegas Lex bankruptcy projects, notes that the total nature of the moratorium and the lack of a unified position on the rules for its application create more problems, so the mechanism could be extended only for the most affected industries.

Alina Savitskaya, Alexandra Mertsalova, Daria Andrianova



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