Bankruptcy Law in Russia 2023

Liquidation of company in Russia



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Bankruptcy Law

During the last several years, the government has allowed the Personal Bankruptcy Law and amended the existing Bankruptcy Law, available for companies only until 2015. If until 2014, the debtor and central authorities were permitted to begin bankruptcy proceedings only after administering a court order; according to the new law, who widened the list of creditors allowed to file for insolvency or bankruptcy of an indebted company. The minimum amount which can plead has also increased in the case of private companies to 300,000 rubles and 100,000 rubles in the case of public companies.
Our Lawyers can offer complete information on the new Commercial Bankruptcy Law content.

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Federal Law No. 127-FZ was first presented in 2014 and experienced several changes before being enacted in 2015. The new Russian Bankruptcy Law provides for the following changes:

  • New proceedings for the opening of insolvency and bankruptcy procedures;
  • The opening of the process through which a company’s chief executive officer is required to notify the creditors about the business’ bankruptcy;
  • The opening of additional security measures for creditors;
  • New regulation through which Who may challenge an insolvent company’s transactions.

The new Bankruptcy Law allows workers to file a petition with the Commercial Court in Russia asking about the bankruptcy procedure. Our Russian attorneys can offer more information on filing such a petition with the court.

The bankruptcy legislation supplies for private and public companies and sole trading companies to first confirm they cannot pay their debts before beginning the insolvency proceedings, followed by the bankruptcy ones. Moreover, these parties may also undergo corporate restructuring and remain solvent. If these measures fail, there are two ways of starting bankruptcy procedures:

  • The voluntary ones;
  • The involuntary ones

Following any of the two approaches, the company will undergo liquidation.

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