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25.06.2024
INCREASING CREDITOR REQUIREMENTS AND OTHER AMENDMENTS TO THE LAW ON BANKRUPTCY
A number of amendments have been made to the Law on Bankruptcy aimed at improving the procedure for consideration of this category of cases by arbitration courts.
The amendments provide, in particular, for increasing the amount of creditors' claims from 300,000 to 2,000,000 roubles, which, as a general rule, is necessary to initiate bankruptcy proceedings for a legal entity. For certain categories of business entities for which increased threshold values have been established (agricultural organisations, strategic enterprises and natural monopolies), their amount will increase to 3,000,000 roubles. These amendments take into account the level of inflation over the past years and the increased cost of legal expenses in bankruptcy cases. In addition, they are designed to counteract abuses that occur in practice on the part of affiliated creditors.
A number of procedural amendments have also been made.
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