On 29 May 2024, a law came into effect that altered the procedure for bankruptcy of legal entities, notably raising the debt thresholds that can trigger bankruptcy proceedings.
The key changes are as follows:
- Increased Debt Thresholds for Bankruptcy Initiation:
For ordinary companies: increased from RUB 0.3 million to RUB 2 million.
For strategic enterprises, agricultural enterprises and monopolies: increased to RUB 3 million.
- Electronic Submission of Claims:
Creditors are now required to submit their claims to the debtor exclusively in electronic form.
- Simplified Bankruptcy Procedures:
Several bankruptcy procedures have been simplified to streamline the process.
- Court Decisions Without Hearings:
In specific cases, the court may make decisions without a hearing if both parties do not object. This includes matters such as the registration of claims and the extension of the trustee’s powers.
- Unified Appeal Time Limit:
A standard time limit of one month for filing appeals in bankruptcy disputes has been introduced.
These amendments aim to improve bankruptcy legislation and enhance the efficiency of bankruptcy proceedings for legal entities.