BGP Litigation counsel Sergey Lisin speaks with Kommersant FM about the amendments to the law on personal bankruptcy being prepared in the State Duma
29.11.2016

"The procedure of personal bankruptcy may also become more straightforward. As reported by Izvestia, the debtor will not have to contact trustees in bankruptcy. Such amendments to the law are being prepared in the State Duma. This change is unlikely to simplify life for the debtor, says Sergey Lisin, counsel at the law firm BGP Litigation.

"The options being suggested, such as simplified bankruptcy, will involve just a court. The individual submits a petition to court, and the court helps the poor, unfortunate person be declared bankrupt. The arbitrazh court will essentially be doing all the work for the trustee in bankruptcy. Then there's also the flipside that in principle without the assistance of a lawyer an individual cannot prepare a normal bankruptcy petition for submission to an arbitrazh court which will be accepted by the court to schedule a hearing. Needless to say, this will massively increase the burden on arbitrazh courts in Russia if they will be dealing with technicalities of the paperwork", says Lisin".

The full article (in Russian) is available here: "Банкротство со скидкой".

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