Articles

Moratorium possibility by the Government of the Russian Federation on the initiation of bankruptcy proceeding in case of natural and man-made emergencies  22.03.2020 02:32

The Ministry of Economic Development has prepared a bill on a moratorium on the initiation of bankruptcy cases. The document is published on the portal of draft normative and legal acts. 

FEDERAL ACT Amending the Federal Act
‎ "About insolvency (bankruptcy)" regarding establishment of a possibility of declaration of the moratorium on initiation of proceedings about bankruptcy.

Article 1
To supplement Federal Law No. 127-ФЗ of 26 October 2002 "On Insolvency (Bankruptcy)":
"Article 9.1. Moratorium on bankruptcy proceedings
1. To ensure the stability of the economy in exceptional cases (in particular, in case of natural and man-made emergencies, a significant change in the ruble exchange rate, etc.) The Government of the Russian Federation has the right to impose a moratorium on the initiation of bankruptcy cases (Hereinafter, for the purposes of this article, a moratorium) for a period not exceeding six months in respect of certain categories of organizations and (Or) other organizations meeting the requirements established by the Government of the Russian Federation in the event of a decision to impose a moratorium.

2. Applications filed during the moratorium by creditors to declare the debtor bankrupt are subject to return by the arbitral tribunal. If, at the date of the moratorium, the arbitral tribunal did not introduce the prior bankruptcy procedure in the bankruptcy case, the arbitral tribunal shall suspend the bankruptcy proceedings for the duration of the moratorium within three working days from the date of the moratorium. Such suspension shall be decided by the arbitral tribunal without a court hearing.

Full Act on Government site портале.