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Personal Bankruptcy Law has been accepted due to Currency Crisis

Personal entrepreneurs can announce themselves bankrupts starting from the 1st of July 2015.

19.Dec.14 11:36 AM
By Svetlana Siuhina


Personal Bankruptcy Law has been accepted due to Currency Crisis
State Duma has approved of changes in law bout insolvency on the 16th of December. Now it includes an article about bankruptcy of individuals and personal entrepreneurs. They will be able to announce themselves bankrupts in case the debt is at least 500 thousand rubles. Such actions will be available within half a year.

The law has been approved ahead of time in the second reading. This was necessary taking into account economic situation in the country. The level of inflation is growing rapidly while the situation on the currency exchange market is getting worse. Such measures are obligatory.

Such changes will help population to get rid of debts in case they are not able to pay the off. This tool will be rather handy for those who borrowed money in foreign currency.

Experts say that these measures will also be beneficiary for banks. Financial institutions will be able to get at least some part of the debt in form of compensation apart from terminating it.

Entrepreneur is able to announce him a bankrupt in case the debt is at least 500 thousand rubles. Individuals will also be able to announce about their insolvency that will be determined by the civil court.

Special plan will be established in order to reorganize the debt that must be approved by the committee of creditors and court.

If the plan is not completed, borrower will be announced a bankrupt. In this case all his property will be controlled by executive manager. Citizen will not be able to proceed with any sales of his estate. He is not allowed opening new banking accounts, making deposits and receiving revenues. Moreover he will be limited in leaving the country.

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