The Supreme Court of Russia has dismissed a petition filed by the representative of Yugra bank and refused to overturn a bankruptcy ruling against the financial organization, according to court records.
Procedure for Confirmation of a Bankruptcy manager under the Russian Bankruptcy Law
(Series publications about Russian Law Aspects of Insolvency)
Having received the arbitration court ruling on acceptance of the application for deeming the debtor bankrupt containing an indication of a bankruptcy manager nominee or the minutes of a meeting of creditors on selection of a bankruptcy manager nominee, the declared self-regulating organisation of bankruptcy managers in which the selected bankruptcy manager is member shall provide information to the arbitration court on the compliance of said nominee with the requirements envisaged by the Russian Bankruptcy Federal Law.
The procedure of selling property of the debtor under Russian Bankruptcy Law
(Series publications about Russian Law Aspects of Insolvency)
Within ten working days from the date of the inclusion of data on the results of an inventory check of the debtor's property into the Comprehensive Federal Register of Data on Bankruptcy the bankruptcy creditor or an authorised body are entitled, if the rate of claim of the bankruptcy creditor or the rate of claim of the authorised body exceeds two per cent of the total amount of the claims of bankruptcy creditors and authorised bodies included into the register of creditors' claims, to send to the bankruptcy receiver a demand to recruit an appraiser citing the property to be appraised.
Within two months as from the date of receiving such claim the bankruptcy receiver is bound to ensure the appraisal of the cited property on account of the debtor's property.
A report on the appraisal of the debtor's property is subject to inclusion by the bankruptcy receiver to the Comprehensive Federal Register of Data on Bankruptcy within two working days as from the date of receiving a copy of this report in the electronic form.
A repeated appraisal of the property of the debtor in respect of which a claim has been earlier raised for making an appraisal in compliance with this item shall be made, if bankruptcy creditors or authorized bodies defray the cost of making such appraisal.
The Supreme Court of the Russian Federation adopted a resolution in which it clarified the issues of the bankruptcy of citizens according to the amended Federal Law No. 127-FZ of October 26, 2002 “On Insolvency (Bankruptcy)” (hereinafter the Bankruptcy Law), which came into legal force on October 1, 2015 (Resolution of the Plenum of the Supreme Court of the Russian Federation No. 45 of October 13, 2015 “On some issues related to the introduction of the procedures applied in the cases of insolvency (bankruptcy) of citizens”).
- When taking the law on bankruptcy of physical persons (in December 2014), it turned out that the preparation of all participants was released just six months. Clearly, this is very little. But until recently there was no certainty in what the courts will consider the case of bankruptcy. Now it is precisely defined - the bankruptcy case citizens will be considered by arbitration courts. And of course, they need to prepare for it. A Savings Bank - yes, time to prepare - we have an understanding of our debtors who fall under the law, to whom we will make demands on bankruptcy. Already even prepared clear instructions for employees to work-as in these procedures.
The document, signed by Vladimir Putin, the entry into force of the law on bankruptcy of physical persons moved from July 1 to October 1, 2015.
To crooks under the guise failed to declare themselves bankrupt, too, will participate in the procedure for the bankruptcy trustee and the bankruptcy accept arbitration. The courts need time to prepare for the additional load on judges. Actually so the beginning of the law postponed for 3 months.
The Russian government is discussing the possibility of adding an analogue of Chapter 11 from the United States Code (bankruptcy) to the Russian Legislation, Vedomosti newspaper writes on Tuesday 03.03.2015, citing Deputy Finance Minister Alexei Moiseev.
On 22 December 2014 and on 29 December 2014 the President signed Federal Laws No. 432-FZ “On Amending Certain Legislative Acts of the Russian Federation.” and No. 482-FZ “On Amending the Federal Law On Insolvency (Bankruptcy) and Administrative Offences Code”,
The Laws seriously amend and improve the Federal Law “On Insolvency (Bankruptcy)” (the “Bankruptcy Law”), significantly change the rules OF conducting bankruptcy proceedings. To a greater extent these amendments aim at combating abusive practices and misbehavior of a debtor and by this means the Bankruptcy Law becomes more creditor-oriented.
President Vladimir Putin on Monday signed a bill on personal bankruptcy, under which an individual can be declared bankrupt upon a creditor’s request if the total amount of debt exceeds 500,000 rubles (about $9,600), into law. The document has been posted on the government’s legal information website.
MOSCOW: Russian lender Binbank said yesterday it could buy the Moscow subsidiary of Ukraine’s Privatbank in two weeks from its Ukrainian owners who say they were under political pressure to sell.
Russia’s central bank put Moskomprivatbank under temporary administration last month to prevent its bankruptcy, but some analysts said it was aimed at punishing Ukraine’s new rulers for pursuing closer ties to the West. Moscow denies the charge.
The Russian government's legislative commission has approved a bill on granting citizenship to foreigners who invest more than 10 million rubles (over $281,601) in Russia, or who have a Russian diploma and have worked here for at least three years, according to the government's official website.
The Rostov Region Commercial Court on Wednesday declared the Taganrog Automobile Factory (TagAZ) bankrupt, and opened five-month supervisory proceedings.
Russia’s Central Bank on Friday declared it has revoked the licenses of My Bank, owned by former Federation Council Member Gleb Fetisov until December 2013, and Priroda Commercial Bank, in a ongoing purge of private banking sector hat started in 2013 with the sacking of Master-bank.
The Federation Council, Russia’s upper house of parliament, approved during a session on Wednesday presidential bills aiming to reform the judiciary by merging the Supreme Court with the Supreme Commercial Court.
The presidential bills aimed at implementing amendments to Russia’s constitution that had previously been approved by the State Duma, Russia’s lower house of parliament.
The Supreme Court will be granted power to supervise and resolve economic disputes that currently fall within the jurisdiction of the Supreme Commercial Court.
The Russian Investigative Committee has proposed prohibiting offshore companies and their subsidiaries from participating in privatization proceedings, Senior inspector Georgy Smirnov told reporters on Friday.