Moratorium on bankruptcy. Until November, a moratorium was introduced on initiating bankruptcy cases against legal entities and individuals at the request of creditors.
Until November, a moratorium was introduced on initiating bankruptcy cases against legal entities and individuals at the request of creditors. Mikhail Mishustin explained this decision by the need to give citizens and organizations time to restore solvency ("set things right") due to actions directed against Russia.
On March 28, 2022, the Prime Minister signed the relevant Decree of the Government of the Russian Federation No. 497. The document is officially published and comes into force from the day of official publication, that is, from April 1. The validity period is 6 months, that is, until October 1, 2022.
It refers to the introduction of a moratorium on initiating proceedings to declare debtors insolvent against organizations and citizens, including those with the status of an individual entrepreneur, at the request of creditors of these persons.
There is an exception to this moratorium - it does not apply to developers (both engaged in apartment buildings and other real estate) who build objects included in the register of problematic ones (such a measure is provided for by federal law FZ-214). At the same time, the object must be included in such a register at the time Resolution No. 497 enters into force.
The introduction of the moratorium was announced by Mishustin on March 31 at a meeting of the Government, which was broadcast live by the Rossiya 24 TV channel on the VKontakte social network. The Prime Minister said that the Cabinet of Ministers had decided that it was necessary to give organizations and citizens time to "recover themselves." Mishustin immediately explained what he meant: the search for new sources of income, improving the financial condition. According to the prime minister, the moratorium on bankruptcy will allow organizations and individual entrepreneurs to strengthen their position in the face of Western sanctions without firing employees or stopping business activities.
The bankruptcy moratorium was already used during the pandemic, in 2020, resulting in a significant reduction in bankruptcy cases compared to 2019.
The introduction of the moratorium applies only to cases on applications for bankruptcy of creditors, that is, the debtor, on his own initiative, can initiate the procedure for establishing insolvency in relation to himself. Thus, there are two exceptions to the moratorium: the bankruptcy of developers of objects included in the register of problem assets is allowed, and the bankruptcy of debtors on their own initiative.
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