A total of 15 federal laws on changes to the Bankruptcy Law will have been passed in 2020-2021.


  1. Moratorium on bankruptcy

Prohibiting arbitration courts from initiating insolvency (bankruptcy) proceedings on the basis of creditors' applications.

The moratorium is imposed by the Russian Federation Government for a certain period.

The introduction of a moratorium on bankruptcy does not mean that the courts do not accept any applications from creditors for bankruptcy of debtors.

The moratorium applies only to the categories of persons established by the Government of the Russian Federation:

  • a debtor belonged to companies operating in the sectors most affected by the COVID-19 pandemic
  • systemic organizations, the list of which was approved by the Government of the Russian Federation
  • Strategic enterprises and strategic joint-stock companies, as provided for by Decree No. 1009 of the President of the Russian Federation dd. August 4, 2004
  • Strategic organizations approved by Russian Government Decree No. 1226-r dd. August 20, 2009


  1. Judicial installment plan

  • If bankruptcy proceedings are initiated on the basis of an application filed by a debtor during the moratorium on bankruptcy, the debtor has the right to ask the court for an installment.
  • Termination of bankruptcy proceedings with the court and establishing a repayment schedule to creditors.
  • No interest will be accrued on the use of borrowed funds for one year.
  • At the same time, enforcement proceedings against the debtor must be terminated.
  • The following conditions must be met in order to obtain a suspension from court:
      • reduction of the debtor's income by more than 20%;
      • Absence of wage arrears;
      • Creditors shall not apply to the court to declare the debtor bankrupt;
      • Expiration of one month from the date of the moratorium on bankruptcy.
  • The court may refuse to grant an installment if there is evidence that it is impossible to restore the debtor's solvency or if the debtor will not be able to pay other creditors after the installment.


The past year of 2020 was a difficult one for the country and the world. The bankruptcy legislation could not but reflect all the significant changes taking place in the economy.  That is why it is interesting to take a look at the bankruptcy legislation that was amended and supplemented last year.

  1. Appraisal of the property of bankrupt companies

Clarifications to the Law on Bankruptcy regarding debtor's property appraisal reports.

The following information will have to be included in the Unified Federal Register of Bankruptcy:

  • the date the report was made and its number
  • grounds for the assessment
  • identification information of the appraiser
  • description of the object of evaluation;
  • the date of determining the value of the debtor's property
  • the determined value of the debtor's property;
  • information on the expert review of the appraisal report, as well as information about the expert.


At the same time, bankruptcy trustees continue to be obliged to post a publicly available electronic copy of a corresponding appraisal report in the above-mentioned register.

  1. Priority of claims in bankruptcy of credit organizations

Only claims of physical persons are still satisfied in the first place.

Before 2018, the state insured only deposits of physical persons, then, starting from 2018, the insurance has also extended to deposits (accounts) of individual entrepreneurs and small businesses, and from 2020 - to deposits (accounts) of non-profit organizations.

Expanding the list of persons whose deposits (accounts) are insured by the state, the legislator simultaneously excludes from the 1st priority claims, Deposit Insurance Agency's claims, claims transferred to it as a result of payment of insurance compensation on deposits (accounts) of any depositors, except individuals. Agency's claims on deposits (accounts) of depositors other than physical persons shall be satisfied in the 3rd priority.

  1. Peculiarities of construction companies’ bankruptcy

Changes in the procedure for bankruptcy of construction organizations.

In particular, the following changes took place:

Accreditation requirements for official receivers of real estate developers have been lowered. Now the minimum experience required for managerial positions in construction is 2 years (previously - 3 years).

Also, the period of absence of bankruptcy law violations from the date of accreditation on the part of the receiver is reduced to 2 years. On the other hand, duties of trustees in bankruptcy include training on the appropriate program.

A minimum period of time (1 year) has been established during which a receiver cannot obtain accreditation after a previous accreditation has been revoked.

Official receivers will be required to provide extended information to the Fund for the Protection of Citizens' Rights - Participants of Shared Construction concerning a bankrupt developer (e.g., results of the inventory of the debtor's property, information on the value of land plots, etc.).

It is possible to finance the current legal costs associated with developer's bankruptcy at the expense of the Fund for the Protection of Citizens' Rights – Participants of Shared Construction. At the end of the bankruptcy these costs are reimbursed from the bankruptcy estate.

Shareholders' claims for provision of apartments are transformed in monetary claims on compensation payment to the Fund for Protection of Citizens' Rights - Participants of Shared Construction. This takes place on condition that the said Fund has made a decision to pay compensation

A mechanism has been established for transferring rights of an insolvent developer to the Fund for Protection of Citizens' Rights - Participants of Shared Construction.

An additional basis for subsidiary liability of the heads of housing cooperatives was introduced: the number of members attracted by the cooperative exceeds the number of residential premises at the construction site (the so-called "double sales").

  1. Peculiarities of the bankruptcy in the case of creditors under a syndicated loan agreement

Addition of norms establishing the possibility of participation of creditors under a syndicated loan agreement in the bankruptcy of a debtor

Claims to declare a debtor bankrupt can now be filed by a credit manager under such an agreement. The law further defines the following aspects of bankruptcy if there are claims arising out of a syndicated loan:

  • specifics of the legal position of a credit manager in bankruptcy cases. He will represent interests of a group of creditors in bankruptcy of a borrower, on behalf of which he has the right even to receive money in repayment of credit obligations;
  • cases and procedure of participation of certain creditors under a syndicated loan in bankruptcy proceedings as independent entities.



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