How has bankruptcy changed in 20 years?




An interesting question that needs to be answered by a practitioner! That’s why we asked the arbitration manager Natalia Tishchenko, the managing partner of NOBILI Law Company, and found out how bankruptcy has changed in 20 years:


  1. The procedure took longer.

Previously, it was possible to file for bankruptcy in 3 months. Now this procedure takes from 1.5 years and more.

  1. The procedure has become more expensive.
  2. Became more regulated by law.
  3. The procedure has become difficult to access.

Bankruptcy used to be an easy way to close a business. Bankruptcy proceedings are now used as a civilized, professional and ethical tool for business risk management.

  1. The arbitral trustee became paid at the legislative level and received guarantees.