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:
- 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.
- The procedure has become more expensive.
- Became more regulated by law.
- 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.
- The arbitral trustee became paid at the legislative level and received guarantees.