Anyone can become bankrupt!
Bankruptcy reform begins today.
The Bankruptcy Code came into force on October 21.
Briefly about the main thing:
The opening of the case is simplified. The barriers in terms of amounts, time and impunity are removed. Due to the established procedural deadlines, reduced appealed decisions, the deadline of 170 days, with automatic termination, is reduced.Bankrupt property is entered for sale only by auction in an electronic system (ProZorro) It is allowed for the mortgage lender to take a pledge on the balance. Increased attention to the joint and several liability of officials and owners. The rehabilitation procedure is detailed. The amicable settlement and reorganization are combined into one procedure. Changes are made in the work of the arbitration manager in terms of authority, procedure for appointment (choice of 3) and removal, disciplinary penalties, remuneration, organizational form of coexistence/ Extend the rights of creditors. It is allowed to declare contracts invalid three years before the case is opened. A new bankruptcy procedure for individuals has been introduced.