Private bankruptcy claims reach Sverdlovsk Region courts

2 October 2015 (09:06)

UrBC, Yekaterinburg, October 2, 2015. First private bankruptcy claims started to arrive in Sverdlovsk Region Arbitration Court; the exact amount is not clear yet, a source inside the court told UrBC.

‘We have already received first claims, an ad hoc committee was set up to process these. Statistical records on personal bankruptcy cases are also expected to be kept,’ the source said.

Private bankruptcy legislation came into effect in Russia on October 1, 2015. Under the new law, an arbitration court might institute bankruptcy proceedings for a private individual if their debt exceeds 500,000 RUR and no repayments have been made for over three months. The claim can be placed with the court by either the debtor themselves or a trustee in bankruptcy or an authorized body.

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