16 private bankruptcy claims go to Sverdlovsk Region courts

6 October 2015 (09:18)

UrBC, Yekaterinburg, October 6, 2015. 16 private bankruptcy claims were placed with Sverdlovsk Region Arbitration Court on October 1-2, 2015, the court reports.

Seven claims were laid by private individuals, two by legal entities, and seven people pleaded their own bankruptcy. So far, no banks have placed any private bankruptcy claims with courts.

The personal bankruptcy legislation came into effect on October 1. Under the new piece of legislature, an arbitration court is allowed to institute bankruptcy proceedings if a private individual’s debt exceeds 500,000 RUR and no debt repayments have been made in the last three months. The claim can be placed with the court by either the debtor themselves or the trustee in bankruptcy or an authorized body.

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