UrBC, Yekaterinburg, December 23, 2015. 207 personal bankruptcy applications have been submitted to Sverdlovsk Region Arbitration Court since the Personal Bankruptcy Act came into effect in Russia, the court’s Deputy Chair Alexander Kryukov said at a press conference.

The new law came into force on October 1, 2105.

‘We’ve received 207 applications so far; 109 claims were filed by the debtors themselves, 98 were filed by creditors. 119 cases will get processed in court and 42 were put on hold for the time being for procedural reasons such as unpaid state duties or other unmade payments. Besides, ten applications were handed back to applicants and four cases were dismissed,’ Kryukov said.

He explained the overall number of applications was a little greater in Sverdlovsk Region than in other constituencies, even though the expected flood of incoming claims never happened.

It was reported, however, that some 16,500 locals had over 500,000 RUR worth of unpaid debts (between 500,000 RUR and 900m RUR per debtor), so the number of applications could actually increase in the near future.