Enterprises in Crimea will go bankrupt according to Russian rules
Moscow - Kyiv, July 25 (Navigator, Mikhail Stamm) - The Ministry of Economy has prepared a bill regulating bankruptcy procedures for enterprises in Crimea and Sevastopol, which began before the integration of the former Ukrainian territory into Russia. The document involves a transition to Russian rules at the request of creditors or the debtor. Without their initiative, bankruptcy is terminated and the debtor can continue to operate. Such cases may become widespread, writes Kommersant.
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The draft Federal Law “On the regulation of the peculiarities of bankruptcy in the territories of the Republic of Crimea (RK) and the federal city of Sevastopol” regulates the transition from the Ukrainian bankruptcy procedure to the Russian one and, if adopted, will apply to cases that the courts began to consider before Russia’s annexation of Crimea. The document states that from the date the law comes into force, bankruptcies are suspended and judicial acts cannot be issued in cases regarding them. The powers of arbitration managers are also suspended; they will only be able to ensure the safety of the debtor’s property. Over the next 30 days, the debtor or his creditor is given the right to petition the court to introduce a procedure against the debtor under the law of the Russian Federation. If there is no petition, the court terminates the proceedings.
When a petition is received, the court, within a month, introduces “supervision” instead of “property disposal”, “external management” instead of “rehabilitation”, and “bankruptcy proceedings” instead of “liquidation of a bankrupt”. The register of creditors' claims is compiled anew; to confirm previously included claims, an application must be submitted to the court. The debtor's obligations that arose from the moment the bankruptcy case was initiated and before the transition to Russian rules are considered current and are repaid in front of the debts included in the register. If the debtor does not have enough funds to conduct the procedure, all legal costs, with the exception of interest on the arbitration manager’s remuneration, are borne by the person who filed the petition to switch to the Russian procedure.
The arbitration manager is selected by the court from the candidates submitted to it. To do this, the court, within 15 days from the date of receipt of the petition, notifies the SRO, which sends information within three days. In order for managers living in Crimea and Sevastopol to be able to conduct bankruptcy proceedings, the draft has introduced relaxations. They will not be subject to requirements for length of service and internship in the Russian Federation (a year in a managerial position and six months of internship as an assistant to the current manager or an internship of at least two years), but they must have experience in conducting at least three bankruptcy procedures under Ukrainian law.
All cases will be considered by the economic court of the Republic of Crimea - the successor to the economic court of the Autonomous Republic of Crimea, on whose website there is now an announcement about changing the jurisdiction of disputes “due to the inability to administer justice” to the court of the Kyiv region. At the same time, the judges of the Crimean court, including the chairman Sergei Lazarev, have retained their posts for now.
English version :: Read in English Enterprises in Crimea will go bankrupt according to Russian rules