Bankruptcy Law has gone through many changes over the past summer, but perhaps the hottest of them all was published on 29.5.2024 and applies to petitions filed after the date, regardless of the date of the procedure used in the bankruptcy case. We propose to familiarize ourselves with the most significant of them:
Increasing the amount of debt to initiate bankruptcy
The general threshold for legal entities was increased from RUB 300,000 to RUB 2,000,000, while for agricultural organizations and strategic organizations - natural monopolists the amount of allowable debt is now RUB 3,000,000, reflecting current economic realities. For individuals, the threshold remained unchanged at RUB 500,000.
New procedure for inclusion of creditors' claims
The procedure for the consideration of creditors' claims has changed drastically:
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Applications for inclusion of claims in the register are now submitted to the court only in electronic form
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claims are considered without a court hearing and without summoning the parties.
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following the results of the examination of the claim, the court shall issue only the resolutive part of the determination; the reasoned part shall be produced in cases where an application for production of the reasoned part has been filed or where an appeal has been filed.
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consideration of claims in a court hearing is possible at the initiative of the court, as well as in case of receipt of motivated objections.
The procedure for objections to the inclusion of claims has been clarified
Objections must be filed within 30 days from the date of the claim’s deadline:
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Any person participating in the case and arbitration process
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those who do not have an objective opportunity to make a claim now, but can justify the possibility of making a claim in the future.
It is also possible to object to a creditor's claim that has already been included in the register if circumstances that could have influenced the decision to include the claim in the register have become known. An application to exclude a claim or change its priority may be filed within three months from the date on which the circumstances became known.
The previously available option of extraordinary appeal of a judicial act on which the claim of a creditor outside bankruptcy declared in a bankruptcy case is based has also been specified. In general, it boils down to a review of the circumstances of such acts on newly discovered circumstances, but taking into account the interests of the entire community of creditors.
New procedure for consideration of certain categories of applications
The following applications shall be considered without summoning the parties, without holding a hearing and without producing a reasoned part:
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on release of the insolvency manager from his duties,
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on prolongation of the procedure of external management or bankruptcy proceedings,
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on the completion of the bankruptcy proceedings,
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on cost-sharing,
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on determining the interest remuneration of the arbitration manager, if the amount of interest is from 100,000 to 1,000,000 rubles,
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the involvement of persons by the administrator to ensure the fulfillment of obligations at the expense of the bankruptcy estate in excess of the established limits,
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to seize the debtor's documents and valuables,
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to compel the owners of the debtors' property - unitary enterprises - to accept the debtor's unrealized property.
Consideration of these statements in a court session is possible on the initiative of the court or at the request of the parties to the case.
Uniform time limit for appealing acts on isolated disputes
The time limit for appeal is equal to the time limit for cassation appeal and is one month, which significantly simplifies the previously applicable approach, which allowed several different procedures for appealing such judicial acts (10 days, 14 days, one month were allowed).
Receipt of information by the insolvency practitioner
Bankruptcy managers now have the right to independently make inquiries about the property of spouses of debtors who are individuals (previously this could only be done through the court). However, it is still necessary to apply to the court In relation to other relatives of the debtor.
With respect to debtors of legal entities, the bankruptcy managers has the right to independently request information with respect to the debtor's controlling and interested parties (previously only with respect to the debtor and the executive body).
State fees
In the Review of Judicial Practice of the Supreme Court of the Russian Federation No. 1 (2024), clarifications were given on the need to pay state duty on separate disputes either depending on the price of the claim or as when filing applications of a non-property nature.
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on bringing to subsidiary liability
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compensation for damages caused by controlling persons or bankruptcy manager in insolvency
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on challenging of property or obligation to transfer property
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on inclusion in the register of creditors' claims or on objections (disagreements) regarding the arbitration manager's consideration of a creditor's claim (if the claim is not confirmed by a judicial act that has entered into legal force)
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for contesting the bidding
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to invalidate transactions
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on contesting decisions of the meeting (committee) of creditors
As for non-property applications
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on settlement disputes
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Recognition of illegal actions (inaction) of the arbitration manager (for each episode)
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dismissal of the insolvency practitioner from his duties
- on intention