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A chance for the debtor or nationalization?

A chance for the debtor or nationalization?

Alexander Bolomatov, Partner of the Law Firm “YUST”, discussed on the air of the Levchenko. Rakurs program on RBC TV the news that the creditors may get the chance to quickly replace the owner of the debtor company.

The Ministry of Economic Development of Russia is elaborating a draft of the amendments to the bankruptcy law aiming at granting the right to obtain the debtor company’s shares to the creditors. The control over the debtor’s business is thus strengthened, while the debtor continues to operate and receive income for debt repayment. But this is all theory, while there are risks of many abuses in practice.
The participants of the program discussed the following questions:

  • Why did the need for such amendments arise?
  • Qui prodest?

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