To choose the jurisdiction: bankruptcy procedure in Crimea

The Ministry of Economy prepared a draft law, which stipulates the procedures of bankruptcy of ventures of Crimea and Sebastopol initiated prior to the integration of the former Ukrainian territory into Russia. The document stipulates the adoption of Russian rules, should the creditors or the debtor wish that. If they do not show initiative, the proceedings are terminated, and the debtor may continue operating.

Alexander Bolomatov, Partner of the Law Firm "YUST", comments: “The idea of terminating bankruptcy cases, if nobody applies to courts, is a dubious one. This would only be useful in regard to procrastinated cases, the consideration of which has stopped for some reason”.

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