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Bankruptcy of individuals: mutual dissatisfaction?

Bankruptcy of individuals: mutual dissatisfaction?

Advocate Maxim Rovinskiy, Head of the Tax and Customs Law Practice, and Advocate Vasily Raudin, Head of the Bankruptcy Group, both of the Law Firm "YUST", wrote an article, for the Banks and the Business World magazine, on mediation as a way towards a conscientious mutually acceptable solution based on a consensus between the parties to the dispute. In other words, a successful mediation produces no winners and no losers, but the parties freely work out the possible solutions by themselves. The mediator does not take, does not pass and does not impose any ready-made solutions but merely directs and manages the process of interaction of the parties, facilitates the better understanding between them and of each other. This is precisely what is needed to arrive at a solution that is mutually acceptable, realistic and viable.

The authors believe that such approach and the norms should be included in the draft law No.  517191-6 «On the financial ombudsman for the customers of the financial organizations’ services», in the Federal Law “On making amendments to the Federal Law “On insolvency (bankruptcy)” and certain legislative acts of the Russian Federation concerning regulation of rehabilitation procedures applied to individual debtors» (hereinafter — «Law No. 476-FZ»), which will enter into force on October 1st of 2015.

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