Reshetnikov Announces Amendments to Bankruptcy Law

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The debt restructuring mechanism needs improvement. The bankruptcy law is currently on the agenda of the Ministry of Economic Development, Minister Maxim Reshetnikov said at a meeting with "Delovaya Rossiya".

"What else is on our agenda is the bankruptcy law. We are moving towards certain formulations that will allow us to strengthen the function of debt restructuring without entering bankruptcy procedures, but making this process civilized. So that all creditors can write off debts on equal terms, because

it is clear that not all companies will be able to cope with the debt burden accumulated after this cooling-off period," Reshetnikov noted.

The Minister of Economic Development added that he traditionally expects a package of specific proposals from "Delovaya Rossiya".