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On 01.10.2015 amendments to the Law on Bankruptcy on bankruptcy of individuals came into force.
DATE: October 2, 2015 | AUTHOR: atlawyers
On 01.10.2015 amendments to the Law on Bankruptcy on bankruptcy of individuals came into force. An individual whose debt exceeds 500 thousand RUR, and whose period of payment delay is more than three months may be recognized as a bankrupt. An individual may himself initiate personal bankruptcy proceedings. The amendments establish limitations of the bankrupt individual’s rights, including the right to travel abroad. Experts note that the courts workload may increase due to the amendments. Moreover, the number of insolvency offices may now be insufficient for effective work of the new statute.