- Jurisdiction: CountryRussian Federation
- Website: http://www.economy.gov.ru
- Company Address:
Ministry of Economic Development of the Russian Federation, Corporate Governance Department
The Bankruptcy Law applies to all entities, both commercial and non-commercial, and individual entrepreneurs, with certain exceptions, such as state agencies, political parties, religious organizations etc.
The Bankruptcy Law prescribes special rules for bankruptcy of the following entities and individuals:
- city-forming organizations (organizations upon which whole cities depend);
- agricultural organizations;
- financial organizations (insurance organizations; professional securities market participants; non-governmental pension funds; management companies of investment funds, unit investment funds and non-governmental pension funds, credit cooperatives);
- strategic companies (companies which pursue the production of products (works, services) of strategic significance for ensuring national defence and security and protecting the morals, health, rights and legal interests of citizens of the Russian Federation, or the organizations of the defence-industrial complex);
- natural monopoly entities;
- individual entrepreneurs; and,
- individual farms;
- real-estate developers.
The Bankruptcy Law recognizes the bankruptcy of individuals. However, currently only the bankruptcy of individual entrepreneurs and individual farms is regulated. In general, the Bankruptcy Law grants the same rights to foreign and Russian bankruptcy creditors.
- Scope of Role:
Member’s role in insolvency includes state policy elaboration and legal regulation in the field of insolvency (bankruptcy) and financial rehabilitation.
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