The Russian Union of Industrialists and Entrepreneurs did not support the updated version of the bill on the bankruptcy of legal entities, which the Ministry of Economics submitted to the Cabinet at the end of January. This is stated in a letter from the Russian Union of Industrialists and Entrepreneurs (RSPP) to the ministry (available to Izvestia).
“The draft law still contains a large number of novelties, which not only do not improve the current regulation, but, on the contrary, violate the balance of interests of debtors and creditors, may lead to an increase in the number of abuses by unscrupulous persons and, in general, will reduce the effectiveness of the procedures used in the case of bankruptcy, – follows from the document.
A significant part of the RSPP’s comments are related to innovations that relate to SROs and arbitration managers (AU). Thus, reducing the minimum number of members of self-regulatory organizations from 100 to 10 or 20 people, depending on the type, will actually turn this institution into management companies that will act exclusively in the interests of their members.
In addition, the union was not satisfied with the exclusion from the draft law of the rule on the maximum amount of payment from the compensation fund of the SRO for compensation for losses, the procedure for choosing an arbitration manager using points, as well as the possibility of performing the functions of an AU by organizations created by a number of state corporations.
Read more in the exclusive material from Izvestia:
Arbitration demand: big business criticized new bankruptcy law
source https://pledgetimes.com/big-business-opposes-new-bankruptcy-law/
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