Fast and cheap: lawyers argue about the various schemas for simplified bankruptcy of individuals
The law on the bankruptcy of individuals, contrary to expectations, did not become a panacea for the vast majority of debtors: during the thirteen months of its existence, a little more than 1,000 Russian citizens have been recognized as bankrupt. The stumbling block seems to be the high cost and complexity of the procedure itself. However, this situation may be reversed with the introduction of a simplified schema for the bankruptcy of individuals, who find themselves in really devastating situations. Such amendments to the law were almost simultaneously proposed by the Ministry of Economic Development and the Russian Union of Self-Regulated Organizations of Arbitration Managers (RUSROAM). Pravo.ru compared the texts of the two bills, and asked lawyers to comment on them.