[ad_1]
Source: Reuters
The number of judicial decisions on the recognition of legal entities in bankruptcy in the first half of 2018 increased by 3% to 6,626 compared to the same period of the previous year. This stems from the information disclosed by the arbitration managers in the "Federsource"
The continued increase in the number of bankruptcies is badociated with a difficult situation in the economy.
The volume of capital investment remains 4% below the level of 2014 year, the stagnation of demand is supported by a reduction in the real disposable income of the population, said Olga Lvova, Associate Professor of Financial Management Department of the Department of Public Administration of the Moscow State University. In 2017, the real disposable income of the population decreased by 1.7% in real terms compared to 2016. Their fall was for the fourth year in a row. "The state of demand and investment activity can lead to a shortage of orders and inability to fulfill the obligations that have been accepted," Lvova said.
The creditors are most often the plaintiffs in bankruptcy. In the first half of 2018, they incurred 75% of the cases for which these data were disclosed. Compared with the same period last year, their share has decreased slightly (82%), the state share has gone from 9% to 15%, debtors and employees remained respectively at 9 % and 1%. . Igor Vyshegorodtsev
his colleague Maxim Lagoda, also notes the continued revocation of banking licenses, the collapse of the real estate developers market and the transfer of entrepreneurial risks to the shoulders of the controlling debtor. people. "I am confident that growth will be measured around 5-10% per year," he says. A similar situation will continue for at least three more years, expects the partner of the law firm "Barshchevsky & Partners" Pavel Khlyustov
Rehabilitation
The number of court-ordered rehabilitation proceedings (external management and financial recovery) demonstrates the opposite dynamic: it has decreased by 16% – from 215 in the first half of 2017 to 180 in the first half of 2018. Their share in the total volume of procedures planned by the law on insolvency remains insignificant: 1.5% in the first half of 2018, 2% in the first half of 2017.
Given the economic situation, it is a situation natural, according to experts. "The inefficiency of existing rehabilitation procedures manifests itself at a time when there are problems in the economy," says Radik Lotfullin, counsel at the law firm Saveliev, Batanov & Partners
"In conditions of economic instability, in a difficult financial situation, on reasonable terms, it is difficult to expect creditor loyalty to the debtor, the desire to negotiate and wait. the performance of obligations for years, to forgive part of the debt "Julia Litovtseva, partner, head of the practice of bankruptcy and anti-crisis protection for the law firm Pepeliaev Group [19659006] But from the point of view of the debtor, the correct approach is also less often observed, according to the experts
. their creditors by carrying out a fair restructuring without
In December 2017, the State Duma
pbaded the law on the improvement of rehabilitation procedures, but experts do not provide not the first reading as its entry into force to change the situation. "For the effective application of rehabilitation procedures, a completely different level of economic development of the country and a completely different business climate
However, according to experts, there is still a need to improve the regulation of pardon procedures, since companies need legal grounds that are important. they can use by changing the situation
"One of the main tasks of our bankruptcy law remains the need. The change of legislation in the regulation of rehabilitation procedures, "says Lotfullin
But if the bill remains in the version that has taken the first reading, it will not be universally applicable.
"The debt restructuring procedure it is set in the bill, it will probably work only compared to large companies," said Ilya Kokorin, a lecturer at the University of Leiden. He points out the American and English experience, which shows that restructuring is an extremely expensive and complicated procedure.
Restructuring will not become popular among small and medium-sized businesses, which "will stay head-to-head with competitive production," says Kokorin. In the opinion of Pavel Novikov, lead counsel in the dispute resolution group at the international law firm Baker McKenzie, the success of rehabilitative procedures will require a lot of work to support small and medium-sized businesses facing hardship. financial. which will be useful already at this moment.
The chief of the law firm "Olevinsky, Buyukyan and his partners" Eduard Olevinsky, for example, draws attention to the article of the bill, which 19659006] "Today hui, the pursuit of economic activity conflicts with the moratorium on satisfaction of creditors' claims and, therefore, only very low turnover firms survive bankruptcy or where there is a third party investor completion of the debtor's contracts with major customers and customers, "notes Olevinskiy.
The reform of the institute rehabilitation procedures may also be important to attract 19659005]" We often encounter the situation when ". A foreign investor is ready to rehabilitate a bankruptcy company, but the risks and uncertainties badociated with regulating the bankruptcy process stop him, "says a partner from Moscow's Cleary Gottlieb office. Steen and Hamilton Julia Solomakhina. According to her, there is hope that a change in legislation will help again.
Source link
