Support in bankruptcy proceedings

It is always difficult to make the first and last steps, especially, if the last ones are related to settlement of overdue debts or solution of complicated pledge matters involving land and property.

Today, bankruptcy laws represent an independent branch of law with specific internal conformities and conditions.

In September 2009, the institute of subsidiary liability of controlling persons was introduced to bankruptcy procedures; before that, bankruptcy laws were supplemented by special grounds for recognizing transactions invalid, so called preferred and related-party transactions; since recently, provisions of individuals’ bankruptcy were enacted.

A specific sub-branch of legal regulation is banks bankruptcy laws; however, for an individual, that matter acquires importance only if his or her bank’s license is revoked or if that bank is recognized a bankrupt and that individual has a deposit account with more than RUB 1,400,000 there, etc.

Tax requirements are included in the third sequence of creditors of a relevant debtor.