Bankruptcy cases in Russia increased by 30 percent

Vyacheslav Lebedev, Chairman of the Supreme Court of Russia, stated that regulations should be made regarding bankruptcy legislation in his country, saying: “In the first quarter of this year, bankruptcy cases in arbitration courts increased by 30 percent.”

Lebedev, in his speech at an event in the capital, Moscow, said the number of decisions issued by courts to collect debts owed to citizens in Russia increased by 23 percent this year.

REQUEST TO IMPROVE LEGISLATION

Noting that there has been an increase in bankruptcy cases brought by the courts, Lebedev said: “In the first quarter of this year, bankruptcy cases in arbitration courts increased by 30 percent.”

Lebedev stated that various regulations need to be made due to the aforementioned increases, commenting, “In this context, bankruptcy legislation needs to be further improved, judicial processes need to be simplified, speeded up and unified.” (AA)