Moratorium on bankruptcies at request of creditors in Russia to come into effect from April 1 for six months - PM
MOSCOW. March 31 (Interfax) - The Russian government will introduce a moratorium on initiating bankruptcy cases against companies and individual entrepreneurs at the request of creditors for a period of six months from April 1, Russian Prime Minister Mikhail Mishustin said at Thursday's cabinet meeting.
"Starting tomorrow, the government is introducing a moratorium on initiating bankruptcy cases at the request of creditors. It will be valid for six months and will affect both organizations and citizens, including individual entrepreneurs," he said.
Only the developers with delayed residential construction projects, which are already included in the register of problem facilities, are exempt from the moratorium. Earlier, the Economic Development Ministry said this was because only after such developers have been declared bankrupt can the public law firm Territorial Development Fund pay compensation to equity holders or take measures to finish building the facility. At the end of March, the government froze the inclusion of residential buildings for which construction deadlines have been missed in the register of long-term construction projects until the end of 2022.