Moscow, Apr 21 (UNI) Russian Economic Development Ministry has submitted a bill to the government which will enable the Russians to declare themselves 'bankrupt' and hence avoid property seizure.
The bureaucrats expect this move to protect from the property seizure a solvent debtor who experiences some temporary difficulties, Russian daily Vedomosti reported here today.
Currently, only the entities may declare bankruptcy, while the individuals have to pay till complete settlement of the debt.
The bankruptcy could be initiated both by creditors and a debtor that will be able to seek debt restructuring for five years.
A resident will be free of the debt if the restructuring schedule is duly observed or part with the property otherwise. The bankruptcy may not be declared more frequently than each five years.
UNI XC SG RAI1958