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26 October 2022

Bankruptcy 2022: Modern Realities and Development Vector

On October 26, 2022, the All-Russian Forum of Arbitration Managers “Bankruptcy 2022: Modern Realities and Development Vector” was held in Moscow.

The event is dedicated to the 30th anniversary of the modern institute of bankruptcy in Russia, the 20th anniversary of the Federal Law “On Insolvency (Bankruptcy)” and self-regulation.

The forum was organized by the National Union of Anti-Crisis Management Professionals together with the Financial University under the Government of the Russian Federation and the All-Russian Non-Governmental Organization of Small and Medium business “OPORA RUSSIA”. 

About 400 crisis management professionals came to Moscow from all over Russia to discuss important tasks for the new architecture formation of the institute of bankruptcy.

The Forum was started by Sergey Belyaev, President of National Union of Anti-Crisis Management Professionals, Ilya Torosov, First Deputy Minister of Economic Development of the Russian Federation, Svetlana Solyannikova, Vice-Rector for Scientific Work of the FinU.

“The institute of bankruptcy was established 30 years ago. Everyone understood that the work of enterprises was impossible without this institute. We have taken place, we are working, and regardless of what tasks the government sets, our community will work to fulfill these tasks”, said Sergey Belyaev, President of the National Union of Anti-Crisis Management Professionals, in his speech.

According to the First Deputy Minister of Economic Development of the Russian Federation Ilya Torosov, the agency is doing everything to ensure that the institution of bankruptcy becomes a tool for business recovery. He also thanked the arbitration managers for the dialogue with the Ministry of Economic Development of the Russian Federation.

“I am grateful to the arbitration managers for the dialogue that is currently going on between us and the community”, said the First Deputy Minister of Economic Development of the Russian Federation.

Dmitry Ryakhovsky, Head of the Department of Taxes and Tax Administration, Doctor of Economics, tax consultant, moderated a panel discussion on the topic “Taxation Problems in Bankruptcy Procedures”. The main problems in taxation faced by arbitration managers at bankrupt enterprises were identified, and the transformations of arbitration practice were summarized. 

During the forum, 5 discussion platforms with the participation of 22 experts worked, different issues were discussed - from the topic “Anti-Crisis Potential of the Institute of Insolvency (Bankruptcy)” to the discussion on “New Challenges”.

During the forum, the free-microphone format was used to receive feedback, so that participants could immediately ask a question or express their position on the discussion topic.

The draft Federal Law No. 1172553-7 “On Amendments to the Federal Law ‘On Insolvency (Bankruptcy)’ is an urgent issue for arbitration managers today, which requires an immediate solution. Currently, the bill has been prepared, but has not yet been considered in the State Duma.

In the panel discussion “Bankruptcy. Reality and Prospects” Anastasia Kaverzina, Director General of National Union of Anti-Crisis Management Professionals, expressed the Union’s position on this issue. “We believe that the bill adoption in the current version will not solve the bankruptcy problem. And taking into account the economic and political situation, on the contrary, it will lead to new problems.  Since if we evaluate the consequences of the law adoption in practice, we will get the self-regulation system destruction of arbitration management, the self-regulation system in debtor’s property sale, the elimination of the selection mechanism and arbitration manager’s approval, and, accordingly, all law enforcement practice related to this”, said Anastasia Kaverzina.

Following the results of the All-Russian Forum of Arbitration Managers, a resolution was adopted, it formulated the main development directions and the community position on various issues of the arbitration managers’ current activities - the resolution will be posted in the near future.