The Ministry of Construction proposed to introduce a moratorium on bankruptcy of developers
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- The Ministry of Construction proposed to introduce a moratorium on bankruptcy of developers
The Ministry of Construction proposed to introduce a moratorium on bankruptcy of developers until the end of 2025. The document containing the proposal to introduce a moratorium dated November 23, which was read by Izvestia, was signed by Deputy Head of the Ministry of Construction Yuri Mutsenek. Deputy Prime Minister Marat Khusnullin instructed the Ministry of Construction to work out measures to support the construction industry, as follows from the minutes of the meeting of November 11 (Izvestia has it).
A moratorium on bankruptcy will not allow courts to initiate insolvency proceedings against some categories of legal entities. If a creditor files a bankruptcy petition during the moratorium period, the Arbitration Court must return it and not initiate insolvency proceedings against the debtor. Such a measure has already been introduced by the authorities during the coronavirus pandemic in 2020, as well as in 2022 against the backdrop of Western anti-Russian sanctions.
The possibility of introducing a moratorium on bankruptcies in the construction industry was also suggested by Federation Council Speaker Valentina Matvienko. In late November, the speaker of the Council of Federation noted that the industry needs "substantial support measures".
Market participants informed Izvestia that developers faced economic risks due to the high level of borrowing. The mass transition of construction companies to floating rate loans and the probable reduction in the number of transactions in 2025 by almost a third may eventually lead to bankruptcies of a number of market participants, experts warned.
Read more in the exclusive material of Izvestia:
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