Long debt: Russian business will be given a chance for salvation
A package of amendments to the law "On Bankruptcy" has been submitted to the State Duma, designed to reduce the number of enterprises closing, save jobs and give debtors more tools to get out of the crisis without trial. The bill fixes the pre-trial settlement of debts and extends the terms of financial recovery. At the same time, experts believe that it is necessary that the preservation of the debtor meets the interests of society, not just the beneficiaries, and also emphasize the importance of infrastructure to provide additional financing to companies in crisis. Details can be found in the Izvestia article.
Debt respite
A new bill has been submitted to the State Duma aimed at improving the procedure for pre-trial debt settlement and amending the law On Bankruptcy. The initiative aims to reduce the number of businesses closing and promote the development of financial rehabilitation mechanisms.
According to aggregated government data, more than 3,000 companies were declared bankrupt in the first half of 2025. In the second quarter of the year, more than 1,500 corporate bankruptcies were registered. Reasons: financial difficulties, competition, administrative barriers and change of ownership.
In particular, it is proposed to legislate the possibility of debt settlement without necessarily applying to an arbitration court for bankruptcy.
The bill also provides for an increase in the duration of the procedure for financial rehabilitation of legal entities from two to four years, with the possibility of a one-time extension of no more than two years. To increase the efficiency and independence of arbitration managers, it is proposed to increase the amount of their remuneration: up to 70 thousand rubles per month for the interim manager, up to 100 thousand rubles for the bankruptcy, as well as to raise one—time payments for financial managers in debt restructuring and property sale procedures, the State Duma reported. It also provides for the cancellation of the mandatory publication of bankruptcy information in the media.
In order for the restructuring mechanisms to work effectively, it is not enough to limit ourselves to changes in pre—trial rehabilitation," the press service of the Federal Tax Service explained to Izvestia. — It is necessary to include in the law both provisions that motivate the use of rehabilitation procedures and demotivating avoidance of obligations through bankruptcy.
The department adds that the government bill is aimed specifically at the comprehensive reform of the bankruptcy institution. It provides for a change in the liquidation orientation of bankruptcy, demotivation of creditors and other persons to use bankruptcy proceedings as a loss center for additional earnings at the expense of the bankruptcy estate.
"The proposed rehabilitation procedures can significantly reduce the bankruptcy rate among small and medium—sized businesses, which allows saving up to 70% of jobs and reducing the social consequences of business closures," explained Vladimir Vinogradov, CEO of Pro—Vision Communications.
According to him, the key to successful restructuring will be the debtor's stable business plan and the absence of systemic violations of the law.
Yana Osipova, a member of the executive committee of the Tatarstan branch of the Russian Bar Association, notes that the amendments create favorable conditions for overcoming the financial crisis without the threat of liquidation. A longer recovery procedure will give the business time to implement an anti-crisis plan, search for investors and rebuild the business model, she is sure.
— In addition, for quite a long time, one of the main issues on the agenda in bankruptcy cases has been the issue of increasing the remuneration of arbitration managers, — she notes. — This legislative initiative will ensure not only the independence of arbitration managers, but also increase the financial guarantees of their activities, which should help attract more qualified specialists and improve the quality of management at all stages of the procedure.
According to government agencies, at the end of the first half of 2025, the number of arbitration managers in the Russian Federation amounted to 10,620 people, and the cost of arbitration and attracted specialists amounted to about 8 billion rubles.
There is no possibility of a pre-trial settlement of financial problems yet.
Anastasia Kaverzina, a member of the public council under the Ministry of Economic Development of the Russian Federation, General Director of the National Union of Crisis Management Professionals (NSPAU), notes that currently businesses do not have the possibility of pre-trial settlement of temporary financial problems.
— The bankruptcy procedure is immediately introduced, which carries certain legal and reputational consequences, — says the head of the NSPAU. — If a business has a real opportunity to restore its solvency, then it seems completely wrong not to provide it with legal mechanisms that will allow it to do so without initiating bankruptcy proceedings. And the new bill provides such mechanisms.
Regarding the financial rehabilitation procedure, it should be noted that currently such a procedure is practically not used, she explains. The main obstacle is the need to provide full collateral for repayment of creditors' claims.
— As practice has shown, no one is ready for this, — Anastasia Kaverzina notes. — The bill changes the nature of such provision from mandatory to voluntary. In addition, other changes are envisaged.
It seems that as a result of these changes, rehabilitation procedures will become more in demand and conscientious entrepreneurs will be able to keep their businesses, and hence their jobs, she stressed.
Rules of the game for debtors
The development of out-of-court rehabilitation will contribute to the preservation of the debtor as a legal entity and its business relations, says Natalia Kantor, Associate Professor of the Department of Business and Corporate Law at the Moscow State Law University.
She highlights an important innovation — the prohibition to initiate bankruptcy by the creditor after the introduction of rehabilitation, which gives the debtor a break. However, the effectiveness of the procedures depends on the debtor's willingness to openly interact with creditors and the availability of an independent assessment of his financial situation.
According to Yana Osipova, the pre-trial settlement will allow companies to avoid expensive processes and maintain operational control.
"Increasing the remuneration of arbitration managers will ensure their independence and attract more qualified specialists," she explains.
Izvestia sent requests for clarification of details to the press services of the Ministry of Energy, the Central Bank, the Federal Migration Service, and the Analytical Center of the Government of the Russian Federation.
Duty and court: balancing interests
Pre—trial debt settlement is a strategically important element of unloading courts and reducing procedural costs, says Associate Professor of the Department of Public Law and Financial Law Disciplines at Moscow University of Finance and Law (MFUA) Alexander Grigoriev.
But for debtors with long-term arrears, direct appeal to the court remains advisable, he adds.
The expert suggests carefully assessing the integrity of the parties and using the MFC as primary counseling centers for pre-trial settlement.
Natalia Kantor adds that creditors' willingness to make concessions should be based on the real possibility of restoring solvency and monitoring the implementation of the rehabilitation plan.
According to the Federal Resource, in the first three months of 2025, the courts declared more than 120 thousand insolvent. citizens, including business representatives of various levels. At the same time, the number of court bankruptcies increased by almost 35% compared to the same period in 2024. In the first six months of this year, the arbitration courts approved 1,152 debt restructuring plans, which is 2.3 times more than in the first half of 2024.
The bill itself provides for the priority satisfaction of claims from additional financing, even if bankruptcy proceedings are subsequently initiated.
Risks and limitations
— If translated into the language of reality, then after the amendments are adopted, any debtor will be able to initiate the suspension of obligations, the imposition of sanctions, and compulsory recovery measures for at least four months without a court decision, explains Professor of the Department of Civil Law at the O.E. Kutafin University Evgeny Suvorov.
He warns that there is a high probability that, given the distance of the rehabilitation from the court, the register of claims will be formed in such a way that creditors loyal to the debtor will have the majority, and they, in turn, will ensure both the approval of the plan and a discount on the debt for the entire mass of accounts payable.
Expert Vinogradov notes that delaying the procedures can increase the time up to four years or more, increasing the risk of deterioration of the financial situation and creating conditions for abuse.
In turn, Evgeny Suvorov offers to compensate creditors for losses if the decision on rehabilitation was made without real signs of insolvency or reasonable grounds for restoring solvency.
— It is necessary that the preservation of the debtor meets the interests of society, and not just the beneficiaries, — the lawyer is convinced. — Creditors are not required to finance the continuation of activities if the prospects for its restoration are not confirmed.
Anastasia Kaverzina suggests that after the adoption of the law, rehabilitation procedures will become in demand, and conscientious entrepreneurs will be able to save business and jobs. At the same time, Natalia Kantor emphasizes the importance of infrastructure and motivation to provide additional financing to companies in crisis.
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