Making A Claim Against A Bankrupt Debtor

If your Russian contractor fails to settle its debt for quite a long period of time or does not make efforts to pay off its debt, it is highly probable that its financial situation has gone bad, and the debtor may be declared bankrupt at any time.

In Russia, Federal Law "On Insolvency (Bankruptcy)" No. 127-FZ dated October 26, 2002 has been passed and successfully applied, which governs the procedure of recognition of the debtor to be insolvent (bankrupt) and the satisfaction of creditors' claims on account of the property of such a debtor.

Bankruptcy Petition

Any creditor with money claims amounting to not less than 300,000 rubles and confirmed by an enforceable court ruling has the right to file a bankruptcy petition with an arbitration court at the debtor's location.