EUR3m to be allocated for improvement of bankruptcy procedures

Within the framework of the TACIS project aimed at improving bankruptcy procedures in Russia, EUR3m will be allocated, Deputy head of the Federal Financial Rehabilitation Service Alexander Shchukin said at a press conference. The official was quoted as saying the project will be implemented in two years and will be completed in August 2004. The Federal Financial Rehabilitation Service, the Russian Ministry for Economic Development and Trade as well as the specialists of governmental departments involved in realizing bankruptcy procedures will cooperate in implementing this project.

Shchukin pointed out the steps to be taken in line with the project would be aimed at monitoring bankruptcy procedures, training the specialists involved in settling bankruptcy cases, developing the profession of an arbitration manager as well as improving bankruptcy legislation. According to the official, there are currently 65,000 bankruptcy cases in Russian courts, of which 60 percent are cases of debtors that "cannot be sought out". The Deputy head of the Federal Financial Rehabilitation Service also said there were 16,000 "trained and licensed arbitration managers in Russia". Shchukin stressed only 12,000 managers were registered in Russian courts, which means, "not all of them are working in this field".

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