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Russian Federation : Revenues under the settlement agreements in bankruptcy procedures tripled.

More than 4.1 billion rubles was received in the budget in 2017 as a result of concluding peace agreements in bankruptcy procedures. This is more than three times higher than that of 2016.

Also, the number of peace agreements in cases of bankruptcy with the participation of the Federal Tax Service increased. In 2017, 741 settlement agreements were concluded with bona fide taxpayers, which is 19% higher than in 2016. Conclusion of settlement agreements has become common practice when a conscientious taxpayer, experiencing temporary financial difficulties, voluntarily repays debt to the budget. A settlement agreement is an alternative to bankruptcy and subsequent sale of the debtor's property.

The settlement agreement is concluded at any stage of the bankruptcy proceedings. To repay the debt is necessary during the year monthly in equal shares. As security for the fulfillment of the obligations of the debtor, a pledge, a surety or a bank guarantee may be provided. The Federal Tax Service represents the interests of the state as a creditor in cases of bankruptcy.

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Publication:Mena Report
Date:Feb 27, 2018
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