“Private Bankruptcy” — Comments of Inna Vavilova for the Delovoy Peterburg

Six months after the private bankruptcy law was enacted, 120 people in Saint Petersburg with the total debt of RUB13 billion have been declared insolvent. 11 of them immediately initiated the procedure for sale of assets, the rest began to restructure.

"The main point of this procedure for us is the possibility to challenge transactions of a citizen and to reach their fixed assets. It can be done under any procedure. If a citizen declares bankruptcy, it would be, of course, more advantageous for this citizen to immediately start selling the assets avoiding restructuring: it would be simply cheaper and quicker for this citizen," - comments Inna Vavilova, a managing partner at Prime Advice, to Delovoy Peterburg.