It is necessary to simplify bankruptcy procedures in Russia, says Evgeniy Akimov, head of Sberbank’s enforcement and bankruptcy department.
He added that standard forms for different types of applications would help streamline the bankruptcy process.
“It would have been much more appropriate if it had been clear from the first page of the document what was required and then had a supporting bill,” he said.
Akimov added that the tool for changing assets in Russia also needs to be simplified.
“You have to set up a joint stock company (JSC) for the allocation of assets, which is long and expensive. “The opportunity to create a legal entity based on bankruptcy in the form of limited companies should be given,” he said.
Akimov emphasized that such an innovation would help assets quickly return to economic circulation.
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Source: Gazeta
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