Efforts to streamline bankruptcy procedures in Russia have garnered attention from industry leaders, including Evgeniy Akimov, the head of Sberbank’s enforcement and bankruptcy department. He argues that simplifying the process would reduce the friction that currently accompanies asset recovery, restructuring, and liquidation tasks. By adopting standardized forms for various application types, Akimov believes the state and financial institutions could move assets through the system more quickly, with less room for ambiguity or administrative error. This shift, he notes, would help banks and creditors pursue orderly resolutions while maintaining confidence in the Russian financial ecosystem. [Attribution: Akimov interview, banking sector briefing]
According to Akimov, a clear and cohesive documentation framework would have a meaningful impact right from the outset of any bankruptcy case. He emphasizes that the first page of a filing should delineate exactly what is required, followed by a concise, practical bill or statutory reference that supports the request. When documents are concise and predictable, applicants spend less time gathering papers and more time focusing on the substance of the case. This clarity, he suggests, would shorten processing cycles and reduce the risk of costly delays, benefiting all parties involved including creditors, courts, and the debtors themselves. [Attribution: Akimov remarks on documentation clarity]
Akimov also calls for modernization of the asset-reallocation mechanism within Russia. The current process, he explains, often necessitates establishing a joint stock company for the assignment of assets, a step that can be lengthy and expensive. To accelerate returns to economic circulation, he proposes allowing the creation of a legal entity based on bankruptcy in the form of limited liability companies. Such an adjustment would enable more flexible asset transfers and reduce the capital and time requirements for reorganizing ownership structures. This, in turn, would support faster reintegration of freed assets into productive use and help stabilize market confidence during restructuring episodes. [Attribution: Akimov on corporate form simplification]
The overarching aim, Akimov asserts, is to unlock assets swiftly and place them back into active economic circulation. By lowering the barriers to reorganizing ownership and simplifying the procedural steps, the banking sector, regulators, and businesses can collaborate more effectively to salvage value, preserve jobs, and sustain investment flows. While administrative reforms on capital markets often require careful calibration, the proposed changes center on practical benefits: speed, clarity, and reduced cost. If adopted, these improvements would align Russia’s bankruptcy framework with international best practices in timing and governance, while preserving the essential protections for creditors and debtors alike. [Attribution: Akimov on market impact of streamlined procedures]