The Government is planning to improve corporate procedures

Aug, 18 2020

What amendments does road map propose?

  • Bankruptcy procedure

It is planned to introduce bankruptcy rehabilitation procedure, to create marketplace aimed at disclosure of bankruptcy estate data and selling of debtors’ assets, to shorten the terms and change the procedure of conducting an auction.

  • Corporate procedure

It is proposed to change the procedure of corporate restructuring and exit from limited liability companies.

  • Assessment activity

The procedure for ensuring property liability of appraisers and experts of self-regulating organizations will be clarified. It is also planned to create mechanism of registering appraisers’ reports in a single system, so that the procedure will be more transparent.

  • Regulation of special administrative regions (SAR)

In particular, it is planned to fix the possibility of a “transit” jurisdiction change as well as to legalize the issue of different types of shares by companies-residents of SAR.

A separate package of draft laws will be worked out for each direction. It will allow to make corporate legislation more convenient and improve investment climate in the country.

Road map has been developed considering views of business community. Contact between government authorities and entrepreneurs will also be provided to achieve the most effective result in further development of draft laws.

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