Economic Dev Ministry prepares bill on individuals bankruptcy

MOSCOW, April 10 (Itar-Tass) -- Russia's Ministry of Economic
Development has drafted a bill on bankruptcy of individuals. The bill is
published on the ministry's site,
The new legislative initiative regulates relations caused by inability
of an individual to satisfy fully demands from creditors, established
basis and order of rehabilitation procedures to announce an individual a
bankrupt.
However, the bill will not be effective for agricultural spheres.
According to the document, an arbitration court may declare an
individual a bankrupt if the latter is unable to fulfil the obligations
towards creditors fully within six months from the due date. At the same
time the law will be effective both for debts and for damage compensations.
A debtor will have an option to suggest a step-by-step plan to
restructure the debts. The maximum time for that is five years.
The norms may come into force within a year after the bill is
published officially.