Russian Bankruptcy Moratorium extended for further 3-month term

Readers will recall, on April 6, 2020 a 6-month moratorium on initiation of bankruptcy proceedings (the Moratorium) entered into effect in Russia. The Moratorium is a key governmental relief measure in the COVID-19 pandemic.

The new RF Governmental Decree No. 1587 dated October 1, 2020 has extended the Moratorium for another 3-month term as from October 7, 2020. Unlike the initial Moratorium (which covered specifically entities deemed systemically important and entities of strategic importance to the state economy), the document lists only one main category of debtors (both entities and individual entrepreneurs) covered by the Moratorium (Eligible Debtors): entities and individual entrepreneurs who have suffered the hardest from the COVID-19 pandemic (i.e., are engaged in a particular type of economic activity which has been hit hard, such as airline, tourist, hospitality, sports and recreation, education, etc.).

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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