The FTS compared bankruptcy with amputation
“Bankruptcy is already surgery, when only amputation is possible,” Konstantin Chekmyshev, deputy head of the Federal Tax Service, said at the Moscow Financial Forum. Such surgery in Russia is “not very successful”: unsecured creditors receive on average about 5% of claims, the bankruptcy procedure takes 1,265 days, that is, almost four years, and half of debtors with zero repayments. The average percentage of repayments is 18.9%, follows from the presentation of Chekmyshev.
“Bankruptcy is already surgery, when only amputation is possible,” Konstantin Chekmyshev, deputy head of the Federal Tax Service, said at the Moscow Financial Forum. Such surgery in Russia is “not very successful”: unsecured creditors receive on average about 5% of claims, the bankruptcy procedure takes 1,265 days, that is, almost four years, and half of debtors with zero repayments. The average percentage of repayments is 18.9%, follows from the presentation of Chekmyshev.
