Central Bank proposes to change bankruptcy law to protect bondholders
In the new procedures of restructuring of debts of companies can include a mechanism of protection of bondholders with the appointment of a special representative who will defend their interests on an equal basis with other creditors
The new procedures for restructuring the debts of the companies plan to include a mechanism for representing the interests of bondholders. It will allow you to appoint a special representative of the holders of securities, who will protect their interests on an equal basis with other creditors. This was stated by First Deputy Chairman of the Bank of Russia Vladimir Chistyukhin at the Forum of the Moscow Exchange on corporate governance. His words are reported by the correspondent of RBC Investments.
We are talking about the reform of the bankruptcy legislation provided for by the federal law of July 26, 2026 No. 253-FZ. Chistyukhin also expressed hope that the new mechanisms of financial recovery of companies will begin to operate earlier than planned – from the beginning, not from the middle of 2027.
“The last important moment. Rehabilitation procedures were mentioned here. And first, I really hope that the entry into force of the law will be accelerated – not from the middle of the year, but right from the beginning of next year. And secondly, it seems that all parties supported that the possibility of taking into account the interests of bondholders will be included there, he said.
According to Chistyukhin, it is planned to introduce special norms that will allow appointing a representative of bond holders even without the necessary actions on the part of investors themselves.
This is very important information, because, unfortunately, defaults are becoming more and more. And indeed, the possibility of restructuring with built-in consideration of the interests of bond holders is extremely for the market shown, said Elena Kuritsyna, senior managing director for interaction with issuers and authorities of the Moscow Exchange.
What is known about the law
Federal Law No. 253-FZ of July 26, 2026 “On Amendments to the Federal Law “On Insolvency (Bankruptcy)” and certain legislative acts of the Russian Federation” provides for a large-scale bankruptcy reform, including the introduction of a procedure for restructuring the debts of legal entities. It is aimed at restoring the solvency of companies and settling debts to creditors.
According to the current version of the law, the main changes should come into force on July 27, 2027. However, the State Duma introduced bill No. 1308850-8, proposing to postpone the launch of new mechanisms on January 1, 2027. A similar proposal was later made under Bill No. 5261-9.
