Thursday, 16 May
08:30 - 09:50
Italian Patio, General Staff Building (6-8, Dvortsovaya sq.)
The year 2025. The majority of citizens have declared bankruptcy without money for the procedure. Having been brought to subsidiary liability, the controlling persons of companies also declared bankruptcy. Most firms are liquidated, and those remaining are controlled by the government. Banks and insurance companies now belong to the government. Lawyers who have accompanied the bankruptcy proceedings have lost their opportunity to earn their livelihood.
This cannot be. Or can it? The number of bankruptcy cases is currently breaking records: in 2018, they exceeded 25% in the practice of the Board for economic disputes of the Supreme court of the Russian Federation, thus outnumbering all other categories of cases. The number of loans has reached a critical level because of the credit and mortgage boom. The simplification of the bankruptcy procedure for citizens left penniless is being publicly discussed; meanwhile, scientists fear that a tightening of subsidiary liability will lead to the disappearance of controlling persons and the business. The public sector is growing rapidly, especially in the banking sphere.
The questions to be discussed at the business breakfast are whether bankruptcy will survive as a market institution, and what the prospects for its support are.
Sergey Kovalev, Managing partner, Kovalev Tugushi and partners
* The Programme may be subject to change
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