Page 54 - RusRPTAug21

creditors about their intention to bankrupt debtors is growing even more rapidly - in the first half of 2021 it increased by almost a third (29.7%), to 15.9 thousand. This is even more than in the same period in 2019.
As for the growth in the number of bankruptcies among legal entities, experts agree here - the reason is the bankruptcy moratorium, which was in effect from April 2020 to January 2021 and delayed the fall of many businesses. “One should have expected that after some time there would be a rebound, because in fact the moratorium simply postponed the solution of problems,” Yevgeny Tretyakov, Managing Director of Proxima Capital Group, told Kommersant.
The sharp increase in the number of personal bankruptcies in the Ministry of Economic Development is explained by the “low start trap”. The institution of bankruptcy is gradually becoming "a more popular legal mechanism for freeing citizens from bad debts," explained Deputy Minister of Economic Development Ilya Torosov. Today's statistics more reflect the deferred demand for bankruptcy, accumulated before the pandemic, than the consequences of the crisis, agrees the head of the Fedresurs project, Alexei Yukhnin.
54 RUSSIA Country Report August 2021 www.intellinews.com