11:45, 7 July 2022 Page views 142 views

Russians’ Rub3bn worth debts written off out-of-court

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As part of the out-of-court bankruptcy procedure, the state wrote off Russians’ debts on loans in the amount exceeding 3 billion rubles in the period from September 2020 to May 2022, Izvestia reports with reference to First Deputy Minister of Economic Development Ilya Torosov.

According to him, 19.600 Russians filed their applications with the country’s multifunctional centers for debt write-off during this period. About 9 thousand applications were approved by the authorities, and 6 thousand applicants completed the procedure in full already.

“The share of refusals to initiate out-of-court bankruptcy proceedings is decreasing. While as few as 30% applications were approved in the first months after the launch of this mechanism,  the figure reached 61% by the end of May 2022,” Torosov said.