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Changed Procedure for Foreclosing on Pledged Property in Russia

01 May 2009

Russia / Eurasia Executive Guide

The article describes amendments to the legislative regulation of foreclosure and disposal of pledged property.

The key innovations include:

  • specifiying the grounds for foreclosure of pledged property;
  • broadening the options for the extrajudicial foreclosure of pledged property; and
  • securing the possibility of extrajudicial disposal of pledged movable property.

The Law also changed the procedure for satisfying a creditors’ claims secured by the pledge of a debtor’s property in the course of the bankruptcy procedure.

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