Changed Procedure for Foreclosing on Pledged Property in Russia
01 May 2009Russia / 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.