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. Last Updated: 07/27/2016

Bankruptcy Bill to Grant 5-Year Amnesty

The Economic Development Ministry submitted a draft law to the government that would grant retail borrowers a five-year amnesty to help restructure their borrowings as delinquent debts continue to rise.

The bill is aimed at creating “a legally effective economic instrument to help people get rid of their debts,” Taras Sobko, a spokesman for the ministry, said Tuesday. People who owe more than 50,000 rubles ($1,742) and are unable to repay it within six months may seek bankruptcy protection, Sobko said.