SELF IMPROVEMENT

"Operation Rescue" companies

The new bill the Ministry of Development, which aims to give an opportunity for companies that are facing insolvency in order not to lose the intangible value and not to interrupt the production activities, including changing the bankruptcy code.

Under the regulations, the agreement between debtor and creditors to rescue the company (which may include such extension of time for repayment of obligations, transfer, etc.) can be done without formal negotiations.

The rescue agreement ratified by court to be binding on all creditors, even for those who do not consent.

Also back in force the institution of special liquidation, which had been abolished, provided that there is interested investor to purchase the assets of the company.