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"How can an entrepreneur protect himself from the threat of bankruptcy".
April 9, 2020

"How can an entrepreneur protect himself from the threat of bankruptcy, establish relations with creditors and optimize work in a crisis period". The Moscow Chamber of Commerce Committee on Debt Dispute Resolution and Payment Discipline Strengthening, the Financial Security Working Group of the RF Chamber of Сommerce Committee on the Security of Entrepreneurship held an online meeting on the topic “Anti-crisis plan for protection against bankruptcy and subsidiary liability". The meeting was attended by Alina Manina - Deputy Managing Partner of Allaince Legal CG.

"On April 9, 2020, an online meeting was held, organized by the Committee of the Moscow Chamber of Commerce and Industry on the resolution of debt disputes and strengthening payment discipline and the working group on financial security of the Committee of the Chamber of Commerce and Industry of the Russian Federation on the theme "Anti-crisis plan for protection against bankruptcy and subsidiary liability" .

Rapporteurs with legal specialization outlined the recently introduced moratorium on bankruptcy cases initiated by creditors and questions on minimizing the risks of bringing to subsidiary liability.

The most useful was the report, that presented an algorithm for creating an anti-crisis plan for a manufacturing enterprise and a report on the principles of organizing foreign economic activity in times of crisis.

Of course, the announced algorithm and principles cannot be applied to all enterprises, since they are presented on the basis of the activities of specific enterprises. however, some tools can be put into practice by most Russian organizations.

During the on-line conference, most of the speakers came to the unanimous conclusion that it was necessary to have a clear written anti-crisis plan in the current situation that arose due to the COVID - 19 virus in all sectors of economic and industrial activity (with the exception of mask and antiseptic manufacturers, of course) .

The anti-crisis plan should reflect all aspects of the enterprise, including economic measures, PR, GR tools to overcome the crisis. It is better to draw up a plan with the involvement of specialists (financiers, economists, lawyers), because a correctly drawn up plan will allow avoiding the control of the debtor by subsidiary liability.

It remains to wish all of us patience and health, an early economic recovery and, of course, the lifting of the moratorium on the initiation of bankruptcy proceedings by creditors".

Alina Manina - Deputy Managing Partner, Allaince Legal CG.

Certified member of the National Bankruptcy Club Association of Specialists in Bankruptcy and Problem Assets Management.

More details on the website of the Moscow Chamber of Commerce and Industry.