The speech of the INFRALEX Partner, Artem Kukin, became one of the brightest events of the first session of the V Annual Conference of the newspaper Vedomosti: "Institute of Bankruptcy in Russia. Myths and Reality"
September 13, 2019 on the first session of the V Annual Conference "Institute of Bankruptcy in Russia. Myths and Reality" the INFRALEX Partner, Artem Kukin, shared with the participants of the event an opinion on the modern mythology of bankruptcy.
The attortney highlighted five myths that exist today with regard to bankruptcy procedures and influence the decision-making of debtors and creditors. "The first myth is that "bankruptcy is a tool for the rich". Many think that bankruptcy allows to improve business, to free from debts, to achieve social rehabilitation. In reality, in bankruptcy it is impossible to achieve debt restructuring, the disposal of the property of debtors is under way," - Artem said.
The view that bankruptcy leads to the transition of business to fictitious owners is, according to the speaker, another common myth. "In reality, bankruptcy does often lead to a change of owners, however, in most cases, those owners who simply do not withstand competition leave the market," - said the INFRALEX Partner.
As another of the myths existing in society with regard to bankruptcy, Artem Kukin noted the existing opinion that: "bankruptcy tourism" allegedly helps to escape from the eyes of creditors. " However, according to the speaker: "Here the jurisprudence demonstrates quite conclusively that it is still a myth, not a reality."
The INFRALEX Partner also considers a common misconception about the total criminalization of bankruptcy.
The speech of Artem Kukin aroused a keen interest of the participants of the conference and journalists.