On 19 August 2011, the Ministry of Economic Development of the Russian Federation published on its official website a draft order on establishing the procedure for entering information on bankruptcies in the Unified Federal Register (the "Order").

Specifically, the Order:

  • establishes the list of information to be entered into the Unified Federal Register on Bankruptcy Information (the "Register");
  • stipulates the publishing of the information on the internet and the availability of the information free of charge (the website name will appear on the official site of the authorised body); 
  • sets up a payment procedure for entering information on to the Register; and
  • establishes that state bodies may enter information described in the Federal Law "On Insolvency (Bankruptcy)" (the "Bankruptcy Law") in the Register free of charge.

Consequently, the Order seeks to clarify the Bankruptcy Law by stipulating the procedure for publicly posting information in the Register.

[Please see the Draft Order "On Approving the Procedure for Forming and Maintaining the Unified Federal Register on Bankruptcy Information; and on Approving the Procedure and Period for Insolvency Administrators, Self-Regulating Bodies of Insolvency Administrators, the Monitoring Body (Inspectorate), Tender Organisers, Operators of Electronic Trading Platforms and Other Responsible Parties to Enter Bankruptcy Information in the Unified Federal Register in Accordance with Federal Law No. 127-FZ 'On Insolvency (Bankruptcy)', dated 26 October 2002, and Other Federal Laws and Legal Acts of the Ministry of Economic Development of the Russian Federation on Entering the Information in the Register; and on Approving the Procedure to Post the Information on the Internet; as well as on Approving the Information Lists Entered in the Unified Federal Register on Bankruptcy Information" posted at the official website of the Ministry or Economic Development of the Russian Federation: http://www.economy.gov.ru/minec/about/structure/depcorp/doc20110819_10]