What is frequently referred to as a “reorganisation” bankruptcy proceeding in line with Chapter 11 of the US Bankruptcy Code is known in Russian as financial rehabilitation (finansovoe ozdorovlenie) and external management. (Baker McKenzie website)
The rehabilitation procedure takes place before bankruptcy is declared by the court and aims to preserve, develop, restructure and reform the business through the signing and ratification of a rehabilitation agreement. (Pre-bankruptcy rehabilitation procedure, articles 99-106 of the bankruptcy code)
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