The State Duma has passed a law that changes the rules for company bankruptcy. The main idea is not to immediately lead a business to asset liquidation, but to first give it a chance to restore solvency.

For large companies with assets exceeding 1 billion rubles, pre-bankruptcy reorganization is being introduced. The debtor will be able to agree on a rescue plan with creditors in advance, and the court will approve this agreement.

If the majority of independent creditors support the plan, it can be extended to those who initially did not participate or were against it. This way, one dissenting creditor will not block the business recovery when it is more beneficial for others to preserve a functioning company.

Such agreements will not be taken on faith. The financial condition will be assessed, an auditor will confirm that the old payment terms are no longer possible, and the court will verify the feasibility of the plan. Debts for salaries, mandatory payments, compensation for damages, and state defense orders will be separately protected.

If an agreement cannot be reached before bankruptcy, the court may initiate debt restructuring for a period of up to four years, with a possible extension for another four. An anti-crisis manager will monitor the implementation of the plan. The law will come into force one year after its official publication.