SOUTHERN ACCENT: WHAT WILL MAKE SOCHI LAW FORUM MEMORABLE

Sergey Kislov presented his prospective on possible ways to improve the institution of bankruptcy. He spoke about the concept of residual capital: a company must save about 10% of its turnover for the previous year. These funds must ensure 'favourable' bankruptcy. 'Imagine a perfect world: unless a company has this residual capital in place, we won't have to prove the unscrupulous practices of owners. It is them that will have to prove that it their company collapsed due to force majeure rather than asset withdrawal. Unless they succeed, they'll be held subsidiarily liable'.

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