Tougher punishment proposed for bankruptcy related violations
MOSCOW, December 15 (RAPSI) – The Government Law-Making Commission has considered an initiative toughening punishment for certain crimes related to the bankruptcy of financial organizations.
The bill is drafted to amend the Criminal Code’s articles on premediated and fraudulent insolvency, according to Chair of the Bankruptcy Commission of the Association of Russian Lawyers Natalya Fedotova.
Cases of deliberate bankruptcy became more frequent. Heads of credit organizations use bankruptcy procedures to avoid responsibility and transfer assets to firms under their control, Fedotova told RAPSI on Tuesday.
The prepared amendments introduce tougher punishment for illegal actions during bankruptcy committed with the use of job position or by a conspired group of people. The sanctions in particular envisage prison terms from 3 to 4 years.