Sources and features of publication of the information about bankruptcy of companies in Russia

In accordance with the Civil Code of the RF, a commercial organization may be liquidated due to some key reasons:

• under court decision, on the basis of gross violation of current statutory provisions by this organization;
• voluntary decision of a founder or founders of a company on its winding-up;
• in case when an organization was unable to fulfill its financial obligations, the bankruptcy proceedings are initiated towards it.

The Federal Law № 127-FZ dated October 26, 2002 "On Insolvency (Bankruptcy)" prescribes the necessity to publish all significant facts connected with the bankruptcy proceedings towards a concrete commercial company. Today the sources of information, that allow interested parties (companies, IEs) to find out whether the bankruptcy procedure is executed towards their potential and (or) current contractor bankruptcy, are as follows:

• newspaper «Kommersnat’»;
• Unified Federal Register of bankruptcy information;
• journal «Bulletin of the state registration».

Newspaper «Kommersnat’»

In the decree of the Government of the Russian Federation № 1049-r dated July 21, 2008, the specialized gazette meant for obligatory publication of the information on the progress of bankruptcy proceedings, is the newspaper «Kommersant’».

Unified Federal Register of bankruptcy information 

Similar volume of information is to be entered into a special information resource, in terms of which it is gathered, systematized, published and updated all data on the bankruptcy of legal entities in the Russian Federation – the Unified Federal Register of bankruptcy information.

In accordance with the Paragraph 2 of the Article 28 of the Federal Law № 127-FZ dated October 26, 2002 "On Insolvency (Bankruptcy)", the information, that must be placed in such register, is generally available. Thus, the Unified Federal Register of bankruptcy information is an aggregator of information about bankruptcy.

Journal «Bulletin of the state registration»

The journal realizes provisions of the Federal Law of 08.08.2001 № 129-FZ "On State Registration of Legal Entities and Individual Entrepreneurs" and the Paragraph 2 of the Resolution of the Government of the Russian Federation of 19.06.2002 № 438 "On Unified State Register of Legal Entities" concerning ensuring of publication of the data contained in the Unified State Register of Legal Entities (EGRUL), in accordance with the Article 7 of the Law of the Russian Federation of 27.12.1991 № 2124-1 «On mass media».

The journal publishes the data contained in the Unified State Register of Legal Entities in accordance with the Order of the Federal Tax Service of Russia № SAE-3-09 / 355 @ (registered in the Russian Ministry of Justice of 04.07.2006 № 8001), as well as other information, which is to be published in accordance with the legislation of the RF on state registration.

The journal contains the information about intentions of organizations to carry out actions, which require the notification of interested parties, so called legally significant events. These include: voluntary liquidation, company’s reorganization, reduction of authorized capital, acquisition of more than 20% of company’s authorized capital, information on net assets.

The journal publishes the information about the registration actions carried out by tax authorities (data from EGRUL), as well as notifications of tax authorities of the decisions made towards organizations, of removal from EGRUL.