Initiating bankruptcy.

Bankruptcy may be initiated by a creditor(s), including governmental authorities, or the debtor itself by filing a bankruptcy petition at a relevant arbitrazhny court. A creditor may file a bankruptcy petition if, as of the day when the petition is filed, the amount owed to it by the debtor exceeds 100,000 roubles (USD3,500) and 30 days have passed since a creditor launched an attempt to enforce the claim through a bailiff.

A legal entity or a self-employed individual must submit a statement of insolvency at a relevant court within one month of determining that, upon satisfying the claims of one or more creditors, it would be unable to satisfy other creditors and/or make obligatory payments.