Bankruptcies increased by 30% in 2023

The Russians increasingly began to declare bankruptcy. In 2023, the courts heard 30% more such cases than a year earlier, said the president of the Supreme Court of the Russian Federation, Vyacheslav Lebedev.

“In the first quarter of this year, arbitration courts heard 30% more bankruptcy cases [к аналогичному периоду прошлого года]. In this regard, it is necessary to further improve the bankruptcy law, simplify and speed up court procedures and unify them,” Lebedev said at the plenary session of the Council of Judges (quoted by RIA Novosti).

According to the president, there has also been an increase the number of cases for recovery of debts from the Russians – by 23%.

The publication Izvestia previously wrote, citing Fedresurs data, that 76,000 companies declared bankruptcy from January to March. Russians against 54.2 thousand. a year before. According to the newspaper, the increase in the first three months was 40.3% compared to the same period in 2022.

Declaring bankruptcy allows you to get rid of unbearable debts, explained the dynamics Ilya Torosov, first deputy head of the Ministry of Economic Development. According to him, citizens are better and better informed about the possibilities of debt relief, which is why the number of bankruptcies is increasing.

This was said by Valery Piven, head of the ACRA rating group of financial institutions the continuing dynamics of bankruptcy may become a “major trend”. It can be slowed down significantly by improving labor market indicators and the real income of the population.

However, last year, due to the war unleashed by Russia in Ukraine, the citizens of the Russian Federation experienced another wave of decline in real incomes and a sharp increase in inflation. According to Rosstat, in 2022 the real disposable income of the Russian population decreased by 1% after an increase of 3.2% in 2021. The price increase last year reached 17.83% on an annual basis.