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Bankruptcy is a procedure to bring about recovery, not a means of redistributing property, President Vladimir Putin said at a meeting with the members of the cabinet. Bankruptcy is a serious procedure, and it should be used fairly and honestly

July 28, 2003

Mr Putin called for the Prosecutor General’s Office, together with the Interior Ministry and, if necessary, with the Chief Control Department, to carry out a thorough investigation into how bankruptcy procedures are being used. The President noted that there are concerns in the regions, especially in the south of Russia, about the way bankruptcy procedures are being used in practice.

Agriculture Minister Alexei Gordeyev noted in this respect that a separate meeting is to take place soon in Novosibirsk on the use of bankruptcy procedures. Representatives of the financial recovery service will take part in the meeting.

July 28, 2003