Russia’s Justice Ministry, Bailiff Service to control debt collection agencies
MOSCOW, December 15 (RAPSI) – Russian President Vladimir Putin has signed a decree authorizing Justice Ministry and the Federal Bailiff Service to take control over activities of debt collection agencies, according to official website for judicial information.
According to the decree, the Justice Ministry is to judicially regulate recovery of arrears made by private citizens. It is also to oversee returns by individual entrepreneurs who experienced financial difficulties during their business activity.
The Federal Bailiff Service will control registered legal entities engaged in recovery of arrears. The Service is to supervise state register of debt collector agencies as well.
Since 2017 recovery of arrears will only be allowed to companies listed in special state register.