Financial recovery is not bankruptcy

The condition of work on financial recovery of the enterprises and organizations in the Republic Tatarstan was discussed today at the session of RT Security Council past in the Kazan Kremlin under presidency of the President of Tatarstan Mintimer Shaimiev.

There is somehow such an opinion: if the point comes about financial recovery of the enterprise, bankruptcy necessarily is meant, told Mintimer Shaimiev, opening the session of Security Council. It is radically erroneous.

Meanwhile, bankruptcy is a surgical intervention, last stage, the extreme neglected form. And why we do not conduct preventive work, why we wait so much for time while the enterprise will not step over feature of self-sufficiency, and we do not switch to at an early stage?

Recovery is, first of all, re-structuring of the enterprise, the business itself, during which the business is kept or moves to other forms. It is necessary to have competent team of managers in the Republic, external managers which might then remain at the enterprises, noted Mintimer Shaimiev. It is necessary to analyze all excesses in the activity of Committee on affairs of insolvency and financial recovery, whether there is a property revision process under way.

Regarding the considered case at SC session the reports were made by RT Prime minister Rustam Minnekhanov, RT vice-premier - Minister of Agriculture and foodstuffs Marat Akhmetov , RT Minister of land and property relations Valery Vasil'ev, RT Minister of Ministry of Internal Affairs Asgat Safarov, Chairman of committee on affairs of insolvency and financial recovery Alexey Semin.