On 19 July 2009, the Russian President signed Federal Law No. 195-FZ amending the Bankruptcy Law and some other legislative acts. The Law (except for a few provisions) entered into force on 22 July 2009.

The amendments refer, among other things, to the pledge holder's rights where the pledgor becomes bankrupt. In particular, the Bankruptcy Law allows levy of execution on the pledged property (that is seizure of the property for it to be sold) in the course of some bankruptcy proceedings (namely, financial rehabilitation, external management or receivership). In such cases, the pledged property is sold at a public sale.

Under the new amendments, if the second public sale fails, the pledge holder is entitled to assume ownership of the pledged property at a price which is 10% less than the starting price at the second sale.

If it happens in the course of a receivership, the pledge holder will be obliged to transfer funds constituting 30% (or 20% if the pledge secures a credit agreement) of this price to the receiver for further distribution among the creditors of first and second priorities and payment of court expenses.