Competition management in bankruptcy. Responsibilities of the bankruptcy trustee.

Definition.

In accordance with Art. 2 of the Federal Law “On Insolvency (Bankruptcy)” dated October 26, 2002 N 127-FZ (hereinafter referred to as the Bankruptcy Law), “bankruptcy proceedings are a procedure applied in a bankruptcy case to a debtor declared bankrupt in order to proportionately satisfy the claims of creditors.”

Thus, we can say that this procedure:

1) is of a judicial nature;
2) carried out in relation to a debtor - a legal entity that has been declared bankrupt by a decision of the arbitration court;
3) the purpose of this procedure is to proportionately satisfy the claims of creditors;
4) management of the debtor is carried out by a bankruptcy trustee appointed by the arbitration court;
5) the period for this procedure is 6 months, possible multiple extensions by the arbitration court for 6 months.

Bankruptcy proceedings in case of bankruptcy of a legal entity

External management and bankruptcy proceedings under the control of the arbitration court in the event of bankruptcy of a legal entity are introduced with the aim of maximizing the full fulfillment of the debtor’s obligations to creditors with the subsequent liquidation of the enterprise and exclusion from the Unified Register. These procedures are aimed, first of all, at satisfying the interests of third parties whose debts have not yet been repaid by the bankrupt company. Also, these measures are mandatory for the debtor, since without their implementation the official liquidation of the enterprise is impossible. Let us understand in detail what bankruptcy proceedings are as a bankruptcy procedure. In this article you will find all relevant links to Russian legislation.

Consequences of the introduction of bankruptcy proceedings.

1) the deadline for fulfilling monetary obligations and mandatory payments comes;
2) penalties, fines, and penalties are no longer accrued (except for violation of obligations for current payments);
3) confidentiality of information about the debtor is lost, commercial secrets are terminated;
4) interest is calculated at the refinancing rate;
5) the debtor’s management bodies lose their powers,
Exception: the general meeting of participants retains the opportunity to decide on concluding an agreement with a third party aimed at transferring funds to the debtor to fulfill its obligations;
6) now any claims against the debtor can be made only within the framework of the procedure;
7) any transactions in which the debtor’s property appears - only according to the rules specified by the Bankruptcy Law;
requirements declared outside the procedure: a) for current payments; b) on recognition of property rights; c) vindication requirements; d) recognition of void transactions as invalid;
10) enforcement proceedings - terminated (except for: proceedings on recognition of property rights, recovery of property from someone else’s illegal possession, compensation for moral damage, invalidity of transactions, for current payments);
11) any restrictions regarding the disposal of the property that belongs to the debtor are terminated; new restrictions are possible only for disputes about the protection of possession.

Action plan

The selected and approved bankruptcy trustee must subsequently adhere to a certain action plan:

After the approval procedure, the person must replace all areas of management in the debtor's organization.
The candidate begins to play the role of the head of an institution undergoing bankruptcy proceedings.
A person enters into relationships with various counterparties and forms a bankruptcy estate, which includes all the material assets and funds of the debtor. In the future, this mass is used to pay off various debts.
The manager receives profit from the sale, rental of property and other activities that can generate cash.
After all the initial steps have been completed, a new stage begins. An inventory is carried out, during which all the debtor’s property is described. Subsequently, it is assessed and sent for sale, which can be carried out in one mass or at auction.
After the sale of property, the funds received are paid to creditors in the established order of priority. In this case, the manager himself performs these actions and compiles a register based on them.
Once the money is paid, the person releases claims from creditors.
The general register is closed when the creditors have no claims against the debtor.
The termination of all actions is the reason for the bankruptcy trustee to submit a report to the Arbitration Court, to which the necessary documentation and liquid balance are attached.
After all submitted information has been verified, the competition representative receives a reward for the work done.

Attention! It is important for the selected candidate to comply with all points of the plan and submit the required reports on time.

The final decision is made by the Arbitration Court

Competitive weight.

The bankruptcy estate of an insolvent debtor consists of three elements:

1) things;
2) property rights (obligatory, corporate and exclusive);
3) debts.

What is not included in the bankruptcy estate:

1) property withdrawn from circulation;
2) property under mortgage in accordance with the Federal Law “On Mortgage Securities”;
3) those property rights that are inextricably linked with the identity of the creditor;
4) social housing (transferred free of charge to the state, federal subject or municipality)
5) objects of cultural heritage (OCN) and socially significant objects (SSO), other objects that can only be sold at auction in a competitive form. SZO can only be sold at auction in a competitive form or transferred into the ownership of the municipality.

Other aspects of the operation of the control unit

When a legal entity is declared bankrupt, the bankruptcy trustee receives powers that give him a key leadership role. The range of powers to manage a company is very wide, so the methods for fulfilling the demands of creditors before the final liquidation of the bankrupt are very different.

If you have any doubts about what the CG is doing, it is better to immediately consult with a lawyer before making a claim. Let’s look at some of the nuances of his powers right away.

Concluding contracts without a power of attorney

After the start of legal proceedings, all senior officials of the company are removed from business. They can no longer influence the conclusion or termination of transactions, use financial accounts, or dispose of property. This also means that the manager receives the right to sign documents without a power of attorney.

How does this work in practice? To prevent the management company from exceeding its powers, it can conclude serious transactions only after approval at a meeting of creditors, where the bankrupt and his employees do not have voting rights, but can be present. We are talking about transactions whose value exceeds 20% of the company’s assets. And also about contracts signed with persons who are interested in a favorable outcome for the debtor (for example, a company that belongs to a relative of the bankrupt).

Filing claims in court

A temporary trustee also does not need a power of attorney to file bankruptcy claims. Most often, these are demands for third parties to return the company’s property if the situation is not resolved by a settlement agreement. Moreover, the CU is obliged to file such claims, since all the bankrupt’s property must be sold to pay off his debts. In this case, applications are submitted on behalf of a legal entity.

The manager receives the right to file claims to cancel previously concluded transactions. In particular, these are fictitious agreements, transactions with violations, as well as those signed with interested parties and giving some creditors a preferential right over others, bypassing the queue in the register of claims. The bankruptcy trustee files such claims on his own behalf.

Closing a current account

The only account from which the bankruptcy trustee has the right to make payments to creditors and to which money from the sale of property should be received is the main bank account of the bankrupt. All others must be closed during bankruptcy proceedings. This is also done to reduce the cost of their maintenance.

If a CC is appointed, current accounts cannot be seized or seized. In fact, nothing more is required from the head of the company, everything is in the hands of the manager, but as a consequence - a ban on obtaining individual entrepreneur status for 5 years and a ban on holding managerial positions for 3 years.

The CU has the authority to close accounts without a power of attorney and approval from creditors. All money from the closed accounts is transferred to the main one.

Firing people from work

Since we are talking about bankruptcy and liquidation of the company, the manager is responsible for dismissing all its employees. Written official notices of dismissal are sent at least 2 months in advance. Social status and position do not matter. Persons under social protection (with disabilities, single mothers and others) are no exception. A bankrupt company or CU is not obliged to assist in finding a new place of employment.

Employees of a bankrupt legal entity are the second priority in the register of claims, so their salaries are paid before settlements with banks and other organizations are made. A note about dismissal due to the liquidation of the company will appear in the work book.

Selling property without bidding

In case of bankruptcy of an organization, the manager initiates the sale of the bankrupt’s property. Open electronic auctions are held; anyone, both citizens and legal entities, has the right to buy the property.

Sale without organizing an auction is provided for by law if:

The price of the property as of the reporting date is less than 100,000 rubles and a clause on sale without bargaining has been included in the approved plan;
This was decided at the meeting of creditors and the valuation also does not exceed 100,000 rubles.

In the second case, it is not necessary to involve an independent appraiser, but this should be mentioned in the minutes of the meeting.

Property valuation.

Mandatory assessment:

1) if this is provided for by the Bankruptcy Law;
2) if required by bankruptcy creditors, authorized bodies.

Scheme.

1) The EFRSB includes information about inventory
2) Within 10 working hours. days, you can send a request to the bankruptcy trustee to involve an appraiser, indicating specific property. Bankruptcy creditors and authorized bodies whose claims collectively exceed 2% of the total amount of registered claims have the right to do this;
3) Within 2 months. assessment is carried out. It is carried out by an independent appraiser and, as a rule, paid by the debtor;
4) An assessment report is prepared;
5) Within 2 working days. days the report is published in the EFRSB.

If the involvement of an appraiser is mandatory.

Provided that a mandatory assessment is carried out in relation to the property of a unitary enterprise or a joint-stock company, more than 25% of the shares of which are in state/municipal ownership, the assessment report must be sent to the Federal Property Management Agency. The Federal Property Management Agency provides an opinion on the report. If this conclusion is positive, or it is not drawn up after 30 days, then the meeting of creditors forms the initial price based on the market price. If the conclusion is negative, the Self-Regulatory Organization of the Appraiser conducts an examination of the report.

Release of KU

The bankruptcy trustee may be released or suspended from performing his duties in accordance with Articles 144 and 145 of the Federal Law.

Thus, the CU is exempt from exercising its functions by the arbitration court in the following cases:

own desire, on a personal statement;
a corresponding petition sent by a self-regulatory organization of insolvency practitioners (of which CU is a member) to the arbitration court.

This is also important to know:
Features of bankruptcy of individual entrepreneurs: important nuances of the process

In the second case, a petition is submitted when facts of violations in the activities of the bankruptcy trustee, his inadequacy for his position, incompetence, and dishonest work are revealed. In this case, initially the decision is made by the collegial governing body of the self-regulatory organization of arbitration managers, and then, within 14 working days from the date of its adoption, the petition is submitted to the arbitration court.

After evaluation.

1) Within a month after the inventory and assessment, the bankruptcy trustee sends a proposal for sale to the meeting (committee) of creditors;
2) The meeting (committee) of creditors adopts a regulation regulating the terms, procedure, and conditions for the sale of property, which takes place through bidding (form - auction, competition);
3) Starting price - in the bidding message;
4) If the repeated auction is declared invalid or if the signing of an agreement with the only participant fails, then the sale of the property takes place through a public offer (price reduction, the winner is the first participant to submit an application on time) or by concluding an indemnity agreement with creditors, while the unrealized property is disposed of into public property.

The meeting (committee) of creditors also determines the procedure for the sale of property with a book value of less than 100 thousand rubles.

The pledged property is sold in accordance with the procedure specified by the pledge holder; his disagreements with the bankruptcy trustee are resolved by the arbitration court.

If the re-tender does not take place, the pledgee may become the owner of the pledged item, the cost of which will be 10% less than the initial price. If the pledgee waives this right, the pledged item becomes public property.

Responsibilities and powers of the bankruptcy trustee

The main function of the bankruptcy trustee at the stage of liquidation of a legal entity is as follows. He becomes the link that connects the debtor and the collectors awaiting payment of their obligations. His powers are quite broad; he has full right to dispose of the property of a legal entity declared insolvent.

It is important to know! The actions of the bankruptcy expert are strictly limited by the rules of the law; if they are violated, they can be challenged.

What are the responsibilities of the appointed specialist:

Control of the financial condition of the organization – the future bankrupt. He can refuse to carry out transactions that worsen the state of affairs of the company, and also, through the court, cancel already concluded contracts.
Finding resources to cover debts.
Selecting an appraiser for the company's tangible assets.
Checking compliance with the conditions for the return of borrowed funds to counterparties.
Preservation of the condition of the property that is planned to be sold.
Holding meetings of creditors once every 3 months, at which they are informed about the current state of affairs.
Sending data to the Bankruptcy Register.

In addition, the manager’s responsibilities include organizing the dismissal of employees. They must receive notice and lose their jobs in a legal manner. The powers also include collecting money from counterparties who owe the bankrupt himself. A power of attorney to carry out activities to manage the company is not required.

Important to remember! If the collectors do not agree with the actions of the manager, the issue of suspending the provision of services is resolved through the Arbitration Court.

Large or dubious transactions take place only after the approval of the board of creditors. Despite broad powers, an authorized person does not have the right to make such decisions.

When all the bankrupt’s property has been described and valued, the bankruptcy expert’s duty is to notify the creditors about this and talk about the nuances of the upcoming auction. If there are no objections from them, the property is sold and the company’s debts are closed.

The order of satisfaction of creditors' claims (Articles 134-138 of the Bankruptcy Law).

Outside of all queues, funds and property are used to prevent loss of life, damage to property and man-made disasters.

Next, the claims of the mortgagees and claims for current payments that arose before the arbitration court accepted the bankruptcy petition are repaid.

Then it is time to repay the claims of extraordinary creditors in the following sequence:

1) current payments reimbursement of legal expenses and payment of remuneration to the arbitration (i.e., bankruptcy) manager. Legal expenses mean payment for the activities of persons whom the arbitration manager was obliged to involve in the case in accordance with the Bankruptcy Law;
2) payment for the labor of persons who are employees of the debtor or were employees after the arbitration court accepted the bankruptcy petition;
3) payment for labor of other persons involved by the arbitration manager in the bankruptcy case;
4) operating payments;
5) other current payments.

It is necessary to indicate that the register of creditors' claims must be closed after two months from the date of publication of information about declaring the debtor bankrupt and about the opening of bankruptcy proceedings in the EFRSB and the Kommersant newspaper.

The claims of subsequent creditors are repaid in the following order:

1) claims for compensation for harm to life, health and others specified in Art. 134 and art. 135 of the Bankruptcy Law;
2) payment for the labor of persons who are or were employees of the debtor (if the debtor fulfilled his obligations for such payments before the introduction of bankruptcy proceedings, otherwise, these requirements are considered extraordinary), as well as payment for the results of intellectual activity. There are three sub-queues: a) at the beginning - no more than 30 thousand rubles. for every month for each employee; b) remaining debt; c) payment for the results of intellectual activity;
3) other requirements of bankruptcy creditors and authorized bodies. Two sub-phases: a) principal and interest; b) lost profits, sanctions.

Procedure for attracting a bankruptcy trustee

Since 2020, legal entities are deprived of the right to independently select a bankruptcy trustee. This was done in order to minimize the risk of fictitious bankruptcy. At the moment, powers have been transferred to the judiciary. The SRO offers a list of available employees, and the judge decides which of them will deal with the bankruptcy issue.

You can clarify the degree of professionalism of the SRO representative appointed by the court in the Unified Federal Register of Bankruptcy Information. Here you can see the presence of violations in work and prosecution. You can also read reviews from those who have collaborated with this authorized person on specialized websites.

For each stage, you can select a separate candidate with special skills. If a specialist has the necessary professional knowledge, he has the right to participate in the process from beginning to end.

It is important to know! In some cases, it is possible to remove the bankruptcy trustee from office.

An authorized employee may independently refuse to participate in the bankruptcy of a legal entity. He may be asked to leave the proceedings at the request of the SRO. This usually happens due to dissatisfaction of the debtor or creditors. If the financial expert is incompetent, performs his duties unprofessionally, or exceeds his authority, he will be asked to leave.

Actions to remove bankruptcy proceedings take place exclusively with the approval of the Arbitration Court. Immediately after this, the judicial authorities appoint another SRO representative with the same remuneration.

Satisfying the requirements of mortgage holders.

70% of the price paid for the sale of the collateral (for collateral under a loan agreement - 80%), but not more than the principal amount of the debt, goes to the pledgee;

20% (for collateral under a loan agreement - 15%) goes to the creditors of the first two stages (if there is not enough other property), everything that remains of these 20% (15%) after satisfying the claims of the creditors of the first two stages is sent to the mortgagee, if anything then from these 20% (15%) remains after full satisfaction of the mortgagee's claims, then everything that remains from them is sent to the bankruptcy estate;

10% (for collateral under a loan agreement - 5%) is sent to current creditors for legal expenses, remuneration to the insolvency administrator and services of third parties; everything that remains of this 10% (5%) after satisfaction of the above requirements is sent to the bankruptcy estate.

To satisfy the requirements of secured creditors when selling the collateral, a special bank account is created.

Competition manager's report

After settlements with all creditors are completed or bankruptcy proceedings are terminated for the reasons specified in Article 57 of the Federal Law, the CC must provide a report on the work done and the results of this procedure to the arbitration court.

This is also important to know:
What is the register of creditors in bankruptcy and where to look for information

The bankruptcy trustee's report is a list of documents confirming:

sale of the debtor's property;
repayment of loan obligations;
provision to the Pension Fund (its territorial division) of information about the date, place of birth of the debtor, his citizenship and passport data, including the full name, gender and permanent registration address of the bankrupt person, as well as information that must be recorded in this body in accordance with paragraph two of Article 11 -th Federal Law “On individual registration in the compulsory pension insurance system” (insurance number of an individual personal account, information about places and periods of work, etc.).

In addition to the above documents, the bankruptcy trustees must attach to the report a register of creditors' claims, which will indicate the amount of paid debts of the bankrupt person.

After the CU has compiled and submitted its report to the competent authority, it is obliged to notify creditors of this fact.

What if the matter was resolved peacefully?

The arbitration (auction) manager appointed by the arbitration judge has the right to sign a peace agreement with creditors at any time. This is allowed to him in accordance with Art. 154 Federal Law “On Bankruptcy”. If the peace treaty is approved, the manager is obliged to send a statement of this fact to the arbitration judge. It is noteworthy that the conclusion of a peace agreement can be carried out at any stage of bankruptcy, and not only during bankruptcy proceedings.

The concept of bankruptcy estate

The phrase “bankruptcy estate” refers to all the assets of the debtor, which can be divided among all creditors to pay off debt obligations. Simply put, all the money received after the sale of assets at the time of the start of auction proceedings, as well as illiquid property - all this will be called the bankruptcy (auction) estate.

The same can be said for assets and money that may be discovered during this process. Assets that are the subject of collateral are described separately.

The manager is obliged to find out whether the company has receivables. If it is discovered, then you must certainly notify all debtors about the immediate collection of debts. All funds available to the bankrupt company are transferred to a single account. The same happens with all the money the company has in any banks.

The following cannot be considered as bankruptcy estate:

Assets that were in circulation and subject to confiscation.
Personal property of the management or founders of the debtor enterprise.
Something that can make a difference to society. For example, schools, kindergartens, sports complexes, etc. All this will be sold at auction as other property.
Securities. Stages of the auction

The following will briefly and generally describe all the steps that will need to be taken after the debtor company receives a court decision on becoming insolvent:

The management of the legal entity is notified of the company's bankruptcy.
An order is issued to formally transfer all stamps, documentation, and assets to the appointed bankruptcy trustee.
Accounting documentation must also be submitted.
A message about bankruptcy and the start of auction proceedings is published in the media.
All necessary protection of property is provided.
A request is submitted to the Federal Bailiff Service to remove the seizure of assets, if any have been imposed.
A request is submitted to the appropriate authorities to collect complete data on the funds in the debtor’s accounts, as well as on the discovery of his property if it was transferred for use to third parties.
Employees are notified in advance about the closure of the company and about the upcoming dismissal.
A single company account is selected to consolidate all funds discovered and received, and the remaining bank accounts are closed.
If necessary, auditors, appraisers, and accountants are involved.
An inventory of property is being carried out.
A complete check of the debtor's documents is carried out to identify the most complete financial picture for the current day.
Debts are collected from debtors, if any.
A list of creditors' claims is generated.
The competition (auction) mass is collected.
A meeting of creditors is held to highlight the stages and periods of sale of the debtor’s assets.
A report is sent to the Self-Regulatory Organization from where the arbitration manager was sent.
All property of the debtor company included in the auction estate is sold at open auction.
Payments are made to creditors.
The main account is closed and the company is removed from tax registration.
The final report is sent to the Self-Regulatory Organization, and all necessary documentation of the debtor is submitted to the archive.
The bankruptcy trustee submits a final report to the arbitration court stating that the bankruptcy proceedings have been officially completed. A similar message is conveyed to the relevant media.

Appealing a court ruling on the end of bankruptcy proceedings

When the court makes a ruling on the end of bankruptcy proceedings, which ends the corresponding procedure, interested parties have the right to appeal it.

ATTENTION : the determination in question can be appealed within 10 days. If the deadline for appeal is missed, the complaint will be returned to the applicant.

The appeal is filed to a higher court of appeal through the trial court.

Based on the results of consideration of the appeal, the court will either satisfy the complaint and, taking into account the applicant’s requirements, cancel the appealed ruling, or refuse to satisfy the complaint.

USEFUL : watch a video about appealing a court ruling, and also read detailed information on the issue at the link

A little more about the terms of bankruptcy proceedings

This stage can typically last on average about six months. However, certain problems may often arise with creditor settlements or with bidding. In this case, the arbitrator may extend the auction proceedings for another six months. That is, in total, this stage of bankruptcy can last up to a maximum of a year.

The very fact of the last stage of bankruptcy begins at the moment when the arbitration makes a decision declaring the debtor enterprise insolvent. In total, this stage can last about twelve months, but the judge, if necessary, can extend this period. It all depends on the circumstances and the judge's decision. In addition to the circumstances already mentioned (debt settlements and protracted auctions), there may be others.

The official basis for declaring a legal entity insolvent is most often that the company is no longer able to fulfill all its financial obligations to creditors, pay tax arrears or make other obligatory payments, due to the fact that the total amount of debts of the indebted company exceeds the total amount of property owned. During the insolvency process, creditors also have the right to make all claims against the debtor for those obligations related to compensation for damage caused to life and health, as well as in connection with arrears of alimony or other personal obligations. However, even if these claims are brought, they still retain their legal force even after the insolvency process has been officially completed.

In the event that not just a legal entity, but, for example, an insurance company, became bankrupt, at the time of the start of the auction proceedings all insurance transactions that were concluded by this company as an insurer and in accordance with which the insured event had not yet occurred until decisions on bankruptcy are automatically cancelled. Policyholders (that is, clients) have every right to demand the return of the portion paid to the insurer under terminated premium contracts. The amount must be proportional to the difference between the period for which this agreement was concluded and the period during which the transaction was considered valid.

Clients of the insurance company, if an insured event under concluded transactions occurred even before the arbitration judge decided to declare the insurance company insolvent and also to begin auction proceedings, have every right to demand payment of the insurance amount due under the contract.

List of current payments in bankruptcy proceedings

In accordance with current legislation, the arbitration manager is obliged to maintain a list of all current payments by the debtor, as well as to make all necessary amendments to this document in a timely manner. Due to the fact that standard managerial reporting does not require the availability of information about current payments of a legal entity that becomes bankrupt, it is recommended to submit this list in separate documentation.

What happens after the competition is introduced?

If we talk in general about the consequences of bankruptcy proceedings, the consequences of introducing a competition and declaring a person insolvent, the following happens:

from the moment the competition was introduced, all functions related to the management and disposal of the property of a legal entity now belong to the manager;
all financial claims are considered only in bankruptcy proceedings;
enforcement proceedings opened against the debtor are terminated;
writs of execution are sent to the manager;
the arrests that were placed on the debtor’s property are lifted;
All accounts are closed except one, which is the main one.

In fact, everything is done to pay off existing debts as efficiently as possible.

In order to be able to monitor the effectiveness of the process, the bankruptcy trustee prepares a report on the work done before each scheduled meeting. These reports are provided to the court when it is being considered whether the bankruptcy proceedings will be completed or extended.

Thus, if at a meeting the majority voted that it was not advisable to extend the competition due to satisfaction of creditors’ claims or insufficient funding (for other reasons), the court examines the manager’s report with the results of activities, confirms the results of the creditors’ meeting, and makes an appropriate determination. From this day the bankruptcy proceedings are considered completed.

Half a year after the relevant ruling is made, the judge sends it to the body implementing the state. registration of legal entities. The completion of bankruptcy proceedings can be considered a reason to make an entry in the Unified State Register of Legal Entities about the liquidation of a legal entity. faces.

Meetings of creditors - why are they needed?

At each such meeting, the manager brings information about the activities carried out to the attention of creditors. It is reflected in a special report, which shows what exactly was undertaken to return funds to the bankruptcy estate, how much money was spent and for what, how much was returned, what property the company had and currently has, etc.

Also, he is obliged to inform everyone who is present at the meeting about the planned actions related to the tasks and goals of the procedure.

In addition, the meeting decides on basic organizational issues, such as the frequency of convening meetings, the location of meetings, whether there will be a representative of the meeting of creditors and, if the answer is yes, who it will be.

The list of issues that will be resolved at a specific meeting is included in the agenda, and also published on a special website (EFRS) and sent to each creditor personally, at least fourteen days before the date of the meeting, provided that the total number of creditors present in the RTC does not exceed five hundred.

In addition to voting on the subpoena, any creditor may raise additional issues. For these purposes, during registration at the meeting, you need to inform the bankruptcy trustee of your desire, as well as provide a list of questions.

In addition, and importantly, it is at this meeting that you can decide to remove the current bankruptcy trustee and propose your own candidate for this position, which we will talk about in more detail later.

Let's briefly talk about how decisions are made at meetings. For most issues, a simple majority of votes from all those present is sufficient. Each participant has a percentage of votes proportional to the debt owed to him.

Thus, creditors with large claims have a larger percentage of votes. However, there are a number of issues specified in the Law, decisions on which are made by a majority of the total number of votes in the register.

Content

1 General provisions on bankruptcy proceedings 1.1 Purposes of introducing bankruptcy proceedings
1.2 Consequences of opening bankruptcy proceedings

2 Bankruptcy manager

2.1 Powers of the bankruptcy trustee

2.2 Control over the activities of the bankruptcy manager

3 Competition estate

3.1 Debtor’s property not included in the bankruptcy estate

3.2 Valuation of the debtor’s property

4 Satisfaction of creditors' claims

4.1 Priority of satisfaction of creditors’ claims

5 Possibility of transition to external control

6 Completion of bankruptcy proceedings

7 Notes

8 Links

Calculations

As stated earlier, the purpose for which the competition is being introduced is to pay off debts. Calculations are made upon receipt of funds in the bankruptcy estate. In the RTK there are several queues with requirements. The debt is repaid one by one, as the claims of previous creditors are repaid.

There are situations when, for some reason, it is impossible to transfer funds to your account (deposit). In this situation, the entire due amount must be deposited with a notary who works in the same entity in which the debtor is located, of which you must be immediately notified.

When the bankruptcy estate available to the bankrupt is not enough to pay off all the claims of creditors of one priority, the available amount is distributed to each creditor according to the amount of debt for which it is included in the RTC.

There are also "registry" requirements consisting of those who missed the registry closing deadline. They are repaid after satisfying all requirements in the register. As a rule, in practice, settlements with the latter are not achieved.