Supervision of financial recovery, external management, bankruptcy proceedings. The procedure for carrying out bankruptcy proceedings

Bankruptcy of a legal entity

insolvency (bankruptcy) (hereinafter also referred to as bankruptcy) is the inability of the debtor recognized by the arbitration court to fully satisfy the claims of creditors for monetary obligations and (or) to fulfill the obligation to make mandatory payments;

Reasons:

Failure of a legal entity to satisfy the claims of creditors for monetary obligations and (or) to fulfill the obligation to make mandatory payments, if the corresponding obligations and (or) obligations are not fulfilled by it within three months from the date on which they should have been fulfilled. The basis for going to court is, according to Bankruptcy Law, the inability of a legal entity to pay its debts, including taxes and other payments to the state and local authorities, due to the excess of the debtor's liabilities over its assets or the unsatisfactory structure of its balance sheet. An external sign of such inability is the debtor's suspension of current payments - failure to pay claims within three months from the date of maturity. If these signs are present, any of the creditors or the prosecutor has the right to apply to the court. The debtor himself can do this, even in the absence of these signs - in anticipation of the danger that threatens him. Based on the results of consideration of the presented materials, the arbitration court in accordance with Article 10 Bankruptcy Law either makes a decision to declare the legal entity-debtor insolvent (bankrupt) and open bankruptcy proceedings, or if the debtor’s solvency is revealed, rejects the corresponding claim of the plaintiffs (applicants) and refuses the claim, or - if the threat of bankruptcy can be eliminated by carrying out so-called reorganization procedures and relevant petitions for their conduct have been received - issues a ruling to suspend the proceedings in the case and appoint one of the two provided Bankruptcy Law reorganization procedures: external management of the debtor’s property or reorganization. The law does not provide for a combination of these two procedures (although in some cases this might be appropriate).

Supervision, financial recovery, external management, bankruptcy proceedings, settlement agreement,

19.Bankruptcy: observation stage. Observation is the first stage in the process of bankruptcy of organizations. It is introduced by the arbitration court after considering the applicant’s request. This procedure is used to ensure the safety of the debtor’s property, conduct an analysis of the debtor’s financial condition, compile a register of creditors’ claims and hold the first meeting of creditors. The observation must be completed taking into account the time frame for consideration of the bankruptcy case, no more than 7 months from the date of receipt of the application to the court to declare the debtor bankrupt. The determination on the introduction of a monitoring procedure must indicate the date of the court hearing at which the bankruptcy issue will be decided on its merits, and thereby determine the monitoring period - 3, 5, 6 months, but not more than 7. legal consequences of introducing surveillance:

Claims of creditors for monetary obligations and for the payment of obligatory payments, the due date for which has occurred on the date of introduction of supervision, can be presented to the debtor only in compliance with the procedure established by the Law for presenting claims to the debtor;

At the request of the creditor, proceedings in cases related to the collection of funds from the debtor are suspended. In this case, the creditor has the right to present his claims to the debtor in the manner prescribed by law;

The execution of enforcement documents on property penalties is suspended, including the lifting of arrests on the debtor’s property and other restrictions regarding the disposal of the debtor’s property imposed during enforcement proceedings, with the exception of enforcement documents issued on the basis of court decisions that entered into legal force before the date of introduction of surveillance. collection of arrears of wages, payment of remuneration under copyright contracts, recovery of property from someone else’s illegal possession, compensation for harm caused to life or health, and compensation for moral damage.

While in the supervision procedure, a bankrupt enterprise can still carry out business activities, but not in full. Some transactions can only take place after the approval of the temporary manager. Also, the debtor enterprise cannot carry out the procedure of liquidation of a legal entity, reorganization, creation of branches, etc. During the observation period, a thorough analysis of the financial condition of the debtor enterprise is carried out, a register of creditors' claims is compiled, and a decision is made to hold the first meeting of creditors.

20.Bankruptcy: stage of external management. External management is applied to the debtor company in order to restore its solvency. This procedure is introduced by the arbitration court on the basis of a decision of the creditors’ meeting, if the latter has established that there is a real possibility of restoring the debtor’s solvency. External management is introduced for a period of no more than eighteen months, which can be extended in the manner prescribed by the Federal Law “On Insolvency (Bankruptcy)”, for no more than six months, unless otherwise provided by the said Federal Law. During the period of external administration, the management of the debtor’s affairs is entrusted to an external administrator, and a moratorium on satisfying creditors’ claims is introduced. Restoring the debtor's solvency is carried out in accordance with an external management plan, which may include the following measures: closure of unprofitable production; repurposing of production; sale of part of the debtor's property; collection of receivables; assignment of rights of claim of the debtor; placement of additional ordinary shares of the debtor;

increasing the debtor’s authorized capital through contributions from participants and third parties;

The insolvency of the enterprise will be recognized after filing an application with the court. The bankruptcy case is being considered in the arbitration court.

After checking the signs of bankruptcy and making sure that the legal entity lacks the ability to pay, the first stage of bankruptcy is scheduled to begin - observation.

The bankruptcy procedure for legal entities and individuals has been regulated since 2002. It describes the stages of bankruptcy individually.

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Stage No. 1 – “Observation”

In accordance with the legislation of the Russian Federation, this procedure lasts seven months. Main tasks of the stage:

1. Take an effective policy to manage the enterprise in order to further restore the debtor’s paying ability;
2. Preserve the property of the legal entity necessary to assess the condition of the company.

In order to satisfy the requests of each creditor in the future, a temporary manager is appointed to effectively analyze and distribute the remaining budget. He is selected by the court and carries out management activities during the observation phase.

The purpose of his work is to establish whether it is possible to restore the previous solvency of the enterprise, pay off debts to creditors, and cover court costs.

Another task that the manager undertakes is compiling a register of creditor requests. Each creditor, from the beginning of the introduction of the first stage of bankruptcy, begins to send claims to the manager. These requests are related to the bankrupt's failure to fulfill his contractual obligations.

Another step in the monitoring procedure is the first meeting of creditors. The further procedure for carrying out bankruptcy will be decided at this meeting.

Specifically the following issues will be addressed:

• Is there a possibility of concluding a peace agreement?;
• Who will be elected to the place of the arbitration manager?;
• Who is on the committee of ministers?;
• Who is approved for the position of registrar?

Stage No. 2 – financial recovery

The stages of bankruptcy of a legal entity include recovery. This step has the following features:

1. The enterprise continues its previous activities, control over it remains. At the same time, the controls often remain the same, although there are a number of restrictions. One of them is that a bankrupt does not have the right to make decisions related to reorganization. Also, without a manager, he cannot sign contracts related to the alienation of property;
2. At the stage of financial recovery, the court makes a determination related to the plan for repaying debts to creditors. The terms of this procedure are established, the duration of which cannot exceed two years.

The debtor, without the consent of the manager, cannot carry out transactions that:

• Capable of entailing an increase in debts to creditors in an amount exceeding 5% of the requirements entered on the day the financial recovery began;
• Associated with the alienation of the debtor's property. An exception to this are finished goods (services) that are sold by the bankrupt in the process of economic activity;
• May cause debt transfer;
• They are a reason for obtaining a loan or credit.

All activities will be carried out on the basis of a plan, the indicators of which are controlled by the administrative manager.

No later than a month before the completion of this stage, the debtor must submit a report on its activities. Based on this, the administrative manager will draw up a conclusion.

If there is no report, then a meeting of creditors is organized, at which a decision is made related to the management of the next stage of bankruptcy.

Stage No. 3 – external control

At this step, in contrast to the financial recovery process, the general director is removed from management. Controls may also be eliminated. Management responsibilities are assigned to an external manager.

One of the features of this process is the establishment of a moratorium on the fulfillment of requests from creditors that arose before the introduction of bankruptcy. This allows the bankrupt to extend payments.

Consequently, the legal entity has the necessary amount of time to restore its own solvency.

This procedure also involves drawing up an external management plan. It provides for measures related to the elimination of insolvency. These can vary and include:

• Closing departments and branches that bring only losses;
• Sale of property owned by the debtor;
• Changes in the company's activities.

The duration of the procedure is 18 months. However, by court decision it can be extended to six months.

The next meeting of creditors is held, at which it is necessary to make decisions on:

• The beginning of the next stage;
• Signing a settlement agreement;
• Termination of legal proceedings.

Step No. 4 – “Competition proceedings”

If debts to creditors cannot be eliminated, then the last stage of bankruptcy is introduced - bankruptcy proceedings. From the moment it begins, the debtor is already considered bankrupt.

The main goal of production is to satisfy the requests of creditors.

This occurs through the sale of the enterprise's property. The right to lead is given to the manager. Its duration is six months.

One of the tasks that the manager faces at this stage is a complete inventory. The value of the property owned by the debtor is also assessed.

All this property will become the basis of the bankruptcy estate, with the use of which the claims of creditors will be gradually satisfied. Based on the manager’s report, after all requests have been satisfied, a decision will be made to close the proceedings.

The manager files a lawsuit and makes a decision to liquidate the legal entity. Next, a note is made in the state register of persons indicating that the enterprise has been liquidated.

The consequences of bankruptcy proceedings include:

• Completion of the execution of contracts that provide for certain obligations, lifting of arrests;
• Completion of the alienation of the debtor's property;
• All powers from the head of the enterprise are removed;
• A legal entity is no longer subject to fines and sanctions for failure to fulfill obligations.

At this stage, the related stage is the simplified procedure. It will be adopted in relation to the organization that is awaiting liquidation. In this case, no monitoring or financial recovery is required. Creditor requests will be accepted within one month.

After the end of the bankruptcy estate, the claims of creditors that were not satisfied are considered extinguished. Also, the claims of creditors who did not apply to the arbitration court or their requests are considered unfounded will be considered repaid.

Bankruptcy proceedings are among the extreme measures by which debt collection can be carried out. This is due to the high probability that the requests cannot be fully satisfied with the funds that were collected from the debtor’s property.

Stage No. 5 – “Settlement Agreement”

This agreement can be concluded at any stage of bankruptcy. Upon conclusion, the previous obligations of both parties lose their force. The conditions stipulated in the settlement agreement come into effect.

For it to take effect, the permission of the arbitration court is necessary. When it is signed, production ceases. If the settlement agreement is terminated, creditors may file separate claims. Their size and composition will be determined by the settlement agreement.

Attention! It does not matter in respect of which legal entity the bankruptcy procedure is being carried out - business organizations, developers, insurance companies, all five stages of insolvency are carried out.

Bankruptcy of an individual

In the Russian Federation, from July 1, 2019, the need to carry out a new procedure is introduced - bankruptcy of an individual. The law defining the procedure for bankruptcy is already included in the Federal Law “On Insolvency”.

First, you need to submit an application to the arbitration court. The initiator can be an individual entrepreneur, persons who have personal claims, or creditors to whom contractual obligations have not been fulfilled.

After the application is accepted, a monitoring procedure is introduced, during which the entrepreneur must take actions aimed at paying off debts.

Before declaring an individual entrepreneur bankrupt, bankruptcy proceedings are introduced. During this stage, all property owned by an individual is sold.

This is necessary to satisfy the requirements of creditors. The register of requests will be formed within two months.

Attention! The legislation also establishes a list of individual entrepreneurs’ property that cannot be included in the bankruptcy estate. This includes residential premises, which are the sole place for an individual entrepreneur to live, personal belongings, with the exception of luxury items, prizes, livestock, fuel necessary for heating the home.

Consequences of bankruptcy of individual entrepreneurs

After completing all stages of bankruptcy of an individual entrepreneur, it is worth considering that the registration certificate is liquidated.

Other consequences include the inability of an individual to register an individual entrepreneur again for a year after the completion of the bankruptcy procedure.

Bankruptcy of a legal entity is an opportunity to get out of business with minimal losses. This procedure is multi-stage and has many important nuances. In today's article we will look at all the stages that a legal entity must go through in order to declare itself bankrupt.

○ Step-by-step bankruptcy procedure for a legal entity.

The bankruptcy process consists of the following stages:

• Observation.
• Financial recovery.
• External control.
• Competition proceedings.

Each stage will be discussed in detail below.

○ Main signs of bankruptcy.

The main sign of bankruptcy is the inability to pay bills. At the same time, the founders do not see prospects for further development of their business. Debt appears not only to external creditors, but also to employees of the enterprise.

The bankruptcy procedure for a legal entity is regulated by the Federal Law “On Insolvency (Bankruptcy)” dated October 26, 2002 No. 127-FZ. After the latest changes were made to it in 2015, it became necessary to carry out special measures to save the business. This legislative act is a step-by-step instruction that should be relied upon at each stage of the procedure.

Signs of bankruptcy:

• The total debt is at least 300 thousand rubles (including tax and budget payments).
• The payment period for each debt obligation exceeds 3 months.
• Delays in wages and severance pay for employees.

The reasons for the insolvency of an enterprise can be both external economic factors and inept management.

Prerequisites for future bankruptcy may be delayed wages, lack of regular payments and clear explanations from the founders.

○ Who can start the procedure?

The liquidation process of an enterprise can be initiated by any party with a financial interest:

• Supervisor.
• Founder.
• Creditors.
• Social funds.
• State bodies and prosecutor's office.
• Employees with arrears of wages.

For creditors, the initiation of a procedure is a right that they can exercise at will. And for the company’s management, this is a direct responsibility and an opportunity to get out of the debt hole, restoring its solvency.

○ Going to court.

A bankruptcy case is heard in the arbitration court at the place of registration of the legal entity. Appealing to the judicial authorities consists of certain steps:

• Preparation, which includes an analysis of solvency and prerequisites for future bankruptcy.
• Payment of legal expenses.
• Collection of evidence.
• Drawing up a petition for bankruptcy recognition.
• Submitting documents to the court for consideration.

✔ Required documents.

An appeal for liquidation of a legal entity will be considered only if there is an evidence base. Therefore, when going to court, along with the petition, you must submit:

• Copies of passports of all founders.
• Certificate of registration of a legal entity.
• Founding documents.
• Financial and accounting statements for the last 5 years.
• Documentary evidence of debt.
• Staffing table indicating salary amounts.
• Certificates of registration with funds.
• Bank statements.
• List of creditors.

✔ Statement of claim.

A petition for declaring bankruptcy is submitted in writing. The document must indicate:

• Details of the judicial authority to which the application is sent.
• The full amount of debt for all obligations.
• Total amount of claims.
• Facts and circumstances that caused the loss of solvency.
• Information about bank accounts that will be used for payments.

The claim is signed by the head of the enterprise or his deputy (if he has the appropriate authority). The application must be accompanied by a receipt for payment of the state fee and the services of an external manager (or an application for installment plan).

A plus will be the provision of your own plan for the financial recovery of the company.

○ Cost of bankruptcy procedure for a legal entity.

Payment is required:

• State duty amounting to 6 thousand rubles for legal entities.
• External manager services (from 25 thousand rubles).

You also need to pay for bankruptcy publications, as well as other ongoing expenses associated with the procedure. The final figures depend on the specific circumstances of the case. If it is possible to solve the problem through restructuring, it will cost less. And if a restructuring is tried, which fails and implementation has to be carried out, it will be a different amount.

○ Stages of bankruptcy of a legal entity.

Liquidation of a company and recognition of bankruptcy requires compliance with the following steps.

✔ Observation procedure.

Unless otherwise provided by this Federal Law, supervision is introduced based on the results of the arbitration court's consideration of the validity of the application to declare the debtor bankrupt.
(Clause 1 of Article 62 No. 127-FZ).

The purpose of observation is to analyze the situation in the company and make a decision about the reality of financial difficulties. Choosing a further strategy of behavior: liquidation or withdrawal from debts.

✔ Appointment of an arbitration manager.

To carry out the necessary measures, an arbitration manager is appointed, who is responsible for the correct implementation of all necessary measures. Indicated by the applicant when filing a petition and approved by the judge. This appointment must be indicated in the court order.

✔ Competition manager.

Based on the results of the analysis of the situation, a temporary bankruptcy trustee is appointed who will carry out the necessary procedures to resolve the situation. The bankruptcy trustee is elected at a meeting of creditors, and most often the bankruptcy trustee chosen earlier is appointed to this position. The difference between these two types of management is that an arbitration manager is appointed by the court, and a bankruptcy manager is appointed by a majority vote at a meeting of creditors.

✔ Financial recovery.

If at the observation stage the possibility of restoring the company’s previous status is identified, the process of financial recovery begins. It is allocated 2 years, during which measures are taken to change the company’s operating mode. During this period, all actions of the manager must be agreed upon with the arbitration manager.

Financial recovery begins after a meeting of creditors, where a decision is made on the possibility of bringing the company out of the crisis. From the moment this decision is made and signed by the court, certain consequences occur for the enterprise:

• Cancellation of all pre-trial methods of debt settlement.
• Cancellation of previously issued collection orders.
• Suspension of accrual of fines and penalties on debts.
• Prohibition on paying interest and making other payments on shares.
• Cancellation of any offsets and barters affecting the total amount of debts.
• Prohibition on any transactions with shares of the enterprise.

If the company’s financial problems cannot be resolved within the established period, a decision will be made to introduce external management or sell the property.

✔ External control.

External management is introduced by an arbitration court on the basis of a decision of a meeting of creditors, with the exception of cases provided for by this Federal Law.
(Clause 1 of Article 93 No. 127-FZ).

An external manager receives all the powers of a manager and can not only change the policy of the enterprise, but also make changes in the staff.

All plans and actions of the external manager must be agreed upon with the judge and the board of creditors. A report on the work done must be submitted monthly.

At this stage, 1.5 years are allotted, but the period can be extended for another 6 months, depending on the specific features of the case (clause 2 of Article 93 No. 127-FZ).

If, based on the results of the work carried out, no improvement in the situation is revealed, the judge makes a decision to declare the legal entity bankrupt and sell the property belonging to it.

✔ Competitive proceedings and bidding.

1. The adoption of a decision by the arbitration court to declare the debtor bankrupt entails the opening of bankruptcy proceedings.
2. Bankruptcy proceedings are introduced for a period of up to six months. The period of bankruptcy proceedings may be extended at the request of a person participating in the case for no more than six months.
   (Article 124 No. 127-FZ).

At this stage, all measures are taken to satisfy the claims of creditors. There is no longer any talk of trying to save the company itself.

Legal consequences of this stage:

• The maturity date for all debts and claims.
• Stopping the accrual of penalties.
• Loss of signs of trade secret information about the company’s activities.
• Lifting the seizure of property for its subsequent sale.

A special bankruptcy estate is created and put up for auction. The proceeds are used to pay off debts in the order of priority established by law and in proportion to the amount of the debt.

Legal assistance to debtors

In economic activity, situations arise when a legal entity cannot fulfill its financial obligations, pay debts and obligatory payments to the budget. In this case, in order to fix the total debt of a legal entity, and, if necessary, write off part of the debt, it is necessary to carry out a bankruptcy procedure for the organization. This procedure will be discussed in this article. How to start the process if the company has gone bankrupt, in accordance with the federal law on bankruptcy of legal entities of the Russian Federation?

So, if an organization cannot fulfill monetary obligations to creditors, pay salaries to hired personnel or pay taxes to the budget, then bankruptcy proceedings may be initiated against this legal entity.

The law provides for 2 necessary conditions, under which you can apply to the court to declare a legal entity bankrupt.

1. If the organization does not fulfill monetary obligations to creditors for at least three months from the day on which the obligations must be fulfilled;
2. If the total debt of a legal entity is at least 300 thousand rubles.

Bankruptcy procedure for a legal entity

The following may apply to the arbitration court with a request to declare an organization bankrupt:

• the legal entity itself is the debtor;
• creditors of a legal entity;
• hired workers who are not paid;
• authorized bodies.

Moreover, if there are signs of bankruptcy of a legal entity, then the head of this organization must inform the founders (participants) of the organization about this situation. And the founders of the company can take measures to restore the solvency of the legal entity. This is the first pre-trial stage of bankruptcy; at this stage, the founders of the company can provide financial assistance to avoid the insolvency of the organization (pre-trial rehabilitation).

If the financial assistance of the founders does not lead to the restoration of the organization's solvency, and financial problems remain, then the judicial stages of bankruptcy may follow.

Persons who have the right to initiate bankruptcy (insolvency) proceedings of a legal entity may apply to the arbitration court at the location of the debtor organization.

The arbitration court, within 5 days from the date of receipt of the bankruptcy application of a legal entity, decides on whether to accept the application for consideration.

Important! The arbitration court, when deciding on the possibility of starting a bankruptcy case for an organization, first of all checks for the presence of two necessary signs (the organization has not paid its debts for at least three months and the total debt is at least 300 thousand rubles).

If the arbitration court is convinced of the presence of signs of bankruptcy and excludes the possibility of its fictitiousness, then a decision is made to initiate a case. At the same time, the court also makes a ruling on the introduction of the first stage - supervision and approves the temporary manager of the organization.

Important! This stage of bankruptcy is established with the aim of preserving the debtor’s property, first of all, so that the property is preserved to ensure the claims of creditors; at this stage, an analysis of the financial condition of the debtor organization is carried out.

Stages of bankruptcy

Stage Observation

After the introduction of surveillance, the head of the organization is partially removed from his powers. Decisions on the activities of the organization can be made by the head of the legal entity only with the written consent of the temporary manager. The head of the organization transfers to the temporary manager documents on the organization’s property, as well as documents on the financial and economic activities of the organization for the last 3 years preceding the stages of observation.

Also at this stage of bankruptcy, the head of the organization must contact the founders of the legal entity with a proposal to introduce financial rehabilitation in relation to the organization in order to restore the solvency of the organization.

The temporary manager must analyze the financial position of the organization, check the inventory documents of the organization's property in order to determine the possibility of restoring the debtor's solvency and make a proposal on the possibility of carrying out other bankruptcy procedures.

At this stage, creditors send a list of financial claims against the debtor to the arbitration court.

The temporary manager decides on holding the first meeting of creditors. At this meeting, creditors decide on the need for the next stage of the organization's bankruptcy. If it is possible to restore the debtor’s solvency, then the stage of financial recovery may begin.

The arbitration court, based on the decision of the first meeting of creditors, makes a determination either about the beginning of financial recovery or the beginning of the stage of external management, and if, based on the results of observation, it becomes clear that it will not be possible to return the organization to normal financial and economic activities, then the court orders bankruptcy proceedings.

Important! In addition, at any stage, the debtor and creditors can enter into a settlement agreement, which is subject to approval by the arbitration court, and this may end the bankruptcy procedure of the organization.

Financial recovery stage

The arbitration court, based on the decision of the first meeting of creditors, may order the financial rehabilitation of the organization and appoint an administrative manager. The court decision must indicate the period of financial recovery, which cannot be more than 2 years. In this case, the head of the debtor organization must manage the organization in agreement with the administrative manager. And also for transactions on the alienation of property, increasing debt and some others, it is necessary to obtain the consent of the meeting of creditors.

During the financial recovery stage, the administrative manager must maintain a register of creditors' claims, become familiar with the current financial and economic activities of the organization, and the current repayment of debt to creditors in accordance with the approved debt repayment plan.

Important! If, during the course of financial recovery, the debtor manages to repay the debt to creditors, then the arbitration court makes a decision to terminate the bankruptcy of the organization.

If the debt remains, then the bankruptcy procedure continues. In this case, the meeting of creditors, having studied the report of the administrative manager on the financial condition of the debtor, decides:

• Either about introducing the stage of external management;
• Or declaring the debtor bankrupt and conducting bankruptcy proceedings.

The arbitration court, based on the decision of the meeting of creditors, makes a determination on the next stage of bankruptcy.

External control stage

Management of the organization’s affairs at this stage is completely entrusted to an external manager, while the head of the organization is completely removed from the management of the organization and may be dismissed.

The maximum period of external management cannot exceed 18 months.

Important! During the period of external administration, a complete moratorium (deferment) on the execution of financial claims of creditors is imposed.

The external manager takes control of all the debtor's property and carries out its inventory, disposes of the debtor's property in accordance with the external management plan in order to achieve normal economic activity of the organization and repay debts. The manager also reports to creditors on the measures taken to achieve the goals of external management.

The external manager draws up a management plan and submits it to the meeting of creditors for approval. The external management plan must give an exact answer as to how long it will take to restore the debtor organization’s solvency.

During external management, the manager has the right to make decisions on closing ineffective production, selling part of the debtor's property, collecting receivables, selling the debtor's enterprise, and more.

If, as a result of external management, the manager has achieved satisfaction of all creditors’ claims, then he draws up an external management report and sends it to the arbitration court for approval.

Important! If all creditors' claims are satisfied, the arbitration court terminates the bankruptcy procedure of the organization.

If creditors demand that the debtor be declared bankrupt, the court makes a decision to carry out the bankruptcy proceedings.

Stage of bankruptcy proceedings

The maximum period for bankruptcy proceedings is 6 months. The bankruptcy trustee is in charge of bankruptcy proceedings. From the date of commencement of bankruptcy proceedings, all monetary obligations of the debtor’s organization are considered due, and the accrual of interest and penalties due to improper fulfillment of the obligation ceases. All financial, accounting documents, seals, stamps and other material assets are transferred to the bankruptcy trustee. The bankruptcy trustee evaluates the debtor's property.

All property of the organization must be included in the bankruptcy estate and must be sold at auction. The funds received from the sale of the debtor's property are subject to accounting and, at the expense of these funds, settlements are made with the debtor's creditors in the order of priority specified in 127-FZ “On Insolvency (Bankruptcy)”.

Important! After bankruptcy proceedings and full or partial satisfaction of creditors' claims, the debtor organization is declared bankrupt and liquidated.

The legal consequence of declaring an organization bankrupt is the writing off of part of the debt that remains outstanding after satisfying the creditors' claims through the sale of the bankrupt's property.

Settlement stage

At the same time, at any stage of bankruptcy, it is allowed that a settlement agreement can be concluded between the debtor and the bankruptcy creditors. The settlement agreement is subject to satisfaction by the arbitration court and is the basis for terminating the bankruptcy procedure of the organization.

Important! A settlement agreement approved by the arbitration court is binding on the parties to the settlement agreement and unilateral refusal to execute the settlement agreement is unacceptable.

Consequences of declaring an organization bankrupt

After the end of bankruptcy proceedings and full or partial repayment of creditors' claims, the arbitration court issues a ruling to terminate the bankruptcy case and declare the organization bankrupt. This determination is the basis for the liquidation of a legal entity and the entry of a corresponding entry on liquidation into the Unified State Register of Legal Entities (USRLE). An important consequence of declaring an organization bankrupt is that part of the creditors' claims that remain outstanding from the proceeds from the sale of the debtor's property are subject to write-off.

The bankruptcy procedure for a legal entity is a rather complex legal action, with a large number of legal nuances. Each stage of bankruptcy has its own characteristics, so the beginning of the procedure and full legal support of the stages of bankruptcy should be trusted to professionals - practicing lawyers who can carry out bankruptcy without unnecessary legal risks.

So, this article talks in detail about the stages of the bankruptcy procedure of a legal entity. And one of the goals of the organization procedure is to restore the solvency of the debtor organization; the activities of the arbitration court and arbitration managers are aimed at this. But if bankruptcy cannot be avoided, then this procedure allows the debtor organization to liquidate and write off part of the existing debt.

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Krainikov Vladimir

Krainikov Vladimir

Specialist in credit obligations, pre-trial and judicial settlement of loan disputes, assistance to borrowers in reducing loan debt.

Bankruptcy is the official declaration of an enterprise as an economically weak element in the market system. Financial ruin of a company occurs when losses exceed income and the company is unable to correct the economic situation. How exactly the bankruptcy procedure is carried out and what its stages are are detailed in the material below.

Bankruptcy of individuals and legal entities is regulated. If an organization or citizen cannot fulfill the demands of creditors and repay the debt within the prescribed period, bankruptcy occurs.

The market system is structured in such a way that competitive companies stay afloat, while economically weak enterprises go bankrupt. It is worth noting that default is not a risk without a reason. The reasons why a successful enterprise turns into an insolvent one are external and internal factors. External reasons include:

• Crisis situation in the country;
• Decline in production;
• Rising prices for resources;
• Development of international competition and others.

The internal ones include:

• Lack of modernization of technology, stagnation in matters of technological development;
• Reduced production capacity with increased production costs;
• Low sales of goods;
• Small client base and others.

The main reason for the bankruptcy of an enterprise is financial insolvency.

An enterprise becomes bankrupt only after filing with the Arbitration Court at the place of registration of the company. A claim may be filed by:

• The debtor himself;
• Creditor;
• Authorized body - Federal Tax Service, bank and others.

You can file an application with the court if the amount of the organization’s debt exceeds 100,000 rubles, and the delay is at least three months.

It is mandatory to notify of your insolvency if the manager understands that he will not be able to repay the debts incurred to creditors and if the sale of property will negatively affect the further development of the organization.

It is advisable to file a claim within a month from the onset of financial difficulties. The court will review the application for validity and appoint an arbitration manager who will help deal with the insolvency of the enterprise. It is worth noting that the manager must be a citizen of the Russian Federation and be a member of one of the self-regulatory organizations of arbitration managers. You can find out more about the application procedure from

Stages of bankruptcy

Recognition of an organization’s monetary “exhaustion” occurs on the basis of an established scheme, which includes five complex and protracted stages. Step-by-step stages of the bankruptcy procedure:

• Observation;
• Financial recovery;
• External control;
• Bankruptcy proceedings;
• Settlement agreement.

The bankruptcy procedure does not always include all five stages. The presence or absence of certain stages depends on the relationship between the debtor and the creditor.

Observation

Like the name itself, the stage covers monitoring the financial condition of the debtor. That is, an analysis of the level of solvency of the enterprise is carried out. Creditor claims are also drawn up and their first synchronization is carried out.

The duration of the stage is about 3-4 months, sometimes more. However, it should not exceed seven months. At the end of the first stage of bankruptcy, the manager must publish data on the financial condition of the enterprise in the Kommersant newspaper and on the website of the Unified Federal Register of Information.

Financial recovery

A detailed description of the financial recovery stage is in Chapter 3. Resolution involves attempts to save the company. The manager’s efforts are aimed at restoring the debtor’s solvency and paying off debts to creditors. For this purpose, a loan repayment schedule is drawn up and implemented. After drawing up the scheme, the debtor immediately begins to extricate himself from the debt hole. He reports to the manager about every step he takes. A legal entity does not have the right to enter into transactions that:

• Increase debt by 5%;
• Associated with the acquisition or abandonment of property;
• Result in the processing of loans.

The financial recovery stage lasts for a maximum of 2 years.

External control

At this stage, the bankrupt ceases to be on the list of fines and is released from penalties that relate to debts. The main goal of the stage: to improve the health of the enterprise. “Revival” is carried out using the following methods:

• Structural restructuring of the enterprise;
• Restructuring of financial obligations;
• Changing the profile of the enterprise;
• Reducing the number of specialists.

The bankruptcy procedure can last no more than 18 months at the external management stage.

Bankruptcy proceedings

The last stage of the insolvency procedure begins after the bankruptcy is declared by the court.

Bankruptcy proceedings are implemented if early attempts to restore the solvency of the enterprise were unsuccessful.

The court appoints a bankruptcy trustee who manages the property of the enterprise in order to satisfy the claims of creditors. A bankruptcy auction is also opened, at which debts are paid off in order. First, the debt is returned to the creditors of the first priority, then the second, third and so on. (Read about the order of payments in bankruptcy

It is worth noting that the creditor whose claims and obligations under the contract arose as a result of harm to health or life initially receives the debt. The validity period of the stage is no more than 18 months.

Settlement agreement

The last stage of the bankruptcy procedure is a settlement agreement.

A settlement agreement is concluded at any stage of the financial ruin process. The features of this stage are:

• Liquidation of previously drawn up obligations;
• Debt cancellation;
• Closing the case.

The settlement agreement is accepted by the debtor and creditors, and is also approved by the court. An agreement is drawn up in writing, which contains information about the amount and deadline for fulfilling the terms by the debtor.

The formalized rules of the settlement agreement must be observed taking into account the norms of the Civil Code and the Tax Code of the Russian Federation.

Simplified bankruptcy procedure for an enterprise

The simplified bankruptcy process of an enterprise is carried out taking into account all stages, but with minimal financial losses in the shortest possible time. The simplified system is described in detail in Chapter 11 of the Bankruptcy Law.

The differences between the simplified procedure for financial ruin of a debtor are:

• Insufficient assets of the organization to pay off debt;
• Consent of the participants in the procedure for liquidation of the enterprise. Such a decision is made on the basis of the incapacity and inexpediency of the organization;
• The deadline for paying off debts is limited to one month, while payments under the standard financial insolvency procedure are reduced to two months;
• When a bankruptcy petition is filed, the receivership phase begins immediately without the use of supervision;
• The stages of the simplified bankruptcy procedure operate without financial recovery, monitoring and external management.

A simplified form of financial insolvency procedure can be applied when the company is at the stage of liquidation and the chances of saving the company are zero.