The failure of an organization occurs when. Bankruptcy supervision procedure of a legal entity

Bankruptcy is a rather long and complex process, aimed primarily at the financial recovery of debtor enterprises and restoring their ability to carry out their normal activities, including settlements with all creditors.

When the financial recovery is impossible and all the stages of bankruptcy necessary for this have been passed, the compulsory liquidation of the company and the sale of all the existing property of the legal entity are applied.

The stages of the bankruptcy procedure are a set of measures taken against the debtor, aimed at restoring his solvency or liquidation. The moment the bankruptcy procedure begins is filing a statement of claim with the arbitration court.

The law provides for the following stages of bankruptcy:

• observation;
• financial recovery;
• external management;
• bankruptcy proceedings;
• amicable agreement.

The procedure for recognizing the insolvency of enterprises, companies, firms or other types of legal entities includes all stages of bankruptcy, except for an amicable agreement, which can be applied to any stage of bankruptcy and is concluded in exceptional cases.

Stage one - observation

Supervision is a bankruptcy procedure introduced by an arbitral tribunal when making a determination to accept an application for.

At this stage of bankruptcy, an analysis of the financial condition of enterprises is carried out, the value of all property is determined and an inventory is carried out, and creditors are identified. The purpose of this procedure is to determine whether the debtor is really unable to satisfy the creditors' claims in full at the moment. This procedure allows you to determine the real financial position of the debtor and at the same time preserve his property.

Based on the decision of the assembly, the court may rule as follows:

• a ruling on the introduction of external management or financial rehabilitation;
• decision on and on the opening of bankruptcy proceedings;
• the decision to approve the concluded amicable agreement and terminate the bankruptcy proceedings.

Second stage - financial recovery

The debtor, on the basis of the decision of its founders, may apply to the first meeting of creditors or to an arbitration court and apply for the introduction of financial recovery, but no later than 15 days before the day of the meeting.

Financial rehabilitation and approval of the administrative manager is introduced on the basis of the decision of the meeting of creditors in the arbitration court.

The debtor is obliged to provide the administrative manager, no later than one month before the end of the financial rehabilitation period, a report on the results of its implementation and the balance sheet as of the last reporting date. In addition, it is necessary to provide a profit, loss statement and documents that confirm the repayment of creditors' claims.

After that, the administrative manager within 10 days must consider the submitted report and draw up an opinion on the implementation of the plan, the schedule of debt repayment, satisfaction of claims and send this information to creditors and to the arbitration court.

After considering the results of the financial rehabilitation, the arbitration court may issue a ruling on the introduction of external management in the following cases:

• if a real possibility of restoring the company's solvency has been established;
• if a petition is filed with the creditors' meeting for transfer to external management.

The period of financial rehabilitation and external management should not exceed 2 years.

Third stage - external management

The arbitration court does not immediately make a decision on declaring a person bankrupt and provides him with the opportunity to restore his solvency, avoid the stage of bankruptcy proceedings and thereby preserve the status of a legal entity.

External management (the so-called judicial reorganization) is a bankruptcy procedure that is used to restore the debtor's solvency. All management powers are transferred to an external manager. It can last no more than 18 months, but it is possible to extend the term for another 6 months. External management is a kind of form within legal bankruptcy procedures.

Legal consequences of external administration:

• termination of the powers of the head and management bodies of the debtor, entrusting the management of all affairs to an external manager (the temporary and administrative managers must, within 3 days from the date of approval of the external manager, transfer to him the accounting documentation, seals and stamps of the enterprise);
• cancellation of all measures taken earlier to secure creditors' claims;
• introduction of a moratorium on satisfaction of claims.

Within a month, the external manager must draw up an external management plan and submit it for approval to the creditors' meeting. The plan should contain the main measures to restore the debtor's solvency, the procedure and conditions for the implementation of these measures, the costs of their implementation. The plan can only be approved and changed by a meeting of creditors, which must pass no later than 2 months after the approval of the external manager.

The external management plan may envisage such measures to restore solvency as the sale of part of the property, the closure of unprofitable production facilities, the placement of additional shares, the conversion of production, the collection of receivables, and other measures.

Based on the results of external management, the manager must submit to the meeting a report containing all information about the remaining and satisfied claims, the balance sheet of the enterprise and attach a register of creditors' claims to it.

Also, the report should contain a proposal either to terminate external management, if the enterprise's solvency has been restored or creditors' claims are satisfied, or to extend the period of external management, or to apply to an arbitration court with a petition to declare the debtor bankrupt and initiate winding up proceedings.

If the external management is completed or all claims are settled, the external manager remains to act as the head of the enterprise until a new manager is elected.

The fourth stage - bankruptcy proceedings

At the next stage of bankruptcy, the bankruptcy procedure begins. After the court has declared the debtor bankrupt, a message about this is published in the Bulletin of the Supreme Arbitration Court of the Russian Federation. The purpose of this procedure is the proportionate satisfaction of creditors' claims through the distribution of the bankruptcy estate.

At this stage of bankruptcy, the existence of a legal entity ceases. Bankruptcy proceedings are introduced for one year, but the period can be extended up to 6 months. The court approves the bankruptcy commissioner, who invites the appraiser to take an inventory of the property and - the funds received from the sale of all the debtor's property.

Creditors wishing to take part in the tender must submit their claims within 2 months from the date of filing the announcement of the debtor's bankruptcy. After this period expires, the register of claims is closed and the liquidator begins to settle accounts with creditors in the order of priority.

Out of turn, claims for payment of legal costs, repayment of utilities, payment of remuneration to the arbitration manager and current salary are satisfied.

First of all, claims for compensation for harm to life and health are satisfied. The second priority includes claims for the payment of wages, severance payments and royalties. The third priority includes the claims of other creditors.

After all settlements with creditors, the bankruptcy commissioner submits to the court a report on the bankruptcy proceedings and documents confirming the sale of all the debtor's property and the repayment of creditors' claims. Then the court issues a ruling on the completion of the bankruptcy proceedings, which must be submitted to the tax office within 5 days. After that, the tax authorities make an entry on the Unified State Register of Legal Entities.

Settlement agreement

An amicable agreement is an agreement concluded between the debtor and creditors in relation to the fulfillment of obligations. The agreement can be concluded at any stage of bankruptcy.

The decision to conclude an amicable agreement can be made by a majority vote of the bankruptcy creditors at the meeting.

In writing and approved by the arbitration court. The court can only after the repayment of debts for claims of the first and second priority. The approval of the agreement by the court during bankruptcy proceedings serves as the basis for the termination of the bankruptcy case.

In accordance with paragraph 1 of Art. 62 of the Federal Law "On Insolvency (Bankruptcy)", if, after considering the bankruptcy petition, the arbitration court recognizes it as justified, then an observation procedure is introduced.

The bankruptcy supervision procedure is introduced in order to:

• ensuring the safety of the debtor's property;
• analysis of its financial condition;
• drawing up a register of creditors' claims;
• holding the first meeting of creditors.

The observation procedure is mandatory, since it makes the debtor's solvency most clearly defined. To carry out the procedure, the arbitral tribunal shall appoint an interim manager. The rights and obligations of the interim manager are spelled out in Art. 66 and 67 of the Federal Law "On Insolvency (Bankruptcy)".

Consequences of the introduction of the supervision procedure in case of bankruptcy of a legal entity

From the date of the issuance of the ruling by the arbitration court on the introduction of surveillance, the following consequences occur:

• creditors have the right to present their claims to the debtor in the manner prescribed by the law "On insolvency (bankruptcy)";
• at the request of the creditor, proceedings in cases related to the collection of funds are suspended;
• on the basis of a ruling on the introduction of supervision, the execution of property recovery is suspended, including the removal of arrests on the debtor's property and other restrictions in terms of disposing of property imposed during enforcement proceedings (except for executive documents on the collection of wage arrears; payment of remuneration to the authors of the results of intellectual activity ; on reclaiming property from someone else's illegal possession; on compensation for harm caused to life or health; on payment of compensation in excess of compensation for harm);
• the payment of dividends, income by shares (shares), as well as the distribution of profits between the founders (participants) of the debtor is not allowed;
• no penalties (fines, penalties) and other financial sanctions are charged for non-fulfillment or improper fulfillment of monetary obligations and mandatory payments, except for current payments.

Stages of the bankruptcy supervision procedure

Sending messages about the introduction of the observation procedure.

The first stage of the observation procedure is the publication in the official publication (Kommersant newspaper) of a report on the introduction of the observation procedure.

The head of the debtor, within 10 days from the date of the court ruling on the introduction of the observation procedure, must notify the employees, founders (participants), the owner of the debtor's property - a unitary enterprise (clause 3 of article 68 of the bankruptcy law).

In order to identify the debtor's property and prevent its illegal alienation, the head should also notify the federal bailiff service, the social insurance fund, the tax service, and the banks in which the accounts are stored about the introduction of the observation procedure.

Analysis of the debtor's financial condition.

The analysis of the financial condition is carried out by the interim manager based on the accounting and financial statements of the debtor. This analysis must be carried out without fail, since on its basis the interim manager can most accurately determine the sufficiency of the property owned by the debtor to cover the costs, determine the possibility or impossibility of restoring solvency.

Setting the size of the requirements.

Based on the list of creditors, analysis of the financial condition of the debtor, as well as the publication of the observation procedure in the official publication, all creditors who will subsequently take part in the first meeting should be revealed. Creditors have the right to present their claims to the debtor within 30 calendar days from the date of publication of the notice on the introduction of supervision.

Creditors' claims are sent to the arbitration court, the debtor and the temporary administrator with the attachment of a judicial act or other documents confirming their validity. On the basis of a court ruling, they must be included in the register of claims.

Preparing for the first meeting of creditors.

After drawing up the register of claims, the interim manager determines the date, time and agenda of the first meeting of creditors. The temporary administrator must notify each creditor included in the register of the place and time of the meeting.

The interim manager must prepare the following package of documents: an analysis of the debtor's financial activities, a report on activities, a register of creditors' claims, a register of meeting participants, voting ballots and materials for review.

1. Procedure for holding the first meeting of creditors.

   The competence of the first meeting of creditors includes making decisions on the following issues:

   • introduction of financial recovery;
   • introduction of external management;
   • filing a petition with the court to declare the debtor bankrupt and to open bankruptcy proceedings;
   • formation of a creditors' committee, determination of the quantitative composition and powers, election of committee members;
   • determination of additional requirements for candidatures of an administrative administrator, external administrator, bankruptcy commissioner;
   • determination of the candidacy of the arbitration manager;
   • selection of the registrar from among the registrars accredited by the self-regulatory organization.

After the general meeting of creditors has been held, the temporary administrator must send the report and the decision of the creditors to the arbitration court.

On the basis of the decision of the first meeting of creditors, the arbitral tribunal shall make one of the following determinations:

• on the introduction of financial recovery;
• on the introduction of external management;
• on declaring the debtor bankrupt and on opening bankruptcy proceedings;
• on the approval of the settlement agreement and the termination of the proceedings.

The supervision procedure in the event of bankruptcy of a legal entity is not a reason for the dismissal of employees of the organization. At this stage, they can continue to work as before.

Bankruptcy supervision procedure of a legal entity

Observation procedure

Procedure:

Determine the possibility of starting bankruptcy proceedings.

An application for declaring the debtor bankrupt is accepted by the arbitration court if the claims against the debtor - a legal entity in the aggregate amount to at least three hundred thousand rubles, and these requirements have not been fulfilled within three months from the date when they should have been fulfilled.

Publish a notice of the debtor's application to the arbitration court by including it in the Unified Federal Register of Information on the Facts of Legal Entities.

The debtor, at least fifteen calendar days before the filing date of the application for declaring the debtor bankrupt, is obliged to publish a notice of filing with the arbitration court with the debtor's application by including it in the Unified Federal Register of Information on the Facts of Legal Entities.

3.2.

Documents confirming the existence of debt, as well as the inability of the debtor to satisfy the claims of creditors in full.

3.3.

Documents confirming the basis of the debt.

3.4.

Constituent documents.

3.5.

Certificate of state registration of a legal entity.

3.6.

Tax registration certificate.

3.7.

List of creditors and debtors of the applicant with a breakdown of accounts payable and receivable and an indication of the addresses of the creditors and debtors of the applicant.

3.8.

Balance sheet as of the last reporting date or documents replacing it.

3.9.

The decision of the owner of the property of the debtor - a unitary enterprise or the founders (participants) of the debtor, as well as another authorized body of the debtor on the debtor's appeal to the arbitration court with the debtor's application (if any).

3.10.

The decision of the owner of the property of the debtor - a unitary enterprise or the founders (participants) of the debtor, as well as another authorized body of the debtor on the election (appointment) of a representative of the founders (participants) of the debtor or a representative of the owner of the property of the debtor - a unitary enterprise.

3.11.

Minutes of the meeting of the debtor's employees, at which a representative of the debtor's employees was elected to participate in the arbitration process in the bankruptcy case, if the said meeting was held before the debtor's application was filed.

3.12.

A report on the value of the debtor's property prepared by the appraiser (if any).

3.13.

Documents confirming that the head of the debtor has access to state secrets, indicating the form of such access (if the debtor has a license to carry out work using information constituting a state secret).

3.15.

Receipts for sending copies of the application and annexes to it to the persons participating in the case.

3.16.

Select a self-regulatory organization of insolvency practitioners

In order to indicate a self-regulatory organization of bankruptcy commissioners in the debtor's application, it is determined by random selection in the manner established by the regulatory body when publishing a notice of the debtor's application to the arbitration court.

Pay the state fee

You can find a sample of filling out a receipt for payment of state duty and the necessary details on the website of the arbitration court of your region.

Send a copy of the package of documents to the parties to the process

Send the finished application with the attached documents by mail to all known creditors: you will need copies of receipts for sending the application to creditors, among other documents they will need to be attached to the application to the court.

Send the finished application with the attached documents by mail to the debtor: you will need copies of receipts for sending the application, among other documents they will need to be attached to the application to the court.

Send an application with attachments to it to the court

The bankruptcy petition is filed with the arbitration court at the location of the debtor - a legal entity.

The court has five working days to decide whether to accept the application, refuse to accept, return or leave it without movement.

Take part in the consideration of the case in court

The court session to verify the validity of the application for declaring the debtor bankrupt shall be held no less than fifteen days and no more than thirty days from the date of the ruling on accepting the application for declaring the debtor bankrupt.

The court issued a ruling recognizing the applicant's claims as justified and introducing surveillance

The determination on the recognition of the applicant's claims as justified and the introduction of supervision is made if the applicant's claim meets the conditions established by clause 2 of Art. 33 Federal Law No. 127-FZ of October 26, 2002 "On Insolvency (Bankruptcy)", was recognized as justified and not satisfied by the debtor as of the date of the arbitration court session, the existence of the grounds provided for clause 2 of Art. 3 Federal Law dated 26.10.2002 No. 127-FZ "On Insolvency (Bankruptcy)", or the debtor's application meets the requirements art. 8 or art. nine Federal Law of 26.10.2002 No. 127-FZ "On Insolvency (Bankruptcy)".

The observation procedure is introduced based on the results of the consideration of the validity of the debtor's application and the issuance of a ruling on the recognition of the applicant's claims as justified and the introduction of supervision, the period is calculated from the date the arbitration court accepts the debtor's application for proceedings.

The arbitral tribunal shall appoint a temporary administrator to carry out the monitoring functions. The interim manager acts in parallel with the management of the debtor, who is not suspended from performing their duties.

Creditors' claims for monetary obligations and for the payment of mandatory payments, the due date for which has come on the date of introduction of supervision, can be presented to the debtor only in compliance with the procedure for filing claims against the debtor established by the Federal Law "On Insolvency (Bankruptcy)".

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 against the debtor in the manner prescribed by the Federal Law "On Insolvency (Bankruptcy)".

The execution of enforcement documents on property penalties is suspended, including the removal of arrests on the debtor's property and other restrictions in terms of the disposal of the debtor's property imposed during enforcement proceedings, with the exception of enforcement documents issued on the basis of judicial acts that entered into legal force before the date of observation of collection of wage arrears, payment of remuneration to the authors of the results of intellectual activity, on reclaiming property from someone else's illegal possession, on compensation for harm caused to life or health, and on compensation for moral damage. The basis for the suspension of the execution of court orders is the decision of the arbitration court on the introduction of supervision.

It is not allowed to satisfy the claims of the founder (participant) of the debtor on the allocation of a share (share) in the property of the debtor in connection with the withdrawal from the composition of its founders (participants), redemption or acquisition by the debtor of placed shares, or payment of the actual value of the share (share).

Termination of the debtor's monetary obligations by offsetting a homogeneous counter claim is not allowed if the established p. 4, art. 134 of the Federal Law "On Insolvency (Bankruptcy)" priority of satisfaction of creditors' claims.

The seizure by the owner of the property of the debtor - a unitary enterprise of the property belonging to the debtor is not allowed.

Payment of dividends, income by shares (shares), as well as distribution of profits between the founders (participants) of the debtor is not allowed.

Objectives of the observation procedure

12.1.

Ensuring the safety of the debtor's property.

12.2.

Analysis of the financial condition of the debtor.

12.3.

Drawing up a register of creditors' claims.

12.4.

First meeting of creditors.

Measures in the observation procedure

13.1.

Observation introduction message - referral for publication.

In accordance with the Federal Law "On Insolvency (Bankruptcy)" No. 127-FZ, information on the introduction of supervision is subject to mandatory publication.

Debtor's name and address;

The name of the arbitration court that adopted the judicial act, the date of adoption of such a judicial act and an indication of the name of the introduced bankruptcy procedure, as well as the number of the debtor's bankruptcy case;

Surname, name, patronymic of the approved insolvency practitioner and the address for sending correspondence to him, as well as the name of the relevant self-regulatory organization and its address;

The date of the next court hearing to consider the bankruptcy case set by the arbitration court;

Other information.

Term: Within 3 days from the date of receipt of the decision of the Arbitration Court.

Recommendations: Information to be published is published in the official publication determined by the Government of the Russian Federation - the newspaper Kommersant. Information is also published in electronic media in the manner determined by the Government of the Russian Federation ( h. 1 tbsp. 28 of the Federal Law of 26.10.2002 No. 127-FZ "On Insolvency (Bankruptcy)").

If the debtor does not have property sufficient to reimburse the costs of publication, it is carried out at the expense of the creditor who has filed an application for initiating a bankruptcy case against the debtor.

13.2.

Publication notice - to the Arbitration Court.

Notify Arbitration Court of Publication.

13.3.

Notification of the introduction of the monitoring procedure - to the management of the enterprise - the debtor.

Notification of the debtor's manager, chief accountant, chairman of the Board of Directors about the appointment of an interim manager, the consequences of the introduction of the monitoring procedure and restrictions on transactions.

Term: Within 5 days from the date of receipt of the Arbitration Court's Ruling.

13.4.

Request to the head of the debtor for the provision of documents.

Request to the head to provide a list of documents, indicating postal addresses. Requests to the head of the debtor to submit the necessary documents to analyze the financial condition of the debtor (statutory documents, information about the current accounts of the debtor, balance sheets and statements for the past 2 years, decoding of receivables and payables, information on the composition of property, etc.).

Term: Within 3 days from the date of receipt of the Arbitration Court's Ruling.

Recommendations: Simultaneously with the notification of the management, a request for the provision of documents should be sent. These documents are necessary for the preparation of a financial and economic analysis of the Debtor. The main documents for the analysis are balance sheets with profit and loss statements quarterly for the previous two years

13.5.

Creditors Notice.

Notifying all identified creditors of surveillance.

Term: Within 14 days from the date of publication.

13.6.

The contract of liability insurance of the interim manager is to be submitted to the Arbitration Court if necessary.

If necessary, submit a professional liability insurance contract to the Arbitration Court, if the book value of fixed assets as of the last reporting date is more than 100 million rubles, provide an additional insurance contract.

Term: Within 10 days of the appointment.

Recommendations: The interim manager is obliged to insure the liability with an additional insurance contract if the book value of the debtor's assets exceeds 100 million rubles. this agreement is submitted to the Arbitration Court.

13.7.

Notification of state bodies about the introduction of supervision - FTS, FSSP, FSS.

Notification of the Inspectorate of the Federal Tax Service, BSP, FSS on the introduction of surveillance.

Recommendations: It is necessary to notify all government agencies about the introduction of the monitoring procedure. This must be done in order to identify the debtor's property and prevent its illegal alienation, as well as to avoid further conflict situations. It is desirable to notify the largest number of government agencies and organizations.

13.8.

Notification of the debtor's bank on the introduction of supervision.

Notifying banks about the introduction of surveillance.

Recommendations: All banks where there are current accounts of the Debtor must be notified. This must be done in order to prevent the illegal withdrawal of funds from these current accounts by fiscal authorities.

13.9.

Request for the provision of the minutes of the meeting of the labor collective.

Send a request for the provision of the minutes of the meeting of the Labor collective.

Recommendations: We recommend facilitating the holding of a labor collective meeting in order to elect a representative of the labor collective at the first meeting of creditors. Especially in the case of large wage debts.

13.10.

Control over the notification by the head of the debtor of interested parties.

Control over the notification by the head of the debtor's employees, founders (participants) of the debtor, shareholders about the introduction of the observation procedure and the appointment of an interim manager.

Term: Within 10 days from the date of issuance of the Arbitration Court ruling.

13.11.

Control over the debtor's transactions.

Control over transactions made by the debtor during the observation period.

13.12.

Control over ensuring the safety of property.

Control over the implementation of measures to ensure the safety of property imposed by the court on the debtor.

Recommendations: The interim manager must assess the measures taken to preserve the property. If the measures taken by the Debtor to preserve his property are insufficient, the interim manager takes measures to preserve the Debtor's property.

13.13.

Financial analysis.

Analysis of documents received from the head of the debtor.

Compilation of a complete analysis of the financial and economic activities of the debtor.

Conclusion about the possibility or impossibility of restoring the debtor's solvency.

Conclusion on the sufficiency of the debtor's funds to cover legal costs and payment of remuneration to the bankruptcy commissioner.

Legal analysis of the debtor's documents. Request the necessary documents (agreements on major transactions for the previous 3 years).

13.14.

Submission of claims for the recognition of the debtor's transactions as invalid.

If necessary, sending on its own behalf to the Arbitration Court of claims to invalidate the debtor's transactions, as well as to apply the consequences of the invalidity of void transactions.

Recommendations:When analyzing the debtor's documentation, the Debtor's transactions are checked for compliance with the law. If you find transactions that contradict the current legislation, you need to apply to the Arbitration Court with a statement of claim. We recommend that the discovered facts be reflected in the analysis of the Debtor's financial and economic condition.

13.15.

Identification of the debtor's creditors.

If necessary, identify the debtor's creditors by analyzing financial documents.

13.16.

Inquiries to the Federal Tax Service, FSSP.

Inquiries to the IFTS, SSP in order to identify the addresses of unidentified creditors and wage arrears.

Recommendations: Duplicates of constituent documents and other documents are requested from the tax authority. The bailiff service requests information on the available enforcement proceedings regarding the Debtor's property.

13.17.

Participation in court hearings - the debtor's objections to the creditors' claims.

Participation in court hearings to consider the debtor's objections to the claims of creditors.

Recommendations: The claimed claims of creditors are considered by the Arbitration Court. The interim manager must attend court hearings. But there is a practice that the interim manager participates in court hearings through representatives.

13.18.

Register of creditors' claims - drawing up.

Drawing up a register of creditors' claims in order to participate in the first meeting of creditors.

13.19.

First meeting of creditors - preparation.

Determine the date and agenda of the first meeting of creditors.

Notification of the representative of the labor collective, the head of the debtor, the representative of the owner of the property of the debtor, authorized bodies of the meeting of creditors.

Notifying all creditors of the date, time, place and agenda of the 1st meeting of creditors.

Term: 14 days before the Meeting of Creditors.

Recommendations: The interim manager determines in advance the date of the first meeting of creditors. All creditors included in the register of creditors' claims must be duly notified. In the absence of premises suitable for holding a meeting of creditors at the Debtor, according to the letter of the debtor, the temporary administrator himself chooses the place of holding the meeting. The venue of the meeting should suit the creditors. The secretary of the meeting is selected from among the creditors or selected by the manager in advance. The entire package of documents is prepared for the meeting of creditors, namely: the register of creditors' claims, voting ballots, analysis of the financial and economic condition, report on activities, evidence of notification of meeting participants, registration log of meeting participants.

13.20.

Meeting of creditors - holding.

Preparation of a plan for conducting and draft decisions of the first meeting of creditors.

Interim manager's report - preparation of a report by the interim manager on the financial condition of the debtor and the prospects for restoring solvency.

Preparation of the registration journal, issuance of ballots and voting of the participants of the first meeting of creditors.

Appendices to the minutes of the meeting of creditors:

1) the register as of the date of the meeting of creditors;

2) documents confirming the powers of the participants;

3) materials for review;

4) evidence of the notice of the meeting of creditors;

Preparation of documents for the meeting of creditors:

1) Notification of the representative of the labor collective, the head of the debtor, the representative of the owner of the property of the debtor, authorized bodies of the meeting of creditors.

2) Notifying all creditors of the date, time, place and agenda of the 1st meeting of creditors.

3) Preparation of a plan for holding and draft decisions of the first meeting of creditors.

4) Preparation of a report by the interim manager on the financial condition of the debtor and the prospects for restoring solvency.

5) Preparation of the registration journal, issuance of ballots and voting of the participants of the first meeting of creditors.

Measures during the meeting of creditors:

1) Registration of participants in the first meeting of creditors.

2) Report of the interim manager on the results of the monitoring procedure, analysis of the debtor's financial condition and recommendations on the advisability of the subsequent bankruptcy procedure.

3) Elaboration of a decision on the introduction of financial rehabilitation, external management or bankruptcy proceedings, based on the report of the interim manager.

4) Counting the results of voting on the agenda items of the meeting and making decisions by voting by representatives of creditors in accordance with Art. , Federal Law of 26.10.2002 No. 127-FZ "On Insolvency (Bankruptcy)" and on the basis of the register data.

5) Possibility of increasing the remuneration of the interim manager.

6) Determination of requirements for the candidacy of the next bankruptcy commissioner.

7) Determination of the self-regulatory organization, which will have to submit to the Arbitration Court the candidates for managers.

8) Determination of the number of members of the creditors' committee and election of its members by cumulative voting.

9) Registration of the minutes of the first meeting of creditors.

Recommendations: The meeting of creditors is held on time. The responsibility for holding the meeting lies with the interim manager. We recommend that the temporary administrator provide complete information about the Debtor's property and its financial condition.

13.21.

Report of the External Administrator to the Arbitration Court - on the observation.

Report of the Interim Trustee to the Arbitration Court on the observation. Minutes of the meeting No. 1 to the Arbitration Court with evidence of notifying creditors about the first meeting of creditors.

1) Report on the observation.

2) Information about the financial condition of the debtor.

3) Register of creditors' claims.

4) Proposals on the possibility or impossibility of restoring the debtor's solvency.

Term: Not later than 5 days from the date of the Meeting of Creditors.

13.22.

Report to the SRO.

Send the register of creditors, financial analysis, report, minutes of the interim manager to the SRO.

Recommendations: In parallel with the submission of the report to the Arbitration Court, documents are sent for the report to the SRO.

End of observation procedure

End of observation issues are regulated art. 75 Federal Law No. 127-FZ of October 26, 2002 "On Insolvency (Bankruptcy)", according to which the arbitration court, on the basis of the decision of the first meeting of creditors, makes a ruling on the introduction of financial recovery or external management, or makes a decision on declaring the debtor bankrupt and opening bankruptcy proceedings, or approves the settlement agreement and terminates the bankruptcy proceedings.

Bankruptcy is one of the options for liquidating an unviable business. If the company has accumulated a considerable amount of overdue monetary obligations, and the available assets are clearly not enough to satisfy all the claims of creditors, then it is time to prepare to enter bankruptcy proceedings.

What are the positive aspects of bankruptcy

The positive aspects of official bankruptcy are obvious:

• LLC is released from debt obligations not only to banks, contractors and employees, but also to the state;
• lLC assets are protected from arrest and raider manipulations;
• the founders and management of the company are not subject to liability (tax or administrative).

Due to the fact that the full passage of the procedure is very extended in time - from filing an application to a court verdict can take up to 1.5-2 years - the need to declare bankruptcy should be approached sensibly.

Important: support of the bankruptcy procedure requires the involvement of an independent manager, who must be paid remuneration throughout the entire period of insolvency.

Who can claim bankruptcy?

The financial and business insolvency of a company, recognized in court, is a fairly safe way to get rid of an organization in agony. An LLC applying for bankruptcy status must meet the following criteria:

• the amount of all debts in the financial statements is 300 thousand rubles or more;
• delay in mandatory payments lasts more than three months;
• the firm does not have the capacity to pay off existing debts.

The presence of three components that give the right to declare an LLC bankrupt does not mean that all organizations with debts should resort to obtaining bankruptcy status. The procedure is relevant for companies that have not only a high level of debt, but also significant financial and economic activity with large cash flows.

The formal signs of bankruptcy stipulated in the Civil Code and FZ-127 "On Bankruptcy (Insolvency)", in most cases act as the "tip of the iceberg", hiding omissions and flaws in the organization and management of LLC.

Prerequisites for LLC insolvency

Lack of professional financial and economic management is one of the main reasons leading to a situation preceding bankruptcy. The critical situation of the enterprise can be manifested by the following signs:

• decrease in the value of current assets;
• the growth of overdue receivables due to the illiterate expansion of the sales market, the shipment of goods to unverified counterparties, the issuance of commodity and financial loans to insolvent entities;
• non-compliance with the rational distribution of income and expenses;
• lack of demand for the company's products / goods due to uncompetitive prices, inconsistency between the cost of the goods and its quality;
• disproportionate ratio of LLC assets to the amount of borrowed funds.

The external reasons leading to the bankruptcy of an LLC are manifestations of the economic crisis when strong companies with competent management survive.

If you analyze the balance sheet of an LLC, then alarming factors may be:

• "Zigzags" in the display of inventories - a sharp increase or zeroing of the corresponding balance indicator;
• permanent increase in long-term receivables and payables;
• increase from period to period of debts to the staff and founders of the LLC;
• decrease in the value of liquid assets (fixed assets, warehouse stocks).

The manifestation of the listed symptoms suggests that the organization may soon become bankrupt.

Who can file for bankruptcy

The decision on insolvency of LLC is made By the Arbitration Court... Applicants in the process can be:

• state control structures - in the presence of progressive budgetary and pension payments arrears;
• counterparties acting as creditors for a long time do not receive money for the shipped goods or services provided;
• banking organizations - if there are delays in regular loan payments.

The head / founder of an LLC can also declare bankruptcy if he is sure that it is impossible to restore the company's solvency and to pay off accumulated debts.

Submitting an application to Arbitration is not only the very first, but also the most important step on the way to obtaining bankruptcy status. At this stage, it is necessary to provide strong evidence that the LLC is not able to pay off existing debts and substantiate its claims.
Files

For a month, the court will study the submitted documented arguments before deciding to start bankruptcy proceedings.

Bankruptcy stages

The classic bankruptcy procedure, regulated by federal law, consists of four stages:

• observation;
• financial reorganization;
• external management;
• bankruptcy proceedings.

Observation

The LLC continues to function normally, but its activities are controlled by the arbitration manager. The management of the company is deprived of the right without the consent of the manager to conclude transactions for the sale and purchase of assets, obtain loans. In addition, no dividends are paid to participants during the observation stage and no profits are distributed. At this stage, a list of creditors is formed and their first meeting is held with the definition of a register of claims for a future bankrupt.

The main task of the manager at the monitoring stage is to make sure that all the signs of insolvency of the LLC are true, and the company does not intend to resort to fictitious bankruptcy.

The first stage lasts up to 7 months, after which the bankruptcy commissioner submits his reasoned decision to the court regarding the advisability of continuing the procedure. The manager's conclusions are based on a detailed study of the financial potential of the LLC, and contain recommendations for moving to one of the next stages of the procedure.

You should know: any allowed to conclude an amicable agreement with creditors. For this, an optimal debt payment schedule is drawn up, which will suit both the debtor and his partners. The peace settlement agreement is approved by the Arbitration Court.

The need for financial reorganization of the LLC

Financial recovery is applied when there is the prospect of restoring normal functioning companies. In accordance with the rehabilitation plan, the LLC must pay off its debts in proportional shares. In order to secure repayment, a preferential tax period or financial loans from third parties (including from creditors) are applied. The rehabilitation stage lasts up to 24 months. During this time, the LLC must restore its financial reliability and settle further activities.

Application of external control

External management is aimed at carrying out activities for restoration of solvency firms. The managers of the LLC under external management are deprived of their powers, and a moratorium is imposed on the claims of creditors. The funds that were supposed to go to pay off debts are redistributed for the implementation of actions that contribute to the economic stabilization of the debtor.

Introduction of bankruptcy proceedings

The introduction of bankruptcy proceedings is characterized by formation of property (bankruptcy) estate in order to ensure the satisfaction of creditors' claims in accordance with the priority. At the end of the bankruptcy proceedings, the debtor's assets are sold, part of the debts is paid off, and those liabilities for which the existing bankruptcy estate was not enough are considered canceled.

Completion of bankruptcy proceedings actually means the termination of the activities of the LLC. The manager sends the documents to the registration authority, where the exclusion of the company from the Unified State Register of Legal Entities is recorded.

Bankruptcy under the simplified scheme

About 50% of cases related to the bankruptcy of an LLC are considered in a simplified manner. In contrast to the general scheme, where the liquidation of a company is the final stage, in case of a “lightweight” bankruptcy, the procedure begins with a decision on liquidation.

As soon as the founders of the LLC agree among themselves on the voluntary liquidation of the company through bankruptcy, they draw up an appropriate decision. Along with this, it is necessary establish a defendantwho will accompany the entire procedure - an arbitration / bankruptcy commissioner.

An application to the Arbitration is submitted with the application of a set of documents established by the regulations, among which, in addition to the constituent documentation, it is necessary to have a balance sheet and primary documents certified by the head (reconciliation statements, payment orders, accounting certificates).

Need to know: bankruptcy can be initiated by the debtor himself or by government agencies (including banks). If the applicant is a controlling or banking organization, then it takes over the financing of the bankruptcy procedure.

If the court issues a verdict on declaring the LLC insolvent (bankrupt), then, bypassing the intermediate stages, the appointed manager carries out the bankruptcy proceedings. In 6-9 months, a property mass is created, subject to sale at auction, and creditors' claims are satisfied.

Features of simplified bankruptcy

The simplified option of obtaining bankruptcy status is an extremely convenient procedure for the debtor. However, for its application, a number of conditions must be met:

• the decision on liquidation is made by the sole (or majority) participant of the LLC;
• the assets of the LLC are insignificant and their sale cannot satisfy the claims of creditors;
• the presence of an illiquid balance at the time of the decision on voluntary liquidation;
• high level of budget payments arrears.

Keep in mind: if the court reveals the sale of the assets of the LLC, carried out before the start of the bankruptcy procedure, then such transactions can be challenged, and the decision of the Arbitration Court will be negative for the debtor.

The time frame for completing the procedure for simplified bankruptcy has been reduced by almost half - the register of creditors is closed a month after the bankruptcy announcement. This gives the company additional opportunities to reduce the real amount of debt.

The fact of significant savings in finances to ensure the procedure is also important - due to the reduced time frame, the amount of remuneration to the manager will be much less.

A negative point in the application of the simplified procedure for declaring an LLC bankrupt is the fact that after a court decision has been made, it is impossible to resume the company's activities.

Bankruptcy according to the Federal Law of the Russian Federation "On Insolvency (Bankruptcy)" can be defined in two concepts. Firstly, the bankruptcy procedure is a legal fact, which is expressed in the inability of an organization or an individual to pay off debts, as well as pay off debts to their creditors due to lack of funds and ruin. Secondly, the bankruptcy procedure is a lawsuit introduced by the arbitration court at the request of the debtor's creditor or directly by the debtor himself. The procedure for the introduction of this process is regulated by the current regulatory legal acts. In our country, only bankruptcy is usually implemented, the procedure of which concerns organizations, but there are no individuals, since the legal mechanisms have not yet been fully worked out.

Often, an organization is subject to bankruptcy due to the fact that it cannot pay off its debt, which arose in the process of concluding legal civil contracts, conducting business activities, and non-payment to the budget and extra-budgetary fund.

The essence of the bankruptcy procedure is that when an organization cannot close its obligations to creditors, it gives them its property or in relation to it, special procedures are introduced that help to improve the financial situation and restore the organization's solvency to pay off debt.

In order for the debtor to be declared bankrupt, the organization must have all the signs of bankruptcy, which are provided for by law. There are two conditions:

1. The debt is at least 100 thousand rubles.
2. The payment is overdue for more than 3 months from the time when payment obligations are due.

All bankruptcy procedures begin with a declaration of the debtor's bankruptcy.

It can be filed both by the company itself, which declares itself bankrupt on a voluntary basis, and the creditor (one or more) in the form of an extreme measure on the issue of returning its finances.

It happens that insolvency procedures for the fulfillment of financial obligations are used to conceal the theft of the company's property, as an illegal means of misleading counterparties and avoiding obligations. This type of bankruptcy is also called fictitious and is punished in accordance with the Criminal Code of the Russian Federation. In addition, the Code of Administrative Violations and the Criminal Code provide for judicial liability for. This is an action / failure to act by a member or company manager, causing damage to the organization and leading to its insolvency.

After the application for declaring the debtor bankrupt is accepted, the arbitration court examines its validity, that is, all signs of bankruptcy are checked. If the creditors' claims at the time of the court hearing have not yet been satisfied, the court carries out four main bankruptcy procedures:

• observation;
• financial recovery;
• external management;

Financial recovery and management procedures are somewhat similar, because both have a restorative focus and are considered an alternative to bankruptcy proceedings, which usually ends with the liquidation of the organization.

Supervision - the first stage of bankruptcy

The general rule provides for a certain time frame for this procedure - 7 months. Its main task is to take effective measures to preserve the debtor's property. This is an important point that is necessary for analyzing the financial condition of an insolvent organization and further deciding on the objective satisfaction of the creditor's claims and the future of the company.

In order for the analysis of the financial condition to be more independent and effective, as well as for the management of the company in the process of the supervision procedure, the court is appointed.

The purpose of the financial analysis is:

• finding out the possibility of restoring the organization's solvency;
• repayment of accounts payable;
• determining the sufficiency of assets to cover legal costs;
• identification of wage arrears to company employees.

In addition, there is another important observation task. This is the compilation of a register of the creditor's claims. Any creditor, from the moment it is introduced, sends its claims to the arbitration court and to the interim manager. Based on this, it is determined how many creditors the organization has and what requirements they present. Each of the requirements is considered by the court separately, checking their validity and issuing a determination to refuse / include them in the register.

Creditors who have declared their claims within a month from the date of publication of the announcement of commencement may participate in the first meeting of creditors. Those who missed this deadline will be considered in the next procedure after the observation. They are not entitled to participate in the first meeting of creditors.

A rather important point in the observation procedure is. It determines the further development of bankruptcy, the procedure of which is carried out to consider the following issues:

• is it possible to conclude an amicable agreement;
• what procedure will follow the observation.

In addition, a candidate is approved for the role of a registrar, an arbitration manager, who will subsequently direct further procedures, and the creation is carried out. All issues are resolved during the voting process.

Financial recovery - the second stage of bankruptcy

This stage is distinguished by two important features. The first is that the company continues to function, and the founders have relative control over it, despite the fact that the bankruptcy procedure has been introduced. Usually, the controls remain the same. However, there are also limitations. For example, the debtor cannot decide to reorganize the company without the consent of the creditors' committee or does not have the right to conclude transactions to alienate the organization's property.

The second feature assumes that when restoring financial solvency, the court, making an appropriate decision, approves a plan for repayment of accounts payable and sets a deadline for restoring the company's solvency. If the bankruptcy procedure is supposed to be carried out when the claims have not been satisfied, and the time frame is less than 48 months from the beginning of the process, the creditors' meeting submits a petition to the arbitration court for external management.

External management - the third stage of bankruptcy

The procedure for external management differs from financial rehabilitation in that its management bodies and the CEO are removed from the management of the company. The responsibility for managing the company rests with an external manager. An important feature of such a procedure is that it is introduced, which arose before its introduction. This gives the debtor a chance to defer payments, thereby increasing the time it takes to restore the debtor's financial solvency.

The procedure of which provides for the preparation of a plan of measures for liquidation of insolvency, involves:

• assignment of claims;
• re-profiling of the company's activities;
• sale of property of the debtor organization;
• closure of unprofitable industries and more.

The external management procedure lasts 18 months. The court can extend it for up to 6 months.

Bankruptcy proceedings - the last stage of bankruptcy

If the company has failed to eliminate accounts payable in the process described above, the final stage begins - bankruptcy proceedings. From that moment on, the organization is bankrupt. The purpose of bankruptcy proceedings is to eliminate the debtor enterprise and satisfy the creditor's claims through the sale of the organization's property. This stage is supervised by the liquidator and lasts six months. One of the important tasks of bankruptcy proceedings is considered to be a complete inventory and valuation of the company's property.

This property is from which the claims of creditors are proportionately satisfied. All this is recorded in. According to this report, after all the requirements are satisfied, a court decision is made to complete the bankruptcy proceedings. This determination is sent by the bankruptcy commissioner to the state registration authorities, which make an entry in the Unified State Register of Legal Entities on the termination of the organization's activities. It is worth remembering that bankruptcy insolvency procedure in the form of bankruptcy proceedings is an extreme measure of collection of accounts payable. Thus, it can be understood that the legislation provides for a number of scenarios for bankruptcy procedures, ranging from the full restoration of financial solvency and ending with criminal liability. If it is impossible to restore solvency, the law guarantees judicial protection of the interests of the creditor by collecting the organization's debts at the expense of its property.