Advanced Search

Regulation The Company's Reorganization

Original Language Title: Asetus yrityksen saneerauksesta

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.

Regulation on restructuring of the company

See the copyright notice Conditions of use .

The presentation of the Minister for Justice is governed by the Law of 25 January 1993 on the restructuring of the company (47/93) § 69 Pursuant to paragraph 3 and Article 80:

ARTICLE 1 (8 MARCH 2007)
The debtor's application

The initiation of a debtor application procedure shall be accompanied by:

(1) the extract of the trade register or, in the case of a non-significant debtor in the trade register, the ote from the company and the entity identification register;

(2) a copy of the statutes or articles of association and, where the activity of the debtor requires authorisation by the authority, a statement of the existence of the relevant authorisation;

(3) in the case of a debtor, an entity report on its ownership;

(4) a copy of the last two financial statements for the last two financial years and, where more than four months have elapsed since the end of the last financial year, the interim financial statement, which shall not exceed three months;

(5) a statement indicating the actual field of activity and the number, location and number of the number of persons employed, as well as the turnover of the debtor, the value of the assets and the total amount of the liabilities and the amount of the liabilities, broken down by collateral;

(6) a list of creditors, including at least the creditors who are required to exceed eur 1 000 and the name and address of each creditor, the amount of the claim and the security of the claim and the names and addresses of the guarantors and guarantor;

7) a list of significant assets;

(8) An auditor authorised by the Chamber of Commerce, or, where the debtor law does not have to have such an auditor, an explanation as referred to in Article 1a of the auditor approved by the Chamber of Commerce;

(9) an indication as to whether an application for bankruptcy of a debtor is pending before a court;

10) other necessary clarification.

If the debtor is a farm or a reindeer economy or a fishing operator:

(1) the application shall, unless the debtor is subject to the accounting law of (136/1997) , instead of the report referred to in paragraphs (1) (4) and (5), be accompanied by an explanation of the last taxation submitted and the last tax declaration, together with the annexes;

(2) the report, as referred to in point (8) of the annex to the application, may provide a designator familiar with the economic advice of the rural centre, except when the question is a Community where the law requires an auditor.

§ 1a (8 MARCH 2007)
Financial auditor's report

The report referred to in Article 1 (1) (8) shall include:

(1) Opinion on the most recent annual accounts and the interim financial statements annexed to the application;

2) Opinion on the facts to be taken into account when assessing the financial position of the debtor on the basis of the financial statements;

3) Opinion on the Law on the restructuring of the company Article 69 of the ec Treaty The report referred to in paragraph 2 relating to the main causes of the debtor's financial difficulties, to continue operating in the future, to cover the costs of the restructuring process and to the extent to which the debtor is able to pay Debts not included in restructuring debts;

(4) to the extent necessary, information on other aspects which may be relevant for the assessment of the conditions for the initiation of the restructuring procedure referred to in Articles 6 and 7 of the company's restructuring.

ARTICLE 2
Application for a creditor or a likely creditor

The application procedure for the application of a creditor or probable creditor shall be accompanied by:

1) the product register of the debtor;

(2) in the case of the debtor, the entity which is obliged to provide the financial information to the patent and registration board, a copy of the final financial statements available to the creditor;

(3) an explanation of the circumstances referred to in Article 1 (1) (3) and (5) where they are known to the applicant;

(4) a statement of the creditor's claim and the applicant's relationship with the debtor; and

5) a statement of reasons for the application.

ARTICLE 3 (8 MARCH 2007)
Application by the debtor and the creditors of the application by the creditors

The application for the application by the debtor and the creditors referred to in Article 6 (1) (1) of the Law on the restructuring of the company shall be accompanied by:

1) a statement of the debtor, with the exception of the report referred to in Article 1 (1) (8) and Article 1 (2) (2);

2) a statement of the claims of the creditors and the creditor's relationship with the debtor.

§ 3a (8 MARCH 2007)
Notifications of the application

The court shall, without delay, notify the Court of Justice of the application for the initiation of the restructuring procedure to the court which, at the time of the application, had jurisdiction in the case of the liquidation of the debtor.

§ 4
Alerts

The court or tribunal shall publish without delay the announcement of the opening decision in the Official Journal, unless the decision provides that the alert must not be provided. The alert shall state:

(1) the business name of the debtor and the previous operations, the domicile and address of the debtor and the identity of the person or company and the entity;

2) the elements mentioned in Article 71 (1) and (2) of the Law on the restructuring of the company;

(3) the full name, domicile and address of the liquidator, as well as any other available contact details, as well as any provisions on the allocation of tasks between the liquidators;

4) the court and the identification of the case.

(8 MARCH 2007)

The Court may also order the liquidator to publish the alert referred to in paragraph 1 in one or more daily newspapers.

If, taking into account the activities of the debtor and the possible creditor circle, the alert referred to in paragraph 1 should also be published abroad, the court shall provide that the liquidator must take care of this to the extent necessary and In an appropriate manner.

The court or tribunal shall publish without delay the suspension of the registration procedure in the Official Journal, unless the initiation of the procedure has not been published. The declaration shall include the name or name of the debtor, the name of the liquidator, the date of commencement of the procedure and the number of the Official Journal in which the alert has been published and the date and criterion of the end of the procedure. (4.11.1994)

§ 5
Notifications to the trade register and enforcement authorities (8 MARCH 2007)

The court shall immediately inform the Patents and Registration Office of the commencement of the restructuring process for the purpose of marking the trade register, as well as the location of the debtor's place of residence and the debtor's properties. To the enforcement authorities. (8 MARCH 2007)

The notification shall state:

(1) the business name, address and address of the debtor, the identity of the person or company and the entity;

(2) the date of commencing or cessation of the restructuring process and the identification of the case;

(3) the names, domicile, addresses and other available contact details of the liquidator or liquidators, and, where the issue is a notification to the trade register authority, any provisions on the allocation of tasks between the liquidators;

(4) in the case of a notification to the trade register authority, the restrictions on the control of the debtor in the course of the restructuring process relating to the award of legal entities;

(5) With regard to the cessation of the restructuring process, the question whether the revocation of the restructuring programme, the bankruptcy of the debtor or any other circumstance, is the reason for the cessation of proceedings.

(8 MARCH 2007)

The commercial registry authority shall also be informed of a decision taken during the restructuring procedure, which constitutes a change in the limits of the control of the debtor under paragraph 2 (4) or which relates to the determination of the liquidator, or Exemption from its mission or the division of tasks between liquidators.

Paragraph 4 is repealed by A 4.11.1994/961 .

§ 5a (4.11.1994)
Means of notification

The notifications referred to in Articles 3a and 5 may be made by post or by electronic means of transmission. The reporting authority and the court may also be informed by telephone. However, without undue delay, the post-post notification shall also be sent by post at the original if there is a reason for it. (8 MARCH 2007)

The declarations of the commercial register may be submitted through the bankruptcy and corporate restructuring register as specified by the Ministry of Justice.

ARTICLE 6
Labelling of the trade register

The Patents and Registration Board shall, without delay, make the entry into the commercial register of the commencement and cessation of the restructuring process. The marking shall take the form of a court or tribunal, the date of commencing or cessation of proceedings, the name, address, address and other available contact details of the liquidator, as well as any provisions on the allocation of tasks Unfinished. (4.11.1994)

The trade register shall also indicate the limitations of the debtor's control over the legal proceedings in force during the restructuring process. In the case of restrictions pursuant to Article 29 of the Law on the restructuring of the company, it is made by reference to that provision and, in the case of restrictions imposed pursuant to Article 30 of the Law, in accordance with the decision of the Court of Justice.

§ 7
Entrusting the notifier to the liquidator

The court or tribunal may instruct the liquidator to make the notifications referred to in Article 5. The notification shall then be accompanied by a copy of the document which indicates that the court ordered the person concerned.

§ 8
Other declarations and recording activities

If the debtor has assets for which there is a special registration system, the commencement and cessation of the restructuring process shall be:

(1) in the case of property and property leasing or other registered law, in the borrowing and mortgage register;

(2) in the case of movable property which is of interest to the law other than that of the mortgage (264/84) , to be entered in the register in question;

(3) in the case of shares in the CIT account; and

4) in the case of a patent, registered trade mark, model law, utility model and integrated circuit model, in the relevant register.

The liquidator shall, without delay, report on the commencement and cessation of the restructuring process to the relevant controller, who shall without delay ensure that the relevant entry is entered in the register.

If the debtor carries out a security, derivative or foreign exchange, the liquidator shall immediately inform the clearing house of the commencement and cessation of the restructuring process and the continuation of the debtor's securities, derivative or foreign exchange transactions. The liquidator shall have the same reporting obligation to the clearing house if the debtor acts as a party to its payment system. (18/121998/1006)

If the liquidator has not been established, the court or tribunal shall provide for any notification or other measures necessary for the particulars referred to in this paragraph.

§ 9 (8 MARCH 2007)
Notification and notification of the temporary ban

Articles 4 to 6 provide for notification and notification of the restructuring procedure, as well as the identification of the trade register and the reporting of notifications to the liquidator, in Article 22 of the Law on the restructuring of the company, as applicable; And the provisional liquidator. In the event of a temporary ban, other than in the light of the commencing of the restructuring proceedings, this shall be published in the Official Journal, which shall include, in addition to the debtor and the relevant information, the date and reason for the cessation of the prohibition.

ARTICLE 10
Entry into force

This Regulation shall enter into force on 8 February 1993.

Entry into force and application of amending acts:

26 NOVEMBER 1993/1031:

This Regulation shall enter into force on 1 December 1993.

4.11.1994/96:

This Regulation shall enter into force on 1 December 1994.

19 JUNE 1997/592:

This Regulation shall enter into force on 1 July 1997.

18.12.1998/1006:

This Regulation shall enter into force on 1 January 1999.

8.3.2007/249:

This Regulation shall enter into force on 1 June 2007.