On Insolvency (Bankruptcy) Of Enterprises

Original Language Title: О несостоятельности (банкротстве) предприятий

Read the untranslated law here: http://pravo.gov.ru/proxy/ips/?doc_itself=&infostr=x&backlink=1&fulltext=1&nd=102019731

Expired-the Federal law dated 08.01.98 N 6-FL w and c o n Russian Federation on Insolvency (bankruptcy) of the enterprises of this law determines the conditions and procedure for declaring the insolvent debtor companies and implementation of bankruptcy proceedings, establishes priority creditors.
The law creates a legal basis for the forced or voluntary liquidation of insolvent enterprises, if reorganization procedures is not economically useful or they have not yielded a positive result.
The concepts used for the purposes of this law: assets-property of the enterprise, which is composed of fixed assets, other long-term investments (including intangible assets) and current assets, financial assets;
liabilities-liabilities (excluding subventions, grants, and other sources of own funds) of the enterprise consisting of borrowed and borrowed funds, including accounts payable;
trustee-the person appointed by the Court of arbitration, which passed out of band management feature, the property of the debtor;
external control of the debtor's assets-reorganization proceedings aimed at the continued operation of the enterprise-debtor and appointed by the Arbitration Court, upon application by the debtor, the owner of the enterprise-debtor or creditor (creditors) and implemented on the basis of the transfer of functions to manage the enterprise-debtor arbitration Manager;
the voluntary liquidation of the enterprise-debtor-bankrupt enterprise liquidation out-of-court, carried out under an agreement between its owner and the lenders under the control of creditors;
business debtor, the debtor is an enterprise, which does not comply with or soon will not be able to meet its obligations to creditors;
competitive weight-property of the debtor, which may be levied in the course of the bankruptcy proceedings;
the receivership-a procedure aimed at forced or voluntary liquidation of insolvent enterprises, as a result of which the distribution of the estate among creditors;
competitive lender-a natural or legal person having a claim against the debtor and property is not a bearer of rights of pledge;
trustee is the person who performs the receivership;
settlement agreement-agreement between debtor and creditors to defer and (or) hire purchase creditors owed payments or debt reduction;
bad faith satisfaction of creditors ' claims-claims of individual creditors to the detriment of the other creditors;
poor balance sheet structure-the condition of the property and liabilities of the debtor, when property cannot be guaranteed timely fulfillment of obligations to creditors in connection with the lack of liquidity of the assets of the debtor. The total value of the property can be equal to the total amount of obligations of the debtor or exceed her;
Enterprise-is engaged in entrepreneurial activity, legal person, or legal entity non-entrepreneurs, or citizen-entrepreneur;
compulsory liquidation of the enterprise-debtor-bankrupt enterprise liquidation procedure carried out by the decision of the Arbitration Court;
reorganization procedures-procedures, aimed at maintaining and improvement of the enterprise-debtor to prevent its liquidation;
sanitation (improvement of the enterprise-debtor)-reorganization proceedings, when the owner of the enterprise-debtor, creditor (creditors) or other persons financial assistance the enterprise-debtor;
the willful bankruptcy-deliberate or Manager or owner of the company increases its insolvency, causing damage to the enterprise for personal benefit or for the benefit of other persons known to be incompetent business management;
fictitious bankruptcy-false ad company about its insolvency with intent to mislead lenders to obtain deferment and/or payment by installments owed creditors payments or debt reduction.
R a w d e l I General provisions article 1. Concept and signs of insolvency (bankruptcy) under the insolvency (bankruptcy) of the company refers to the inability to satisfy the claims of creditors for payment of goods (works, services), including failure to provide mandatory payments to the budget and off-budget funds in connection with exceeding the obligations of the debtor on its property or in connection with the unsatisfactory balance sheet structure of the debtor.
The external sign of insolvency (bankruptcy) of the company is suspending its current payments, if the enterprise does not provide or deliberately unable to enforce the claims of creditors within three months from the date of occurrence of the timing of their implementation.
Insolvency (bankruptcy) of the company shall be taken to occur after recognition of insolvency by the arbitral tribunal or after the official announcement of her debtor when its voluntary liquidation.
Article 2. Types apply to debtor procedures 1. In accordance with this Act in respect of the debtor, the following procedures shall apply: reorganization;
liquidation;
the settlement agreement.
2. Reorganization processes include external management of the property of the debtor and sanitization.
3. the liquidation procedures include: compulsory liquidation of the debtor company by a decision of the Arbitration Court;
the voluntary liquidation of insolvent companies under the control of creditors.
Liquidation of the debtor company is carried out in the course of the bankruptcy proceedings.
Article 3. Jurisdiction in insolvency (bankruptcy) 1. Insolvency (bankruptcy) of the company are considered the highest arbitral tribunal of the Republic within the Russian Federation, provincial, regional, municipal court of arbitration, Court of arbitration of an autonomous region, Autonomous Okrug on the location of the enterprise-debtor indicated in its founding documents.
2. consideration of insolvency (bankruptcy) of enterprises is made by the Court of arbitration in the manner prescribed by the present law and in matters not regulated by this law, in accordance with the arbitration procedure code of the Russian Federation.
3. Proceedings on bankruptcy of enterprises shall be considered by the Arbitration Court if the claim against the debtor in the aggregate amount of not less than 500 times the minimum wage established by law.
R a w d e l (II) consideration of the case about insolvency (bankruptcy) of the company in COURT of ARBITRATION Article 4. Basis for instituting proceedings grounds for the institution of insolvency (bankruptcy) of the company is a statement of the debtor or creditor (creditors), as well as the Prosecutor.
Article 5. A statement of the debtor in the Court of arbitration 1. Debtor application instituting proceedings on Insolvency (bankruptcy) of the company is served based on the decision of the owner of the enterprise-debtor, or body authorized to manage the assets of the debtor, or the governing body of the enterprise, which has the right to take such a decision in accordance with the founding documents.
A statement of the debtor is filed in writing and shall be signed by the head of the enterprise-debtor or by a person standing in the place of it. The statement may include a request for an external management of assets of the debtor or rehabilitation.
2. A statement of the debtor must contain in addition to the data provided for the arbitration procedure code of the Russian Federation, the sum of the requirements that cannot be met, the information on the form of property and the subject property, the reasons for which the debtor finds it impossible to fulfil its obligations, the other necessary information. The application may be filed in anticipation of the insolvency (bankruptcy) of the company.
3. the application of the debtor are attached a list of its creditors and debtors with a breakdown of their accounts payable and receivable, balance sheet or substituting accounting documents.
4. a copy of the application with annexes referred to in paragraph 3 of this article, the debtor is sent to creditors.
5. In case of failure by the debtor within 15 days from the date of application of the balance sheet or substitute his accounting records referred to in paragraph 3 of this article, the arbitral tribunal directs the preparation and presentation of the balance sheet or substitute its accounting documents to the independent auditor at the expense of the debtor. For failure to submit these documents to the head of the enterprise-debtor may be imposed administratively fined up to ten times the minimum wage, the amount of which is directed to the increase of the estate. The sum payable to the Auditor, the debtor makes a forward to the deposit account of the Arbitration Court.

If the debtor does not make the necessary amount owed, the amount paid to an auditor from the deposit account of the Arbitration Court with the subsequent reimbursement from the debtor's property.
6. The application filed by the debtor, cannot be revoked. The Arbitration Court considers the merits of the case.
7. Information received from the debtor to the Court of arbitration in the course of consideration of the case about insolvency (bankruptcy) of the company, shall not be disclosed in any form whatsoever, before a decision is taken on recognition of the enterprise insolvent (bankrupt).
Article 6. A notice sent by the creditor to the debtor and the creditor's statement to the Court of arbitration 1. In case of default by the debtor of the obligation to pay the goods (works, services), except for the waiver of payment on the grounds provided by law or contract, upon the expiration of three months from the date of the onset of deadlines specified obligations the creditor shall have the right to send the debtor a notification by registered mail with advice of delivery. The notice must contain a claim against the debtor within one week from the date of receipt to fulfil its obligations, as well as a warning that in case of non-compliance within a specified time-limit, the creditor will ask the Court of arbitration commencement of insolvency (bankruptcy) of the company. Notice of receipt of the notice to the debtor, but not earlier than the established term in it, the creditor may apply to the Arbitration Court regarding the institution of insolvency (bankruptcy) of the company. The statement may include a request for an external management of assets of the debtor or rehabilitation.
2. the application of a creditor shall be submitted in writing. To it is attached the documents certifying the claim against the debtor, that have not been met during the period referred to in article 1 of this law, as well as notification of receipt of the notice to the debtor and confirm the direction of copies of applications applications.
3. the creditor must send the debtor a copy of the statement with the applications.
4. statement by the lender may be withdrawn them prior to the initiation of proceedings by the arbitral tribunal.
Article 7. A statement by the Prosecutor to the Court of arbitration 1. The Prosecutor may apply to the Arbitration Court regarding the institution of insolvency (bankruptcy) of the company in case of detection of them signs of intentional or fictitious bankruptcy and in other cases stipulated by legislative acts of the Russian Federation.
2. Statement of the Prosecutor may be withdrawn them prior to the initiation of proceedings by the arbitral tribunal.
Article 8. Initiation of proceedings on the basis of the application of the debtor, a creditor or the Prosecutor, judge at the Court of arbitration excites insolvency (bankruptcy) of the company, what makes the definition, which is sent to the debtor, the creditor (creditors) and the Prosecutor, as well as to the staff of the enterprise-debtor in the face of the authority that signed the collective agreement.
Article 9. The collegiality of examination of cases by the Court of arbitration, the arbitral tribunal shall hear cases on Insolvency (bankruptcy) of enterprises, consisting of three judges.
Article 10. Decision and determination of the arbitral tribunal 1. At the meeting of the arbitral tribunal invited persons participating in the case, including the debtor, the owner of the enterprise-debtor, the body authorized to manage state or municipal property (in the case of participation of State or local Council of people's deputies in property of the debtor), financial authority at the place of registration of the debtor Bank (banks), conducting (exercising) retail credit servicing of the debtor, the arbitral tribunal known lenders, as well as a representative of the labor collective of the enterprise-debtor, who is elected at the general meeting (Conference) of the labour collective.
2. In the case the arbitral tribunal so decides: recognition of the debtor insolvent (bankrupt) and the opening of bankruptcy proceedings;
to reject the application in cases when during the trial revealed the actual solvency of the debtor and creditor requirements can be met.
3. If a petition for the holding of reorganization procedures and grounds for holding them as provided for in paragraph 2 of article 12 and paragraph 2 of article 13 of this law, the arbitral tribunal shall determine the suspension of insolvency (bankruptcy) of the company and an external management of assets of the debtor or readjustment.
Article 11. Especially in cases of Commercial banks, a bank or other lending institution, their lenders, as well as the Prosecutor may apply to the Arbitration Court regarding the institution of insolvency (bankruptcy) of a commercial bank or other credit institution only after the revocation of its license to perform banking operations by the Central Bank of the Russian Federation.
R a w d e l III REORGANIZATION PROCESSES Article 12. The external management of the property of the debtor 1. Request for an external management of assets of the debtor may be filed by the debtor, the owner of the enterprise-debtor, creditor in accordance with the requirements to registration statements, set out in articles 5 and 6 of this Act, the Arbitration Court before the adoption of the decision. The petition shall contain the justification and feasibility of the procedure, the proposal for the candidacy of the liquidator. Attached to the request the written consent of the candidate for the external management of assets of the debtor.
The request submitted by the debtor, attached balance sheet or substituting accounting documents for the last reporting date, and if a new reporting date-new balance-new substituting accounting documents.
2. the grounds for the appointment of an external management of property of the debtor is the existence of a real opportunity to restore the solvency of the debtor to continue its activities by implementing parts of its property and other organizational and economic activities.
Duration of the external asset management of the debtor should not exceed 18 months.
3. for the period of conducting external debtor assets control moratorium on satisfaction of creditors ' claims against the debtor.
4. When the appointment of the external asset management of the debtor, the Court of Arbitration appoints a liquidator. The debtor and the creditors have the right to propose their candidatures liquidator. If you have multiple nominations trustee is appointed on a competitive basis.
Court-appointed Trustees candidate should be an economist or lawyer or have experience of economic work and also did not have a criminal record. Candidate arbitrage managers may not be an official of the administration of the enterprise-debtor or creditor. Court-appointed Trustees candidate represents a declaration of their income and property status.
5. The remuneration of the arbitration Manager is determined by the Assembly (Committee) of creditors and approved by the arbitral tribunal. The remuneration of the arbitration Manager is paid from the debtor's property, except as provided in paragraph 3 of this article.
The remuneration of the arbitration Manager is paid in accordance with the order prescribed in article 30 of this law. The arbitral tribunal makes advance payment of the remuneration of the arbitration Manager of funds deposited by deposit account in advance of the arbitral tribunal within the amounts received in this regard, with the subsequent reimbursement from the debtor's property.
If the request for an external asset management of the debtor filed by the owner of the enterprise-debtor or creditors, and later, the arbitral tribunal shall decide on the termination of an external management of assets of the debtor or shall determine a new arbitration Manager according to paragraph 8 of this article, remuneration or part thereof the arbitration Manager can be attributed to the parties that had filed a request for an external management of assets of the debtor.
6. Trustee: manages the enterprise-debtor has rights and acting as provided by legislative acts of the Russian Federation, head of the company;
optionally removes the head from performing duties to manage the enterprise-debtor shall hire and dismiss employees in accordance with labour legislation;
disposes of the property of the debtor;
convenes the Assembly (Committee);
developing a plan for an external management of assets of the debtor and make arrangements for its implementation;
performs other functions provided for in this Act.
7. Meeting of creditors: creditors Committee can form and define its functions, the creditors Committee has the right to request from the court-appointed trustee provide relevant information and explanations;
approves the plan for an external management of assets of the debtor;

determines the remuneration of the arbitration, which is subject to approval by the arbitral tribunal;
identifies the company (Enterprise), who has the duty to contribute funds to the deposit account of the Arbitration Court in cases stipulated by this law;
performs other functions provided for in this Act.
The meeting convened at the invitation of the creditors, the sum of the requirements of at least one third of the size of the obligations of the debtor.
At a meeting of creditors is invited a representative of the labor collective of the enterprise-debtor.
8. the trustee not later than within three months from the date of his appointment, convene a meeting of creditors for approval of a plan for an external management of assets of the debtor. The draft plan tentatively by the insolvency administrator is sent to attendees. About the decision of the meeting of creditors trustee notifies the Court of arbitration. If a meeting of creditors does not endorse (by a majority of two thirds of the amount of the claims of creditors) plan for the external management of assets of the debtor, as proposed by the insolvency administrator, the arbitral tribunal may make a determination to abolish the external asset management of the debtor or leave him in power by appointing a new liquidator.
When an external property management of the debtor objects referred to in paragraph 1 of article 26 of this law, cannot be eliminated without notice of the local self-government bodies and public authorities, who take these objects on your balance with a message about this arbitration Manager no later than one month after receipt of notification from the court-appointed trustee.
9. A meeting of creditors may make changes to the approved plan for the external management of assets of the debtor and the proposals for its implementation, which, after the approval of the arbitral tribunal shall be taken by the insolvency administrator.
10. the owner of the enterprise-debtor or any creditor who believes that an external asset management plan the debtor or actions (inaction) of a court-appointed trustee are detrimental to its interests, can appeal to the Arbitration Court to revise the plan. The application is considered by the Arbitration Court within a month, and on a review ruling.
11. the trustee applies to the arbitral tribunal a statement of completion of external asset management of the debtor in the following cases: If the purpose of the external asset management of the debtor, as provided for in paragraph 2 of this article is reached;
If he became convinced that achievement of that goal.
Depending on the results of external asset management of the debtor and the nature of the statements made by the liquidator, the arbitral tribunal may decide to terminate the debtor's asset management, external recognition of the debtor insolvent (bankrupt) and on the opening of bankruptcy proceedings;
determine completion of external asset management of the debtor and the cessation of insolvency (bankruptcy) of the company;
determine continuation of external asset management of the debtor within the time limit set in paragraph 2 of this article.
Article 13. Suction 1. Request for readjustment may be filed by the debtor, the owner of the enterprise-debtor, creditor in accordance with the requirements to registration statements, set out in articles 5 and 6 of this Act, the Arbitration Court to its decision on the case.
In cases where individuals wishing to participate in the sanation, defined by arbitral tribunal pending a determination on the request for conducting this procedure shall be submitted to the Arbitration Court the list of these persons, information about them, including information about the nature of their relationship with the debtor's property, as well as their written consent to participate in the sanation.
Preferential right to participate in the sanation have the owner of the enterprise-debtor, creditors, members of the staff of the enterprise. In cases where candidates for participation in the readjustment is the owner of the enterprise-debtor and (or) the members of the staff of this company, they participate in sanitation.
2. The reason for holding the sanitation is a real opportunity to restore the solvency of the debtor to continue its activities by providing financial assistance to the enterprise owner and other persons.
3. If, within 36 months again filed an application instituting proceedings on bankruptcy of the enterprise, the arbitral tribunal may not make a determination on sanation.
4. If applications for sanitation of an arbitral tribunal with the consent of the owner of the enterprise-debtor and creditor announces a contest to participate in sanitation. The contest is advertised on a mandatory basis, if at the time of the issuance of the determination by the arbitral tribunal on sanation of the enterprise-debtor owner and members of the staff have not exercised their right of first refusal to participate in the sanation. Announcement of competition published by the debtor "Bulletin of the higher Arbitration Court of the Russian Federation" at his own expense.
The contest allowed legal, including foreign individuals, as well as members of the employment of the staff of the enterprise-debtor.
Application for participation in the contest is filed in the Court of arbitration which declared the competition within one month from the date of publication of the announcement of the contest.
5. If, at the end of the application deadline to participate in the competition have expressed the wish to participate in the sanitation is, the arbitral tribunal shall render its determination to abolish carrying out readjustment and takes one of the decisions referred to in article 10 of this law.
6. Not later than ten days after the application deadline to participate in the contest, and in cases where competition is not declared, not later than ten days after the determination, on the appointment of the arbitral tribunal sanation considers candidates who have expressed their desire to participate in rehabilitation and the persons admitted to her, what makes definition.
7. Within seven days from the date of a determination referred to in paragraph 5 of this article, parties have an obligation to sanation meeting, at which they must reach agreement. The agreement should include the obligation to ensure the satisfaction of all creditors agreed terms with them, shall indicate the anticipated duration of the sanitizing, agreed with the participants of the sanitation of the distribution between them of responsibility to creditors, the responsibility of one or several participants readjustment in case of their refusal to participate in the readjustment after it started, as well as other conditions that the participants deemed necessary readjustment.
On the expiry of 12 months from the beginning of sanation shall be granted not less than 40 per cent of the total amount of the claims of creditors.
Satisfaction of creditors ' claims are made in the order set out in article 30 of this law.
The agreement may provide for the transfer of fixed assets the debtor participants sanation.
Participants of sanation must fulfil the commitments towards creditors in full and are responsible for implementing them jointly and severally liable, unless the agreement provides otherwise.
The agreement passed the Arbitration Court within ten days from the moment of signing.
8. On the basis of the agreement, the arbitral tribunal shall determine the readjustment in the manner and under the conditions set out in the agreement, and monitors its implementation.
9. Duration of sanation shall not exceed 18 months. The arbitral tribunal may, on the request of the parties, except sanation readjustment of State or municipal enterprises, to extend the deadline for its implementation, but not more than six months.
10. In the process of readjustment, the owner of the enterprise-debtor, any creditor or members of the staff of the enterprise-debtor may apply to the Arbitration Court to declare ineffective sanation or on the actions of the participants of sanation, leading to the detriment of the owner of the enterprise-debtor, or creditors or members of the staff of the enterprise-debtor. Arbitral tribunal considers such statements and decides, pending the cessation of sanation.
11. Rehabilitation may be terminated with the end of the prescribed period, failure to comply with the requirements of paragraph 2 to paragraph 7 of this article, as well as the inefficiency of the installed sanation.
In the event of termination of the sanitation of the Arbitration Court shall decide on acceptance of the debtor insolvent (bankrupt) and on the opening of bankruptcy proceedings.
12. achieving the goal of sanation gives rise to the arbitral tribunal to make a determination on its completion and termination of insolvency (bankruptcy) of the company. This will keep all rights of the parties to the agreement established sanation of sanation.

Article 14. Features of reorganization procedures for companies in the property which includes a contribution to State or local Council of people's deputies, as well as receiving donations from the budgets of the respective levels within three days from the date of the commencement of insolvency (bankruptcy) of the company shall notify the debtor: the body authorized by the State or by the local Council of people's deputies to manage the property of the enterprise in which the contribution of the State or of local Soviets of people's deputies shall be not less than 50 per cent;
the financial authorities of the respective levels in relation to the businesses receiving subsidies from the budgets of the respective levels.
Body authorized by the State or by the local Council of people's deputies to manage the assets of the enterprise, or fiscal authority at the appropriate level in the 15-day period from the date of receipt of the notification to the Court of arbitration is its proposals.
If an authority entrusted with State or local Council of people's deputies to manage the assets of the debtor, or the appropriate level of financial authority proposes sanation or on the granting of additional subsidies to the enterprise from the corresponding budget, he was obliged to guarantee the satisfaction of property claims of all creditors and reimbursement of costs of arbitration.
Mandatory grants enterprise, for which, in accordance with the legislation establishes conditions under which are not reimbursed his costs of production of goods (works, services). These subsidies should compensate losses incurred by the company as a result of the work in such conditions.
Guarantee body mandated by the State or by the local Council of people's deputies to manage the property of the company or the appropriate level of financial authority are the basis for suspension of the Arbitration Court of insolvency (bankruptcy) of the company.
In case of refusal of the body authorized by the State or by the local Council of people's deputies to manage the assets of the enterprise, from conducting rehabilitation or fiscal authority at the appropriate level of subvention, the arbitral tribunal shall take one of the decisions in accordance with article 10 of this law.
R a w d e l IV COMPULSORY LIQUIDATION of the debtor company on the DECISION of the ARBITRAL TRIBUNAL.
BANKRUPTCY PROCEEDINGS Article 15. The purpose of the bankruptcy proceedings, bankruptcy proceedings to commensurate satisfaction of the claims of creditors and the debtor's ads free from debt, and also to protect parties from illegal actions against each other.
Article 16. The decision on liquidation of the enterprise-debtor Arbitration Court, recognizing the debtor insolvent (bankrupt), takes a decision on its liquidation and on the opening of bankruptcy proceedings.
On the opening of bankruptcy proceedings, the arbitral tribunal shall notify: the labor collective of the enterprise-debtor;
relevant organs of local self-government;
local financial authorities;
banks and other credit institutions serving the debtor.
Article 17. The announcement of insolvency (bankruptcy) of the company decision on recognition of the debtor insolvent (bankrupt) and the opening of bankruptcy proceedings is published in the "Bulletin of the higher Arbitration Court of the Russian Federation" at the expense of the funds listed on the deposit account of the Arbitration Court.
The publication must contain: name of the arbitration court handling the case;
name and location of the enterprise-debtor;
the date of the arbitral tribunal on the basis of which opens bankruptcy proceedings;
appeal to the creditors with the suggestion to present their claims to the debtor, within two months from the date of publication;
other significant circumstances.
Article 18. The effects of the opening of bankruptcy proceedings the debtor since the recognition of the debtor insolvent (bankrupt) and the decision on the opening of bankruptcy proceedings: prohibits the transfer or other disposition of the property of the debtor (except where permission has been given to dispose of meeting of creditors), the repayment of its obligations. While payments to creditors-chargeholders, as well as payments in accordance with paragraph 1 of article 30 of this law are not suspended;
deadlines for all debt obligations of the debtor are considered valid immediately;
stops accruing penalties and interest on all types of debts of the enterprise-debtor.
All claims of property nature since then may be made only to the debtor under the bankruptcy proceedings.
Article 19. Functions of the arbitral tribunal in competitive manufacturing, the arbitral tribunal: opens and closes the receivership;
shall appoint a bankruptcy trustee;
shall issue a ruling on removal from the duties of the Manager to manage the enterprise-debtor;
decides on the legality of actions of participants of the bankruptcy proceedings in the cases provided for in this Act.
Article 20. Participants in bankruptcy proceedings, the participants in bankruptcy proceedings are the trustee (the Committee) meeting of creditors, the debtor, the labor collective members and other interested persons.
Article 21. Bankruptcy trustee 1. Trustee: acquires the right to dispose of property of the debtor;
carries out the analysis of the financial condition of the debtor, is examining the validity of the claims of creditors, accepts or rejects them;
generates estate, including works to the collection of accounts receivable;
is in bankruptcy court and creditors the necessary information about the financial state of debtor and his property at the time of the opening of bankruptcy proceedings;
performs the functions of the management of the enterprise-debtor;
has the right to challenge the Arbitration Court of the debtor's transactions concluded during the past six months prior to the commencement of insolvency (bankruptcy) of the company;
generates a composition of the liquidation Commission and manages its work;
convene a meeting of creditors.
2. The candidature of the bankruptcy trustee must meet the requirements set forth in paragraph 4 of article 12 of this law.
3. the trustee has the right to appeal to the Court of arbitration decisions of the meeting of creditors (Committee) adopted in violation of the competence of the Assembly (Committee) or limit the powers of the bankruptcy trustee.
Article 22. The bankruptcy trustee's remuneration the remuneration of the bankruptcy trustee shall be determined by the Assembly (Committee) of creditors and approved by the arbitral tribunal.
Competitive remuneration paid in the order Manager, set out in article 30 of this law.
The arbitral tribunal makes advances to reward contest Manager of funds deposited by deposit account in advance of the arbitral tribunal within the amounts received in this regard, with the subsequent reimbursement from the estate.
Article 23. Meeting of creditors 1. The right to participate in the meeting of creditors are creditors, bankruptcy trustee, representative of labour collective of the enterprise-debtor and debtor. The right decision are only competitive lenders.
2. A meeting of creditors: can form a creditor committee and determine its function;
nominated the bankruptcy trustee;
gives permission to the contest Manager to commit the transaction associated with the alienation of the property of the debtor;
decide on the beginning of sale form of sale, as well as on the initial price of the property of the debtor;
determines the remuneration to the contest Manager;
Specifies the enterprise or enterprises, which have a duty to contribute funds to the deposit account of the Arbitration Court in cases stipulated by this law;
may take a decision on the conclusion of a settlement agreement;
monitors the actions of the bankruptcy trustee.
3. The creditors meeting has a quorum if it presented creditors with voting rights, the amount of claims which shall be not less than 50 per cent of the total amount of unfunded pledge. Any creditor can be represented at the meeting by proxy.
Competitive lender has the right to vote at the meeting of creditors unless he is the holder of established claims against the debtor.
If a meeting of creditors is not proposed the candidature of the bankruptcy trustee, he shall be appointed by the arbitral tribunal from a list of candidates competitive Governors approved in the prescribed manner.
Article 24. The effects of the opening of bankruptcy proceedings for the Manager of the enterprise-debtor since the opening of the bankruptcy proceedings, the head of the enterprise-debtor suspended from Office and his rights and duties are transferred to the contest Manager.
Article 25. The rights of a representative of the labor collective of the enterprise-debtor

The representative of the labour collective of the enterprise-debtor, empowered by the general meeting (Conference) of the members of the staff shall have the right to participate in the consideration of the case about insolvency (bankruptcy) of the company, together with lenders check amount of the claims as they relate to the debtor's obligations to employees of the enterprise-debtor, to check the documents submitted in support of the insolvency (bankruptcy).
Article 26. Evaluation of the debtor's assets and determining the size of its debt of 1. All property (assets) of the debtor that is specified in the balance sheet or substitute its accounting documents, forms the basis for the formation of the estate. Objects are included in the insolvency estate socio-communal sphere, on the balance of the debtor, except housing, pre-school institutions and individuals vital to the region's production facilities and municipal infrastructure that need to be taken to the balance of the respective local government or public authorities, unless otherwise provided by the legislation of the Russian Federation.
2. in the course of the bankruptcy proceedings, the bankruptcy trustee with the help of associate experts is conducting an inventory and evaluation of the debtor's property (assets) and liabilities (liabilities). Remuneration experts is designated, the arbitral tribunal in accordance with the procedure set out by the Supreme Council of the Russian Federation.
3. evaluation of the debtor's property (assets) of the estate, is made in the order established by the legislation of the Russian Federation.
4. not included in the insolvency estate property (assets), which is the subject of mortgage.
5. not included in the insolvency estate property not belonging to the debtor on the property right (full economic disposal), including: the rented property by the debtor;
property located on the safekeeping of the debtor;
personal belongings of the workers of the enterprise-debtor, except property which, in accordance with the law or constituent documents of the enterprise may be levied for the obligations of the debtor.
Article 27. Recognition of claims of creditors trustee after the expiration of claims by creditors against the debtor specified in paragraph 5 of part 2 of article 17 of this law, analyzes all of the obligations of the enterprise-debtor regardless of receipt of claims from creditors, shall draw up a list of accepted and rejected claims the amounts recognized claims and order them to meet within two months and send this list to the creditors.
Creditors may request the arbitral tribunal to grant a statement rejected claims or a statement about prioritizing to meet them.
These statements attached list of recognized and rejected claims drafted by the insolvency administrator. Arbitral tribunal considers such statements within one month from the date of its receipt.
Article 28. Invalidation action debtor committed prior to recognition of its insolvent (bankrupt) 1. On the application of the bankruptcy trustee bankruptcy court invalidating committed by the debtor or on his behalf prior to recognition of its insolvent (bankrupt) actions: early satisfaction of individual lenders to previously encountered obligations if they occurred within six months before the date of commencement of insolvency (bankruptcy) of the company and at the time of their Commission, if the enterprise had already been effectively insolvent (bankrupt) and irrespective of the period of six months, if these acts were committed by the debtor with intent to cause damage to other creditors and lenders, in favour of which were committed by these acts, knew about the intention of the debtor;
to meet the demands of the individual lenders from among those creditors, the deadline for satisfying the requirements which came at a time when the company was already effectively insolvent (bankrupt) and parties knew about it.
The provisions of this paragraph do not apply to the actions of the debtor to meet the requirements of lenders-mortgagees and preferential creditors.
2. in the event that the debtor's actions null and void the lenders are obliged to refund to the estate all received them as a result of these actions, and if you cannot return the received in kind, compensate its value in money.
3. prior to the conclusion of the bankruptcy proceedings, every lender has the right to offer the competitive challenge Manager referred to in this article of the debtor in bankruptcy court. In the event of his refusal to each of the creditors have the right to submit an application to the Court of arbitration on his behalf.
Article 29. Repayment of debt obligations of the debtor, secured by a pledge Of property of the debtor out of competition are repaid his debt secured by pledge.
Article 30. Order of distribution of the bankruptcy estate 1. Out-of-sequence covers the costs associated with competitive production, payment: rewards arbitration and competitive Manager;
continued operation of the enterprise-debtor.
2. After the expenses referred to in paragraph 1 of this article, the claims of creditors shall be satisfied in the following order: firstly, citizens to whom the debtor is liable for damage caused to their lives or health, through capitalization of the respective periodic payments;
second priority on payment of workers, contributions to the Pension Fund of the Russian Federation for a period of one year before the date of the opening of bankruptcy proceedings and compensation owed for copyright and licensing contracts;
in the third priority on payment of arrears on obligatory payments to the budget and off-budget funds, occurred within one year before the day of opening of the bankruptcy proceedings;
in the fourth priority-bankruptcy creditors;
in fifth place-members of the staff of the enterprise-debtor with a contribution to his estate;
in sixth place-other owners;
in seventh place-all other requirements.
Creditors first, second and third line are privileged.
3. The claims of each priority shall be satisfied after the full repayment of the previous turn.
4. In case of insufficiency of the amount payable for the full satisfaction of all claims of creditors the appropriate queue, these requirements are satisfied in proportion to the amount due to each of them.
Article 31. Appeal against the decision of the bankruptcy trustee the debtor or creditor who considers that a decision of the bankruptcy trustee violates his/her rights and legitimate interests, may apply to the Court of arbitration with the appropriate application. Based on the results of the examination of the application, the arbitral tribunal so decides.
Article 32. A decision on the sale of property of the debtor a decision to start selling, the form of sale and initial costs of debtor's property was adopted by the Assembly (Committee) lenders on submission of the bankruptcy trustee.
Article 33. Information on sale of property of the debtor bankruptcy trustee informs the widest range of stakeholders about the early sale of the debtor's property, informs about the conditions of purchase and the date of the filing of statements of intent to purchase the property.
Article 34. Sale of property of the debtor of the debtor's property held for sale, the insolvency administrator. When the property is sold to the buyer offering the highest price.
Article 35. 1 satisfaction of creditors ' claims. Cash proceeds from the sale of the debtor's property shall be distributed among the creditors in accordance with the procedure and the order established in article 30 of this law.
2. Claims of creditors, identified and declared after the expiration of the time limit laid down for their application are met out of the assets of the debtor remaining after satisfaction of the claims of creditors filed within the prescribed time limit.
3. Claims of creditors not satisfied due to insufficiency of the estate shall be deemed terminated. Settled claims are also not recognized by the insolvency administrator, if lenders have not challenged this in court or arbitration if arbitration court recognizes claims of creditors are unfounded.
Article 36. Release the debtor from the debts of the debtor is considered to be completely free from debt after satisfaction of the claims and repayment of creditors ' claims in the manner and under the conditions established by this Act.
Article 37. The bankruptcy trustee report after all the calculations, the bankruptcy trustee is in arbitration court a report of its activities, it attached liquidation balance sheet and the documents on the use of the funds remaining after satisfaction of the claims of creditors, and also represents a declaration of their income and property status.
The report is subject to the approval of the arbitral tribunal.

After the approval of the report, the arbitral tribunal shall determine the completion of the bankruptcy proceedings. A copy of the determination shall be sent to the authority carrying out the State registration of enterprises.
Article 38. Liquidation of the enterprise-debtor business debtor is considered to be liquidated since evicting it from the corresponding State register on the basis of the judgment delivered by the Court of arbitration of the definition of the completion of the bankruptcy proceedings.
Section V of the SETTLEMENT AGREEMENT, article 39. Terms of the settlement agreement the settlement agreement between the debtor and bankruptcy creditors can be concluded at any stage of the insolvency (bankruptcy) of the company.
Article 40. Terms of the settlement agreement 1. The settlement agreement can be concluded only with respect to the requirements of the fourth and subsequent queues, set out in article 30 of this law.
2. For bankruptcy creditors who do not agree on the conclusion of an amicable agreement, cannot be ascertained, the worst conditions, than for who the settlement agreement of creditors whose claims have been attributed to the same queue.
3. When concluding amicable agreement, deferment and (or) installment owed creditors payments or debt discount, as well as the addition of arrears on obligatory payments to the budget and off-budget funds and return of overpaid amounts shall be permitted only in the cases and pursuant to procedure established by law.
Article 41. The conclusion of a settlement agreement and its entry into force 1. The settlement agreement is in writing.
2. The settlement agreement is subject to approval by the Court of arbitration and is adopted if it expressed not less than two thirds of the (amount) of competitive lenders fourth and subsequent bursts.
3. The settlement agreement shall enter into force on the date of its adoption by the Court of arbitration and is a must for bankruptcy creditors fourth and subsequent bursts.
Article 42. Consideration of the agreement of the arbitral tribunal 1. The debtor is obliged to send to the arbitral court settlement agreement, balance sheet or substituting accounting documents, a list of all the competitive creditors fourth and subsequent queues showing their addresses and the amount of debt, debt according to the requirements on which the settlement agreement does not apply.
2. The date of consideration of the settlement agreement, the arbitral tribunal shall notify the parties concerned. Subpoenaed persons does not preclude consideration of the case.
3. the Arbitration Court shall hear each present in meeting the bankruptcy creditor objecting against approval of the settlement agreement, even if the creditors meeting he had voted in favour of the settlement agreement.
4. Within two weeks after the approval of the settlement agreement by the Arbitration Court creditors should get the satisfaction of their claims in the amount of not less than 35 per cent of the amount owed. Meet the requirements of the size increases with payment by installments and shall be determined by agreement of the parties.
Article 43. Invalidity of an amicable agreement or its termination 1. On the claim of any creditor settlement agreement may be declared invalid by a Court of arbitration, if the debtor does not correctly pointed out their property in the balance sheet or substitute its accounting documents.
2. Settlement Agreement may be terminated by agreement of the parties or by decision of the Court of arbitration in the event of a failure of a settlement agreement;
the continuing deterioration of the financial condition of the enterprise-debtor;
commit the debtor acts detrimental to the rights and lawful interests of creditors.
After the dissolution of the agreement of the arbitral court resumes the insolvency (bankruptcy) of the company.
3. In case of termination of the agreement of the announcement is published in the "Bulletin of the higher Arbitration Court of the Russian Federation" at the expense of the debtor.
4. in the event that the settlement agreement be invalid or terminated those claims for which a deferral was made and (or) installment owed payments or debt discount, unsatisfied portions thereof are recovered in full.
R a w d e l VI DEBTOR'S MISCONDUCT, the OWNER of the enterprise-debtor, creditor and OTHER PERSONS Article 44. Misconduct misconduct Under this Act refers to intentional violations, incompetent or negligent acts of the debtor, or the owner of the enterprise-debtor, or creditors or other persons prior to the opening of bankruptcy proceedings or in its process detrimental to the debtor or creditors.
Article 45. Illegal actions of the debtor or of the owner of the enterprise-debtor prior to the opening of bankruptcy proceedings to the misconduct of the debtor or of the owner of the enterprise-debtor prior to the opening of bankruptcy proceedings include actions falling under the concept of intentional or fictitious bankruptcy.
The misconduct of the debtor or of the owner of the enterprise-debtor also include actions in anticipation of insolvency (bankruptcy) of the company and prejudicial to all or part of the creditors, such as hiding part of the property of the debtor or its obligations;
concealment, destruction of, falsification of any accounting document associated with the implementation of the economic activity of debtor;
payment of the required entries in the accounting documents;
destruction, sale or mortgage of the property of the debtor obtained on credit and has not paid.
Article 46. Illegal actions of the debtor or of the owner of the enterprise-debtor after the opening of bankruptcy proceedings to the misconduct of the debtor or of the owner of the enterprise-debtor after the opening of bankruptcy proceedings include: the actions referred to in the second part of article 45 of this law;
hiding from the bankruptcy trustee details of who, when and in what form the part of the property was transferred to the debtor;
failure to request bankruptcy trustee property in use or in storage at the enterprise-debtor;
failure by the debtor to the contest Manager of accounting documents;
hiding from the bankruptcy trustee by the debtor of his action provided for in article 28 of this law.
Article 47. Misconduct by a lender and other persons 1. The lender be deemed to have committed a wrongful act, if it is, knowing about the preferred meeting its requirements at the expense of other creditors, agreed to such satisfaction.
2. any person shall be deemed to have committed a wrongful act, if it is occurring or knowing about the impending insolvency (bankruptcy) of the company deliberately promotes the concealment of all or part of his property.
Article 48. The consequences of misconduct, persons who have committed illegal acts referred to in articles 45-47 of this Act may be prosecuted in accordance with the legislative acts of the Russian Federation.
R a w d e l VII OUT-OF-COURT PROCESSES Article 49. Extrajudicial procedures for Out-of-court procedures are ways of enabling the debtor by negotiation with lenders or to agree on the continuation of the enterprise-debtor or agree with them the decision on its voluntary liquidation.
The procedure and conditions of negotiation are determined by agreement with the debtor's creditors.
Article 50. Results of out-of-court procedures the results of extrajudicial procedures can be: an agreement between a debtor and creditors all or part of the deferred and (or) installment owed creditors payments or discount with debts to continue the activity of the enterprise-debtor;
voluntary liquidation of the debtor company under the control of creditors and the debtor on its formal declaration of insolvency (bankruptcy) in the manner and under the conditions established by this Act.
Article 51. Voluntary liquidation of the debtor company under the control of creditors 1. The decision on liquidation of the enterprise-debtor and the formal declaration of them its insolvency (bankruptcy) is made by the head of the enterprise-debtor together with the creditors on the basis of an analysis of the economic condition of the enterprise, which found that the company cannot pay for its obligations and there is no way to restore its solvency.
This decision shall be approved by the owner (owners) of the enterprise-debtor.
Disagreement with the decision on liquidation of the enterprise-debtor owner (owners), as well as any of the creditors of the company with the decision on its voluntary liquidation entails initiation of insolvency (bankruptcy) of the company in bankruptcy court in the manner prescribed in section II of the present law.
Business debtor is considered to be in the process of elimination since the approval of the owner (owners) of the business decision on its voluntary liquidation. The official announcement of the voluntary liquidation of the enterprise-debtor is published in the "Bulletin of the higher Arbitration Court of the Russian Federation".

2. the head of the enterprise-debtor proposes a nomination (nominations) the bankruptcy trustee. Bankruptcy trustee is appointed by the owner (owners) of the enterprise-debtor.
Creditors have the right to appoint a new administrator in place of the designated owner (owners) of the enterprise-debtor.
Bankruptcy trustee takes possession of the debtor's property and manages it since his appointment. When the head of the enterprise-debtor suspended from performing duties to manage the enterprise-debtor.
The bankruptcy trustee's responsibilities include convening meetings of creditors and regular representation of them in these meetings, the report on the liquidation of the enterprise-debtor.
Bankruptcy trustee performs other functions provided for in article 21 of this law.
3. following the appointment of a bankruptcy trustee, the debtor may not satisfy the claims of creditors at the expense of his property, with the exception of claims of creditors whose rights are secured by the pledge, and preferential creditors.
The debtor shall within seven days after the appointment of a bankruptcy trustee to provide him with balance or replace its accounting documents.
4. the trustee shall call a meeting of creditors within 15 days after the decision on liquidation of the enterprise-debtor.
Meeting of creditors is submitted a balance sheet or substituting accounting documents of the enterprise-debtor and creditor list showing the amounts of their claims.
Functions of the creditors ' meeting defined in paragraph 2 of article 23 of this law.
5. Procedure for sale of the property of the debtor and its creditors shall be determined in accordance with articles 32-35 of this Act.
Not subject to selling objects taken to balance the relevant local governments and public authorities in accordance with paragraph 1 of article 26 of this law.
6. After the disposition of the property of the debtor and the distribution of funds between the creditors of the bankruptcy trustee convenes final meeting of creditors, which is invited to the owner (owners) of the enterprise-debtor, and reports on its work. The meeting shall decide on the approval of the liquidation balance sheet, a report on the use of the funds remaining after satisfaction of the claims of creditors, and the liquidation of the enterprise.
The company is considered to be liquidated since evicting it from the public register on the basis of representations.
Russian President Boris Yeltsin in Moscow, the Russian House of Soviets, N November 19, 1992 3929-I