Spspent power-Federal Law 08.01.98 g N 6-FZ A A C O N of the Russian Federation bankruptcy (bankruptcy) of enterprises This Law defines the conditions and procedures for declaring the enterprise insolvent. by the debtor and by the insolvency proceedings. The law establishes the legal basis for the forced or voluntary liquidation of an insolvent entity if the reorganization procedures are not economically feasible or have not produced positive results. Concepts used for the purposes of this Law: assets-property of an enterprise that includes fixed assets, other long-term attachments (including intangible assets), working capital, financial assets; liabilities-liabilities (excluding subventions, grants, own funds and other sources) of the enterprise, consisting of loans and deposits, including accounts payable; appointed by the arbitral tribunal to which the functions are transferred External management of the debtor's property; external property management of the debtor-reorganization procedure aimed at continuation of the activity of the debtor enterprise and appointed by the arbitral tribunal upon application of the debtor debtor or creditor (s) and exercised on the basis of the transfer of the administration of the debtor to the insolvency representative; voluntary liquidation of the debtor's business-out-of-court liquidation procedure of an insolvent entity An agreement between its owner and creditors under the control of the creditors; debtor, debtor-establishment that does not perform or will not be able to meet its obligations to creditors in the near future; insolvency estate of the debtor that may be subject to recovery in the insolvency process; insolvency proceedings-procedure aimed at forced or voluntary liquidation of the insolvent of the enterprise which is the result of which the insolvency estate is distributed between creditors; insolvency creditor-a natural or legal person who has property claims against the debtor and is not a holder of collateral rights; production; settlement agreement-procedure to reach agreement between the debtor and creditors to defer and (or) instalments due to creditors or a discount from debts; dishonest satisfaction claims of creditors-satisfaction of claims of individual creditors in the Damage to the interests of other creditors; poor balance structure-the condition of the debtor's property and liabilities, when assets cannot meet the creditors ' obligations on time The lack of liquidity of the debtor's assets. At the same time, the total value of the property may be equal to the total amount of the debtor's obligations or exceed it; the business enterprise is a legal entity, or does not constitute a legal entity, or Businessman; forced liquidation of the debtor-enterprise-procedure for liquidation of an insolvent enterprise based on the decision of the arbitral tribunal; reorganization procedures-procedures aimed at and recovery debtor enterprises with a view to preventing its liquidation; sanation (recovery of the debtor)-reorganization procedure, when the owner of the debtor, creditor (s) or other persons turns out to be Financial assistance to the debtor's business; wilful bankruptcy-wilfully inflating or increasing the head or owner of an enterprise's insolvency, causing damage to the enterprise for personal interest or for the benefit of the enterprise Other persons known to be incompetent; fictitious bankruptcy-knowingly false declaration by an enterprise about its insolvency to mislead creditors to receive deferments and/or instalments due to creditors or debt relief. P E L I GENERAL PROVISIONS Article 1. The concept and signs of insolvency (bankruptcy) The insolvency (bankruptcy) of the enterprise is understood as an inability to satisfy the creditors ' claims for payment of goods (works, services), including failure Ensure that mandatory payments are made to the budget and to extrabudgetary funds because of the debtor's liabilities over its property or because of the debtor's poor structure. A insolvency (bankruptcy) appearance of an enterprise is the suspension of its current payments if the enterprise fails to provide or knowingly fails to meet the creditors ' claims within three months of the day The Conference of the States Members of the Insolvency (bankruptcy) of an enterprise is deemed to have occurred after recognition of the fact of insolvency by the arbitral tribunal or upon the official declaration of the debtor by the debtor upon its voluntary liquidation. Article 2. Types of procedures applied to the debtor 1. In accordance with this Law, the debtor is subject to the following procedures: reorganization; liquidation; settlement agreement. 2. The reorganization procedures include the external management of the debtor's property and the sanation. 3. The liquidation procedures include: forced liquidation of the debtor enterprise by decision of the arbitral tribunal; , voluntary liquidation of an insolvent enterprise under the control of creditors. The liquidation of the debtor enterprise is carried out through a competitive process. Article 3. Insolvency (bankruptcy) 1. The insolvency (bankruptcy) cases are dealt with by the Supreme Arbitration Court of the Republic within the Russian Federation, the Regional Court, the Regional Court, the Municipal Arbitration Court, the Autonomous Region of the Autonomous Region and the Autonomous Region The debtor is located in a debtor's establishment. 2. The insolvency (bankruptcy) proceedings are conducted by the arbitral tribunal in the manner prescribed by this Law, and in matters not settled by this Act, in accordance with The Arbitration Code of the Russian Federation. 3. The insolvency (bankruptcy) of enterprises shall be considered by the arbitral tribunal if the claims against the debtor in aggregate amount to not less than 500 minimum wages established by law. P E L II Review DELA (BANK) ENTERPRISES IN ARBITRATION DRIDE Article 4. The basis for the commencement of the proceedings The basis for the commencement of insolvency proceedings (bankruptcy) of the enterprise is the application of the debtor or the creditor (s) and the prosecutor. Article 5. Debtor's application to arbitration 1. The debtor's application to commence insolvency proceedings (bankruptcy) of the enterprise is made on the basis of a decision by the owner of the debtor or the authority competent to administer the debtor's property or the governing body Enterprises which have the right to make such a decision in accordance with the constituent instruments. " The debtor's application shall be in writing and signed by the head of the debtor's business or by the person in loco parentis. The application may include an application for external management of the property of the debtor or a bailout. 2. The debtor's declaration should contain, in addition to the data provided by the Code of Arbitration Procedure of the Russian Federation, the amount of claims not may be satisfied, information on the form of ownership and ownership, the reasons why the debtor considers it impossible to fulfil its obligations, other necessary information. The application may be filed in the preconception of the insolvency (bankruptcy) of the enterprise. 3. The debtor's application is accompanied by a list of its creditors and debtors with the undeciphering of their receivables, payables, or accounting records. 4. A copy of the application with the annexes referred to in paragraph 3 of this article shall be communicated to the creditors by the debtor. 5. In the event that the debtor does not submit within 15 days from the application of the statement of the accounting balance or its accounting records referred to in paragraph 3 of this article, the arbitral tribunal shall be responsible for the formulation and presentation of the accounting system. of the balance or replacement of its accounting records by the independent auditor at the expense of the debtor. Non-submission of these documents to the head of the debtor enterprise may be administrating a fine of up to ten times the minimum wage, the amount of which is directed to the increase of the estate. The amount to be paid to the auditor by the debtor shall contribute to the deposit account of the arbitral tribunal. If the debtor does not make the necessary amount due to the auditor, the amount shall be paid from the deposit account of the arbitral tribunal and reimbursed by the debtor. 6. The application filed by the debtor may not be withdrawn. The arbitral tribunal shall examine the merits of the case. 7. The information received from the debtor by the arbitral tribunal in the proceedings relating to the insolvency (bankruptcy) of the enterprise may not be disclosed in any form prior to the decision to declare the business insolvent (bankrupt). Article 6. Notification by the creditor to the debtor and creditor application to the arbitral tribunal 1. In case of failure by the debtor to pay for goods (works, services), except for failure to pay on the grounds provided for by law or treaty, after three months from the date on which the obligations have been fulfilled The creditor is entitled to notify the debtor by registered mail of the notice of delivery. The notice must contain requirements to the debtor within one week from the date of receipt of the obligation to fulfil its obligations, as well as a warning that in the event of failure to do so within a specified period the creditor will apply to the arbitral tribunal. An application for the commencement of insolvency proceedings (bankruptcy) of the enterprise. When receiving notice of the notice to the debtor, but not earlier than the period established therein, the creditor is entitled to apply to the arbitral tribunal with an application for insolvency (bankruptcy) proceedings. The application may include an application for external management of the property of the debtor or a bailout. 2. The creditor application is submitted in writing. It shall be accompanied by documentary evidence confirming the claims against the debtor that were not satisfied within the time period specified in article 1 of this Law, as well as a notification of delivery of notice to the debtor and confirmation of the receipt of a copy of the application with applications. 3. The creditor is obliged to send a copy of the application to the debtor. 4. A creditor application may be withdrawn by the creditor before the arbitral tribunal has commenced the proceedings. Article 7. Statement by the Prosecutor to the arbitral tribunal 1. The Prosecutor may apply to the arbitral tribunal for the commencement of the insolvency proceedings (bankruptcy) of the enterprise in the event that it finds evidence of intentional or fictitious bankruptcy and in other cases provided for in the case. OF THE PRESIDENT OF THE RUSSIAN FEDERATION 2. A statement by the prosecutor may be withdrawn before the arbitral tribunal has commenced proceedings. Article 8. Initiation of proceedings in the case On the basis of a statement by the debtor, the creditor or the prosecutor, the judge of the arbitral tribunal shall institute proceedings in the insolvency (bankruptcy) of the enterprise, as the definition is given The debtor, the creditor (s) and the prosecutor and the working group of the debtor company, in the person of the signatory of the collective agreement. Article 9. The collegiality of the arbitration court Arbitration Court deals with the insolvency (bankruptcy) of enterprises of three judges. Article 10. Decision and Definition of the Arbitral Tribunal 1. Persons participating in a case, including the debtor, the owner of the debtor, the authority competent to manage State or municipal property (in the event of the participation of the State or local council) are invited to the session of the arbitral tribunal. People's deputies in the property of the debtor), the financial authority at the place of registration of the debtor, the bank (banks) carrying out (implementing) the debtor's calculation and credit services, known to the arbitral tribunal, and the representative of the labour the debtor's group, which is elected by the general assembly The work team. 2. On the basis of the outcome of the proceedings, the arbitral tribunal shall decide: on the debtor's recognition of the insolvent (bankrupt) and commencement of the insolvency proceedings; to reject the application in cases where it is The proceedings have revealed the actual validity of the debtor and the creditors ' claims may be satisfied. 3. If there is an application for reorganization proceedings and the grounds for their conduct, as provided for in article 12, paragraph 2, and article 13, paragraph 2, of this Law, the arbitral tribunal shall determine whether the proceedings have been suspended The insolvency (bankruptcy) of the enterprise and the conduct of the external management of the property of the debtor or the sanation. Article 11. Features of the review of banks Commercial bank or other credit institution, their creditors, as well as the prosecutor may apply to the arbitral tribunal with an application to commence insolvency proceedings (bankruptcy) The Central Bank of the Russian Federation has revoked the banking license of the Central Bank of the Russian Federation. P D E L III REINSTITUTIONAL PROCEDURES Article 12. External management of the debtor's property 1. An application for external management of the debtor's property may be made by the debtor, the owner of the debtor, and the creditor application, in accordance with the requirements set out in articles 5 and 6 of this Law, to arbitration. The court shall decide on the court's decision. The application shall contain a justification for the necessity and appropriateness of the procedure, the proposal for the appointment of an arbitral tribunal. The application shall be accompanied by written consent of the applicant for the external administration of the debtor's property. The application of the debtor shall be accompanied by the accounting balance or replacing its accounting records at the last reporting date, and in the case of a new reporting date-a new balance sheets or new balance sheets. substituted for its accounting records. 2. The basis for the external management of the debtor's property is that it is possible to restore the solvency of the debtor's business in order to continue its operations through the disposal of part of its assets and the exercise of other assets. organizational and economic activities. The duration of external administration of the debtor's property should not exceed 18 months. 3. At the time of the external administration of the debtor's property, a stay to satisfy the creditors ' claims against the debtor is imposed. 4. The arbitral tribunal shall appoint an arbitral tribunal in the appointment of the external property management of the debtor. The debtor and creditors have the right to propose their names to the arbitration manager. If there are several candidates, the arbitral manager shall be appointed on a competitive basis. The applicant for the arbitration should be an economist or a lawyer, or have experience in economic activity and must not have a criminal record. A nominee for an arbitral tribunal may not be the official of the debtor or creditor administration. The applicant for arbitration shall submit a declaration on his or her income and property. 5. The remuneration of the arbitral tribunal shall be determined by the meeting (committee) of creditors and approved by the arbitral tribunal. Remuneration to the arbitral manager shall be paid from the property of the debtor, except as provided in paragraph 3 of this paragraph. Compensation to the arbitral manager shall be paid in the order set out in article 30 of this Law. The arbitral tribunal shall make advance payments to the arbitral tribunal from the funds deposited in advance in the deposit account of the arbitral tribunal, within the limits of the amounts received in this respect, with subsequent reimbursement from the property of the debtor. Where an application for external management of the debtor's property is made by the owner of the debtor or the creditor, and the subsequent arbitral tribunal shall decide to terminate the external management of the property The debtor or the insolvency representative may decide on the appointment of a new arbitral tribunal in accordance with paragraph 8 of this article. External management of the debtor's property. 6. The arbitration manager: runs the debtor company, has rights and performs the duties provided by the legislative acts of the Russian Federation to the head of the enterprise; shall suspend, if necessary, the head from performing the duties of management of the debtor, accepting employment and laying off workers in accordance with the labour legislation; manages the property of the debtor; convenes a meeting (committee) of creditors; is developing a plan for the external Debtor's property management and administration; performs other functions provided for by this Act. 7. A meeting of creditors: may form a creditor committee and define its functions, and the creditor committee has the right to require the arbitral tribunal to provide relevant information and explanations; approves the plan for external management of the debtor's property; determines the amount of remuneration to the arbitration manager to be approved by the arbitral tribunal; defines the enterprise (s), on which is the responsibility of the Government of the Republic of the A deposit account of the arbitral tribunal in the cases provided for by this Law; performs other functions provided for by this Act. A meeting is convened on the proposal of creditors whose claims amount to at least one third of the debtor's obligations. A representative of the debtor's labour collective is invited to the meeting of creditors. 8. The arbitral tribunal shall convene a meeting of creditors not later than three months from the date of its appointment to approve the plan for the external administration of the debtor's property. The draft plan shall be preliminedly sent to the arbitration managers of the assembly. The arbitral tribunal shall notify the arbitral tribunal of the decision of the creditor assembly. In the event that the creditors 'meeting does not approve (by a two-thirds majority of the amount of creditors' claims) a plan for the external administration of the debtor's property, as proposed by the arbitral tribunal, the arbitral tribunal may issue a waiver External management of the debtor's property or leave it in force by appointing a new arbitration manager. The objects referred to in article 26 (1) of this Law may not be liquidated without notifying the local authorities and the public authorities which are subject to the external administration of the debtor's property. shall accept these objects on their balance with a communication to the arbitral manager not later than one month after receipt of the notification by the arbitral manager. 9. The collection of creditors is entitled to modify the approved plan for the external administration of the debtor's property and proposals for its implementation which, once approved by the arbitral tribunal, are to be accepted by the arbitral tribunal. 10. The owner of the debtor or any of the creditors who considers that the plan for the external administration of the debtor's property or the action (inaction) of the arbitral tribunal may be detrimental to its interests may apply to the arbitral tribunal A statement on the revision of the plan. The application is considered by the arbitral tribunal within a month and the determination is made. 11. The arbitral tribunal shall apply to the arbitral tribunal to complete the external management of the debtor's property in cases: if the purpose of the external management of the debtor's property as provided for in paragraph 2 of this article has been achieved; if he is satisfied that this goal cannot be achieved. Depending on the results of the external administration of the debtor's property and the nature of the application of the arbitral tribunal, the arbitral tribunal may: decide to terminate the external management of the debtor's property; The debtor's recognition of insolvent (bankrupt) and commencement of insolvency proceedings; to rule on the termination of the external administration of the debtor's property and the termination of the insolvency proceeding (bankruptcy) of the enterprise; to make a determination on the continuation of the External management of the debtor's property within the time limit set out in paragraph 2 of this article. Article 13. Sanation 1. A request for a bailout may be made by the debtor, the owner of the debtor, the creditor, with the application of the claims set out in articles 5 and 6 of this Law, to the arbitral tribunal pending its decision on The case. Where persons who wish to participate in the conduct of a sanation are determined before the arbitral tribunal determines the application for that procedure, the arbitral tribunal shall be provided with a list of those persons, including the nature of their property relations with the debtor and their written consent to participate in the conduct of the sanation. The owner of the debtor, creditors and members of the labour collective of the enterprise have the right to participate in the conduct of the sanation. In cases where the applicant is the owner of the debtor and/or the members of the working group of the enterprise, they themselves participate in the sanation. 2. The reason for the conduct of the sanation is the existence of a real possibility to restore the solvency of the debtor to continue its activities by providing financial assistance to the enterprise by the owner and other persons. 3. In the event that an application for insolvency (bankruptcy) of the enterprise has been re-filed within 36 months, the arbitral tribunal shall not be entitled to make a determination on the conduct of the sanation. 4. In the case of a request for a sanation, the arbitral tribunal shall, with the consent of the owner of the debtor and the creditor, declare the competition for participation in the sanation. It is obligatory to declare the competition if, by the time the arbitral tribunal issued a definition of a sanation, the owner of the debtor and members of the labour collectives did not take advantage of their right to participate in the conduct of the sanation. The announcement of the contest is published by the debtor in the "Herald of the Supreme Commercial Court of the Russian Federation" at its own expense. Legal, including foreign, natural persons, as well as members of the working group of the debtor company are allowed to participate in the competition. The application for participation in the contest is submitted to the arbitration court, which announced the contest within one month after the announcement of the contest. 5. If, at the end of the period of application for participation in the Eurovision Song Contest, it is not possible to participate in the competition, the arbitral tribunal shall decide on the abolition of the sanation and take one of the decisions provided for in article 10 of the present The law. 6. Not later than ten days after the deadline for applications to participate in the competition, and in those cases where the competition was not announced, no later than ten days after the determination of the appointment of a sanation, the arbitral tribunal shall consider the nominees. who have expressed a wish to participate in the sanation, and identify the persons admitted to it, as defined. 7. In a seven-day period from the day of the determination referred to in paragraph 5 of this article, the participants are required to hold a meeting at which they are required to work out an agreement. The agreement should contain an obligation to ensure that the claims of all creditors are met within the agreed time frame, the estimated duration of the treatment agreed with the parties to the distribution between them liability to creditors, liability of one or more members of the bailout if they refuse to participate in the sanation after its commencement, as well as other conditions that the parties may deem necessary. At the end of 12 months from the start of the sanation, at least 40% of the total amount of creditors ' claims must be satisfied. The satisfaction of creditor claims shall be made in the order established in article 30 of this Law. The agreement cannot provide for the debtor to transfer the main funds to the participants of the bailout. The members of the bailout are obliged to fulfill their obligations to creditors in full and bear responsibility for their fulfillment, unless the agreement provides otherwise. The Agreement shall be submitted to the arbitral tribunal within ten days of the signing. 8. On the basis of the agreement, the arbitral tribunal shall determine and supervise the conduct of the sanation in the manner and under the conditions set out in the agreement. 9. Sanctions should not exceed 18 months. The arbitral tribunal shall be entitled, at the request of the members of the bailout, except in cases of public or municipal enterprises, to extend the application, but not for more than six months. 10. In the process of sanation, the owner of the debtor, any of the creditors or members of the debtor's labour collective may apply to the arbitral tribunal for an ineffective implementation of the sanation or the actions of the participants in the sanation, to the detriment of the interests of the owner of the debtor, the creditor or the members of the debtor's working group. The arbitral tribunal shall consider such declarations and take the appropriate decision up to the decision on the termination of the sanation. 11. Sanation may be terminated in connection with the end of the prescribed period of time, failure to comply with the requirements set out in paragraph 7, paragraph 7, of this article, as well as in connection with the inefficiency of the sanation. If the bailout is terminated, the arbitral tribunal shall decide whether the debtor is insolvent and the commencement of the insolvency proceedings. 12. The objective of the sanation is established by the arbitral tribunal to determine its completion and the termination of the insolvency proceeding (bankruptcy) of the enterprise. At the same time, all the rights of the participants in the sanation established in the agreement on sanation remain. Article 14. The peculiarities of the reorganization procedures for enterprises in whose property there is a contribution of the state or local council of people's deputies, as well as receiving subsidies from budgets levels Within three days from the commencement of insolvency proceedings (bankruptcy) of an enterprise, the debtor notifies the following: authority authorized by the State or local council of people's deputies to administer the property of the enterprise in which the contribution of the State or local The people's deputies ' Councils are equal to at least 50 per cent; financial bodies at the appropriate levels-in respect of enterprises receiving subsidies from the budgets of the respective levels. The Authority, authorized by the State or local council of people's deputies to administer the property of the enterprise, or the financial institution of the corresponding level within 15 days from the date of receipt of the notification, shall submit to the arbitral tribunal its own Offerings. In the event that a body authorized by the State or local council of people's deputies manages the property of the debtor, or the financial institution of the appropriate level makes a proposal for a sanation or a provision to the enterprise An additional grant from the relevant budget is required to guarantee the satisfaction of the property claims of all creditors and the reimbursement of arbitration costs. Subsiventions are mandatory for an enterprise for which, under the law, a business environment is established under which the costs of the production of goods (works, services) are not reimbursed. These grants should cover the losses sustained by the enterprise as a result of the work under such conditions. The guarantee by the State or local council of the people's deputies of the property of the enterprise, or of a financial institution of the appropriate level, shall constitute the basis for the suspension by the arbitral tribunal of the proceedings The insolvency (bankruptcy) case of the enterprise. In case of refusal of the authority authorized by the State or local council of people's deputies to administer the property of the enterprise, from the provision of a sanation or a financial institution to the appropriate level from the grant to the arbitral tribunal Adopts one of the decisions under article 10 of this Law. A D E IV FORCED ERADICATION OF ENTERPRISES-MUST BE FOR A DECISION ON ARBITRARY COURT. COMPETITION Article 15. The purpose of the insolvency proceedings is the purpose of the insolvency proceedings to satisfy the creditors ' claims and to declare the debtor free of debt and to protect the parties against wrongful acts in respect of the debtor. to each other. Article 16. The decision to force the liquidation of the debtor's enterprise , by recognizing the debtor as insolvent, decides on its compulsory liquidation and the commencement of insolvency proceedings. On opening a competitive process, the arbitral tribunal notifies: the debtor's labour collectives; appropriate local government bodies; local finance authorities; banks and other credit institutions serving the debtor. Article 17. The insolvency (bankruptcy) of the enterprise The decision to declare the debtor insolvent and open the insolvency proceedings is published in the "Herald of the Supreme Commercial Court of the Russian Federation" for the bankruptcy of the debtor. account of the funds transferred to the deposit account of the arbitral tribunal. Publish must contain: The name of the arbitration court in which the case is located; name and location of the debtor's debtor location; date of adoption by the arbitral tribunal A decision on the basis of which a competitive proceeding is opened; to the creditors with a proposal to present their claims against the debtor within two months from the date of publication; other material circumstances. Article 18. Effect of commencement of insolvency proceedings for the debtor From the debtor's recognition to insolvent (bankrupt) and the decision to open a competitive process: prohibited transfer or other Exclusion of the debtor's property (except in cases where the authorization of disposition is given by the meeting of creditors), the repayment of its obligations. In doing so, payment to the debtor's creditors, as well as payments provided for in article 30 (1) of this Law, are not suspended; the terms of performance of all of the debtor's debt are deemed to have occurred; the interest on all types of debt of the debtor is terminated. All property claims from this point may be brought against the debtor only through a competitive process. Article 19. Arbitration Court in Competitid Arbitration Court: opens and closes a competitive process; assigns a receiver to the insolvency representative Removal of the supervisor from the management of the debtor's business; shall decide on the lawfulness of the actions of the participants in the insolvency proceedings in the cases provided for in this Law. Article 20. Competitor participants Competitors are the insolvency representative, assembly (committee) of creditors, the debtor, members of the working group and other interested persons. Article 21. Control 1. { { \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024 } Control: { \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024 } { \b } { \cs6\f1\cf6\lang1024 } { \b } The insolvency estate, including the collection of receivables; submits to the arbitral tribunal and creditors the necessary information regarding the financial condition of the debtor and its property at the time the competition was opened production; performs management functions has the right to challenge in the arbitral tribunal the transactions of the debtor entered into during the last six months preceding the commencement of the insolvency proceeding (bankruptcy) of the enterprise; forms and supervises the composition of the liquidation committee; convenes a meeting of creditors. 2. The insolvency representative should meet the requirements set out in article 12, paragraph 4, of this Law. 3. The insolvency representative has the right to appeal to the arbitral tribunal the decisions of the meeting (committee) of creditors, taken in violation of the competence of the assembly (committee), or to limit the powers of the insolvency representative. Article 22. Remuneration of the insolvency representative The remuneration of the insolvency administrator is determined by the meeting (committee) of creditors and approved by the arbitral tribunal. The insolvency representative is paid in the order of priority set out in article 30 of this Law. The Court of Arbitration shall make advance payments to the insolvency representative from the funds deposited in advance in the escrow account of the arbitral tribunal up to the amounts received in this account, with subsequent reimbursement from the insolvency estate. Article 23. Collection of Creditors 1. The right to participate in a meeting of creditors is payable by creditors, the insolvency representative, the representative of the debtor's labour collective and the debtor. Only the insolvency representative has the right to make a decision. 2. A meeting of creditors: may form a creditor committee and define its functions; submits a bid for the insolvency representative; gives permission to the insolvency representative to commit separate transactions, related to the disposition of the debtor's property; addresses the issue of the start of the sale, the form of the sale, and the initial price of the debtor's debtor's property; determines the remuneration of the insolvency representative; identifies the enterprise or enterprises that the job is assigned to to deposit funds in the deposit account of the arbitral tribunal in the cases provided for by this Law; may decide to enter into a settlement agreement; it controls the actions of the insolvency representative. 3. A meeting of creditors is eligible if creditors with voting rights are represented on it whose claims amount not less than 50 per cent of the total unsecured obligation. Any of the creditors may be represented at the meeting by a trusted person. The insolvency creditor has the right to vote at a meeting of creditors if it is the holder of the recognized claims against the debtor. In the event that a collection of creditors has not proposed a insolvency representative, the insolvency representative shall be appointed by the arbitral tribunal from the list of candidates approved in accordance with the established procedure. Article 24. Effect of the opening of a competitive insolvency estate on the debtor's head From the moment of commencement of the insolvency proceedings, the head of the debtor enterprise is removed from office and his rights and obligations are transferred to The insolvency representative. Article 25. The rights of the representative of the working group of the debtor's enterprise The representative of the working group of the debtor who has the power to participate in the general meeting (conference) of the members of the working group shall have the right to participate in the insolvency (bankruptcy) proceedings of the enterprise, to carry out, together with the creditors, the verification of the claims in the part relating to the debtor's obligations to the debtor's employees, to the examination of the documents, submitted in support of insolvency (bankruptcy). Article 26. Valuation of the debtor's assets and definition of the size of its debt 1. All assets (assets) of the debtor, as stated in the balance of the accounting balance or in lieu of its accounting records, form the basis for the formation of the estate. The tender mass includes social and communal facilities located on the debtor's balance, with the exception of the housing stock, children's pre-school institutions and certain vital facilities for the region. The infrastructure to be adopted on the balance of the respective local self-government bodies or the State authorities, unless otherwise provided by the legislation of the Russian Federation. 2. In the course of the competitive process, the insolvency representative performs an inventory and valuation of the debtor's property (s) and its liabilities. The remuneration of experts shall be determined by the arbitral tribunal in accordance with the procedure established by the Supreme Council of the Russian Federation. 3. The assessment of the estate (s) of the debtor in the insolvency estate is carried out in accordance with the procedure established by the legislation of the Russian Federation. 4. The estate (s) that is the subject of the pledge are not included in the insolvency estate. 5. The insolvency estate does not include property not owned by the debtor (full economic management), including: leased property; property held in custody by the debtor (a) The debtor is excluded from the process. Article 27. Recognition of creditor claims The insolvency representative after the expiry of the claim by creditors to the debtor referred to in paragraph 5 of part two of article 17 of this Law reviews all obligations of the debtor irrespective of the receipt of claims by creditors, shall establish a list of recognized and rejected claims, including the amounts of the recognized claims and the order of the claims, and shall forward the list to creditors within two months. The creditors have the right to apply to the arbitral tribunal to respond to the rejected claims or to make a determination of the order of their satisfaction. The specified applications shall be accompanied by a list of accepted and rejected claims drawn up by the insolvency representative. The arbitral tribunal shall review the said claims within one month of its receipt. Article 28. Recognition of the invalid actions of the debtor before the recognition of it insolvent (bankrupt) 1. Upon application by the insolvency representative, the arbitral tribunal found that the debtor or its name had been invalidated by the debtor until its insolvent (bankrupt) action: to meet the requirements of the individual A creditor with prior obligations if it was committed within six months prior to the day of commencement of the insolvency proceeding (bankruptcy) of the enterprise, and if at the time of its occurrence the enterprise was already in fact insolvent (bankrupt) and regardless of the six-month period, if any acts were committed by the debtor with the intention of causing harm to other creditors and creditors who were in favour of the actions, knew of that intention of the debtor; to satisfy the claims of individual creditors of those creditors whose claims were due at a time when the business was in fact insolvent and the parties were aware of it. The provisions of this paragraph do not apply to the actions of the debtor aimed at meeting the requirements of the creditors-lenders and the preferred creditors. 2. In the event that the debtor's actions are recognized as invalid, creditors are obliged to return to the insolvency estate all the resulting actions and, where it is not possible to return the received in kind, refund the value in the money. 3. Prior to the completion of the insolvency proceedings, each creditor is entitled to propose to the insolvency representative to challenge the debtor's actions in the arbitration court. In the event of its refusal, each creditor is entitled to apply to the arbitral tribunal on its own behalf. Article 29. Debating the debtor's debt obligations, the secured bail Out of the property of the debtor, out of the bond, is liquidated. Article 30. Order of distribution of the estate 1. The costs of: competitive proceedings, compensation for the arbitration and insolvency representative; continuing operation of the debtor's business. 2. After the expenses referred to in paragraph 1 of this article are met, the creditors are satisfied in the following order of priority: first of all the citizens to whom the debtor is responsible for the damage to their life or by capitalization of the relevant temporary payments; second, on the remuneration of employees, on payments to the Pension Fund of the Russian Federation, on the payment of benefits within one year of the opening day of the competition and on the payment of royalties owed by both authors and royalties { \cs6\f1\cf6\lang1024 } Contracts { \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024 } third { \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024 } { \b } } { \b } { \b } { \b } { \b } { \b ( } { \b } { \b } { \b (a) { \field { s } { \b } { \b } { \b } { \b } { \b } { \b } { \b } { \b } { \b } { \b } { \b } { \b } { \b } The first, second, and third creditors are privileged. 3. The requirements of each queue are satisfied after the requirements of the previous queue are fully repaid. 4. If the amount recovered is insufficient to fully satisfy all the creditors of the relevant queue, these claims are satisfied in proportion to the amount due to each of them. Article 31. Appeal against the decision of the insolvency representative A debtor or creditor who considers that the decision of the insolvency representative violates his or her rights and lawful interests is entitled to apply to the arbitral tribunal with an appropriate application. As a result of the application, the arbitral tribunal shall decide accordingly. Article 32. The decision to sell the debtor's property The decision to start the sale, the form of the sale and the initial price of the debtor's property shall be taken by the meeting (committee) of the creditors by the insolvency representative. Article 33. Information on the sale of the property of the debtor The insolvency representative notifies the widest possible range of interested parties of the commencement of the sale of the property of the debtor, informs about the conditions under which it is acquired and the timing of the application of the declaration of intent Purchase of these assets. Article 34. Sale of the debtor's property The sale of the debtor's property shall be conducted by the insolvency representative. The property is sold to the highest bider. Article 35. Satisification of creditors ' claims 1. Cash proceeds from the sale of the debtor's property shall be allocated to creditors according to the order and priority set out in article 30 of this Law. 2. Claims of creditors that have been identified and declared after the expiry of the time limit for their application are satisfied from the property of the debtor remaining after the creditors have satisfied the claims filed within the prescribed time-limit. 3. The claims of creditors not satisfied due to the insufficiency of the insolvency estate are deemed to be paid out. Claims not recognized by the insolvency representative are also considered to be extingueded if the creditors do not contest the claim before the arbitral tribunal or the arbitral tribunal finds the claims of creditors to be unfounded. Article 36. Debtor's discharge The debtor is deemed to be entirely free of debts after satisfying the claims and paying the creditors in the manner and under the conditions set out in this Act. Article 37. Report of the insolvency representative After all calculations have been completed, the insolvency representative shall submit to the arbitral tribunal a record of its activities, a liquidation balance and a document on the use of the remaining funds shall be attached to the tribunal. To satisfy the creditors ' claims, and to submit a declaration on their income and property. The report is subject to confirmation by the arbitral tribunal. Upon approval of the report, the arbitral tribunal shall determine the completion of the insolvency proceedings. A copy of the definition is sent to the body conducting the State registration of enterprises. Article 38. Liquidation of the debtor's enterprise The debtor's business is deemed to have been disposed of from the moment of its removal from the relevant State registry on the basis of the arbitral tribunal's determination of the completion of the insolvency proceedings. SECTION V AGREEMENT Article 39. The terms of the conclusion of the settlement agreement The Global Agreement between the debtor and the insolvency creditors may be concluded at any stage of the insolvency proceeding (bankruptcy) of the enterprise. Article 40. Terms of the World Agreement 1. A peace agreement may be concluded only with respect to the requirements of the fourth and subsequent releases set out in article 30 of this Law. 2. For competitive creditors that do not agree to a settlement agreement, the conditions are not set for the worst than for the international agreement of creditors whose claims are included in one queue. 3. In the case of the conclusion of the settlement agreement, the deferred and (or) instalments due to creditors, or debt relief, as well as the addition of arrears under mandatory payments to the budget and extrabudgetary funds, and the return of surplus amounts only, Cases and procedures established by law. Article 41. Conclusion of the world agreement and bring it into force 1. The peace agreement is concluded in writing. 2. The settlement agreement is subject to approval by the arbitral tribunal and is deemed to have been accepted if it was concluded by at least two thirds (by sum of the claims) of the insolvency creditors of the fourth and subsequent queues. 3. The World Agreement shall enter into force on the date of its adoption by the arbitral tribunal and shall be binding on the insolvency creditors of the fourth and subsequent queues. Article 42. Review of the settlement agreement in the Arbitration Court 1. The debtor is obliged to submit to the arbitration court a settlement agreement, balance sheet or superseding accounting documents, a list of all competitive creditors of the fourth and subsequent queues, including their addresses and amounts of debt, Amounting amounts owed on claims for which the settlement agreement is not applicable. 2. The arbitral tribunal shall notify the parties concerned of the date of the consideration of the settlement agreement. The failure of the summoned person does not constitute an obstacle to the consideration of the case. 3. The arbitral tribunal must hear each person present at the meeting of the insolvency representative against the approval of the settlement agreement, even if it voted in favour of the settlement agreement at the meeting of creditors. 4. Within two weeks of the approval of the settlement agreement by the arbitral tribunal, creditors must obtain at least 35 per cent of the amount of the debt. The satisfaction of the claims increases with the increase in installments of payments and is determined by the agreement of the parties. Article 43. Invalidity of the world agreement or its avoidance 1. At the suit of any creditor, the settlement agreement may be deemed null and void by the arbitral tribunal if the debtor incorrectly stated its property in the balance of the balance or its accounting records. 2. The settlement may be terminated by agreement of the parties or by a decision of the arbitral tribunal in the cases of: the non-fulfilment of the settlement agreement; continuing deterioration of the debtor's financial position; " The debtor acts against the rights and legitimate interests of creditors. After the settlement of the settlement agreement, the arbitral tribunal resumes the insolvency proceedings (bankruptcy) of the enterprise. 3. In the event of termination of the settlement agreement, the communication is published in the "Herald of the Supreme Commercial Court of the Russian Federation" at the expense of the debtor. 4. In the event that a settlement is declared null and void or terminated, the claims by creditors that have been deferred and (or) the instalments due, or the debt relief, are restored to an unsatisfied part of the settlement. full size. R A D E L VI MUST ACTIONS MUST BE MUST BE MUST BE MUST, CREDITORS AND OTHER PERSONS Article 44. Unauthorized actions Under unlawful acts, this Act refers to the offences of wilful, incompetent or negligent action of the debtor or of the owner of the debtor or other persons. prior to the commencement of the insolvency proceedings or in its proceedings, which are detrimental to the debtor or creditors. Article 45. Unauthorized actions by the debtor or owner of the debtor's enterprise before the opening of the insolvency estate against the debtor or the owner of the debtor prior to the opening of the competition The proceedings include acts falling under the notion of wilful or fictitious bankruptcy. Misconduct of the debtor or owner of the debtor also includes actions taken in anticipation of the insolvency (bankruptcy) of the enterprise and detrimental to the interests of all or part of the creditors, such as: hiding part of the debtor's property or its obligations; hiding, destroying, falsifying any accounting document associated with the debtor's economic activities; failure to make the necessary entry in the accounting documents; destruction, sales, or The payment of part of the property of the debtor received on the loan and not paid for. Article 46. Unauthorized actions of the debtor or owner of the debtor of the debtor after the opening of the insolvency estate proceedings against the debtor or the owner of the debtor after the opening of the competition Production includes: the actions provided for in article 45, paragraph 2, of this Law; hiding from the insolvency representative of whom, when and in what form a part of the debtor's property was transferred; uncompetitive on demand of a debtor in the use or storage of a debtor's business; failure to submit to the debtor a competitive accounting document; concealment from the insolvency representative of the debtor of the provisions of article 28 of this Law. Article 47. Undue actions by the creditor and other persons 1. A creditor is deemed to have committed an unlawful act if, knowing the preferred satisfaction of his claims to the detriment of other creditors, he has agreed to such satisfaction. 2. Any person is deemed to have committed an unlawful act if he, knowing about the insolvency (bankruptcy) of the enterprise, knowingly contributes to the concealment of all or part of his property. Article 48. The consequences of the wrongful acts Persons who have committed unlawful acts referred to in articles 45 to 47 of this Law may be prosecuted in accordance with the laws of the Russian Federation. P D E L VII EXTRAJUDICIAL PROCEDURES Article 49. Extrajudicial procedures Non-judicial procedures are the means by which the debtor can negotiate with creditors either to negotiate the continuation of the debtor's business or to agree with them on its voluntary nature liquidation. The terms and conditions of the negotiations shall be determined by the debtor in agreement with the creditors. Article 50. Extrajudicial proceedings The results of non-judicial proceedings may be: agreement between the debtor and all or part of creditors to defer and (or) the instalments due to creditors or the debt relief for the creditors Continuing the operation of the debtor; voluntary liquidation of the debtor under the control of creditors and the debtor's formal declaration of insolvency (bankruptcy) in the manner and under the conditions set out in the present The law. Article 51. Voluntary liquidation of the debtor's enterprise under the control of creditors 1. The decision to voluntarily liquidates the debtor and to declare its insolvency (bankruptcy) is taken by the head of the debtor, together with the creditors, on the basis of an analysis of the economic conditions of the enterprise, The result of which it is established that the enterprise cannot pay its obligations and is unable to restore its solvency. The specified decision is approved by the owner (s) of the debtor. Disagreement with the decision to voluntarily liquidates the debtor of the owner (s) and any of the creditors of the enterprise with a decision on its voluntary liquidation shall result in the initiation of proceedings The insolvency (bankruptcy) of the enterprise in the arbitral tribunal, in accordance with the procedure set out in section II of this Act. The debtor company is deemed to be in the process of liquidation from the time the owner (s) of the enterprise has been approved by the owner (s) for voluntary liquidation. The official announcement of the voluntary liquidation of the debtor enterprise is published in the Bulletin of the Supreme Commercial Court of the Russian Federation. 2. The head of the debtor company shall propose a candidate (s) of the insolvency representative. The insolvency representative is appointed by the owner (s) of the debtor. Creditors have the right to appoint a new insolvency representative to replace the debtor's owner (s) with the debtor. The { \b } { \b } { \b } { \b } { \b } { \b } { \b } { \b At the same time, the head of the debtor enterprise is removed from the obligation to manage the debtor. The insolvency administrator has the duty to convene a meeting of creditors and report regularly to these meetings on the liquidation of the debtor enterprise. The Concourse Manager also performs other functions provided for in Article 21 of this Law. 3. Once the insolvency representative has been appointed, the debtor is not entitled to satisfy the creditors ' claims at the expense of its property, except for the claims of the creditors whose rights are secured by the bond and the preferred creditors. The debtor is required within seven days of the appointment of a competitive manager to present the balance to the debtor or its accounting records. 4. The insolvency representative shall convene a meeting of creditors within 15 days of the decision on the voluntary liquidation of the debtor. The Creditor Assembly is represented by the balance sheet or the debtor's accounting records, as well as a list of creditors with the amount of their claims. The functions of a meeting of creditors are defined in article 23, paragraph 2, of this Law. 5. The procedure for the sale of the property of the debtor and the satisfaction of the creditors ' claims is determined in accordance with articles 32 to 35 of this Law. The objects adopted on the balance by the respective local self-government bodies and public authorities are not to be sold in accordance with article 26, paragraph 1, of this Law. 6. After the sale of the property of the debtor and the allocation of funds among creditors, the insolvency representative shall convene the final meeting of creditors to which the owner (s) of the debtor is invited and reports on its Work. The Assembly decides on the approval of the liquidation balance, the report on the use of funds remaining after the creditors ' claims have been satisfied, and the liquidation of the enterprise. The Enterprise shall be deemed to be disposed of from the time of its removal from the State register on the basis of the submission. President of the Russian Federation B. Yeltsin , House of Soviet of the Russian Federation 19 November 1992 N 3929-I