insolvency or bankruptcy of the so-called a debtor's inability to pay its debts by the borrower before the due date, as well as the inability to satisfy the demands of the budget and extra-budgetary funds.
According to the Federal Law on bankruptcy declare insolvency may the arbitral tribunal on the basis of statements by the creditors or the borrower.Bankrupt can only be a legal person or any entity engaged in commercial activities, other than companies such as treasury, pension or welfare fund.
Federal Law (FL) Bankruptcy entities assumes liquidation of the company only after attempts to restore the solvency of the legal entity by carrying out preventive measures.The purpose of these procedures, first and foremost, is to calculate all the creditors and the budget, and secondly - the full restoration of solvency.
actions to prevent bankruptcy have meaning only if the consent of the debtor, and can be initiated by creditors, public authorities and others. According to the Law on bankruptcy basis for application to the Court of Arbitration considered:
- the existence of overdue loans with a term of not lessthan three months;
- failure of an organization to pay its debts in the near future.
debtor is required to notify all its creditors to conduct preventive measures.If all the requirements of the judge within five days from the filing of the application and considers makes a final decision.
first to help the company restore its solvency in the arbitration court enters a manager who performs supervisory and control functions.A month later, the control provides a progress report.
If necessary, legislation edited according to modern trends and standards.Thus, for example, we were introduced to the Federal Law on Insolvency (Bankruptcy) changes involving the expansion of the list of measures aimed at satisfying creditors' claims.
maximum term of hearing the bankruptcy case should not exceed seven months.On the basis of research the decision to declare the debtor bankrupt.May introduce such a measure as in bankruptcy, financial restructuring or external control.And at each stage can be an amicable agreement on the mutual agreement of the parties with the full settlement of all obligations to creditors.
The main task of the arbitral tribunal is not a declaration of liquidation of the legal entity, and in accordance with the Law on bankruptcy assistance company, got into a difficult situation.Liquidation is carried out only after all of the above events did not bring the expected result.Then the activity of the control will respond to trebvany lenders and government agencies.The hearing may be postponed at the request of the debtor, if in the near future it plans to repay all existing debt had.
As a rule, the introduction of external control gives hope for a significant effect.A month later, the external manager must submit a report on the progress and prospects of further information on the event.After the full satisfaction of the claims of creditors and estimated budget prospects of a legal entity, that is, the feasibility of its existence.Arbitration judge verdict: either finds it impossible to continue operations or records a positive trend interim management and allows entity to continue its work with renewed vigor.
