Bankruptcy SP: causes, characteristics and procedure implementation

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Bankruptcy and liquidation of the company are complex and painful process.It aims not only to have to return at least part of its debt to employees and creditors, but also the fact to enable the organization to continue its activities despite the current adverse circumstances.

At the same time, if a corporate insolvency we are for the last twenty years more accustomed to the bankruptcy of SP still raises some questions.This process has its specific characteristics and nuances.

First of all, it should be noted that any individual entrepreneur is seen first and foremost as a citizen of Russia, so in relation to it are fully applicable provisions of the bankruptcy of Russian citizens.However, the legal conflict is that the bankruptcy of a citizen in the territorial boundaries of the Russian Federation is still not the detail of any law.Therefore, IP is the only currently a category of individuals in the Russian Federation, for which there may be commenced insolvency proceedings.

Bankruptcy SP begins with an application for its failure to arbitration.This statement may be filed either by the debtor or by one of its creditors, which itself is the subject of entrepreneurship.At the same time in the course of the trial may submit a relevant application and those whose claims are related to their personal relationship with the entrepreneur.

After consideration of all the circumstances of the case, the arbitral tribunal shall decide on the legality of the beginning of the procedure to the citizen.Bankruptcy SP becomes a legal fact.After that, it automatically ceases to operate the state registration of the right to engage in entrepreneurial activity, and all go out of business licenses and certificates.According to the general rules of Russian law a ban on re-creating this citizen SP valid for one year after the decision of the arbitral tribunal has become a legal fact.

essential difference between bankruptcy process SP from similar measures used by legal entities, is that it can not be used procedures such as supervision, external management and financial recovery.However, if the bankruptcy initiated by the IP owner, it can attach to your application a concrete plan for the gradual reduction of its debt.

After the arbitration court decision on the recognition of IP bankrupt, in the latter cease to accrue penalties and interest, it can not be afraid of what creditors will also strongly appeal to him, so that he repaid the debt to them.However, this does not apply to the responsibilities of the entrepreneur to pay alimony for the maintenance of their children or former spouse, if the decision of the court has already entered into force.

order to repay the debt to its creditors, the entrepreneur will have to promote the sale of property, which according to the court decision, is included in the bankruptcy estate.At the same time meet the requirements of the order established by the legislation.