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What is bankruptcy?

- Insolvency (Bankruptcy) - is recognized by the arbitral tribunal debtor's inability to fully satisfy the claims of creditors on monetary obligations and (or) to fulfill the obligation to make compulsory payments. Production of the bankruptcy proceedings may be initiated by the arbitral tribunal, provided that the claim against the debtor - legal entity together constitute not less than one hundred thousand, to the debtor - citizen - not less than ten thousand, and there are signs of bankruptcy: the debtor - legal entity not able to satisfy the claims of creditors on monetary obligations and (or) to fulfill the obligation to make compulsory payments, if the relevant obligations and (or) the obligation is not fulfilled them within three months from the date when they should have been done. Citizen (applies to individual entrepreneurs) is considered to be incapable of meeting the demands of creditors on monetary obligations (or) to fulfill the obligation to make compulsory payments, if the relevant obligations and (or) the obligation is not fulfilled them within three months from the date when they should have been done and if the sum of its liabilities exceeds the value of his property.

In proceedings before the bankruptcy debtor - legal entity shall apply the following procedures: observation; financial recovery; Externally board; bankruptcy proceedings; settlement agreement.

- Does the bankruptcy of the "value" of the enterprise?

- If we take into account the value of the debtor's assets, that depends, as in the case of insufficient assets to conduct legal costs of arbitration court may refuse the applicant in the bankruptcy case and not to enter the procedure due to insufficient assets.

- What do the workers in enterprises where entered bankruptcy? What is their fate?

- The main purpose of bankruptcy - it is the most complete satisfaction of all creditors. If after following the procedure defined monitoring any procedure other than the bankruptcy proceedings, the company will be able to continue business operations and, accordingly, the debtor's employees will remain in their jobs if it is entered bankruptcy proceedings - this procedure leads to the liquidation of the enterprise and the dismissal of all workers.

- The new owner of bankrupt company changes its activities?

bankruptcy

- It solves the new owner (or owners). In most cases, the company is not entirely sold during the auction and is divided into lots. Each lot may be a new owner who will manage the acquired property on your own.

- The tax authorities escorted bankruptcy proceedings since 2005. During this period, area underwent bankruptcy proceedings and are excluded from the state register of legal entities 75 enterprises.

- Can you tell us about one of them, for example, meat-packing plant?

- The company liquidated, the employees laid off.

- Whether there is an artificial bankruptcy - tax evasion, payments?

- Artificial bankruptcy legislation are given clear definitions - is deliberate and fictitious bankruptcy. Deliberate bankruptcy - it is absolutely a leader or founder (participant) of the legal entity or individual entrepreneur actions (inaction), obviously entailing the failure of the legal entity or individual entrepreneur to fully satisfy the claims of creditors on monetary obligations and (or) to fulfill the obligation to make compulsory payments. MyBKHelp may help you get legal advice on the issue. Fictitious bankruptcy - is deliberately false public announcement leader or founder (participant) of the legal entity of the insolvency of the legal entity, as well as the individual entrepreneur on its insolvency. Articles 196 and 197 of the Criminal Code provides for liability for intentional or fictitious bankruptcy.

- What you need to go broke?

- Perform all contractual obligations with creditors and debtors and timely pay taxes to the budget.

 

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