Can bankruptcy proceedings be terminated? Article 57. Grounds for terminating bankruptcy proceedings

Translated from Italian, the word "bankruptcy" means "broken bench." This is due to the historical traditions of banking in the region. The first financial transactions were carried out in public places on the benches, which were then called the bank. A broken bench spoke of the ruin of its owner.

The concept of "bankruptcy"

A term synonymous with bankruptcy is insolvency. It characterizes the situation that may arise for both an individual and a legal entity, when it is not able to repay debts to the state for the payment of mandatory payments or to borrowers. Such a situation occurs after it is recognized in the prescribed manner by the relevant state bodies.

Bankruptcy also refers to the process of assessing the financial condition of an entity that has debts. If the procedure is launched by the debtor himself, then it is called self-bankruptcy. Many citizens are interested in the question: can the bankruptcy procedure be terminated? The answer can be found later in the article. But first you need to get some background information.

Solvency of the debtor

Restoration of the debtor's solvency is carried out upon full repayment of his debt to creditors. From his own funds, he can make appropriate payments to persons entered in the state register, or receive the necessary amount of money for these purposes. All requirements of creditors must be met, and at the same time. Information on the fulfillment of obligations is entered into the state register.

A person who assumes responsibility for fulfilling obligations to repay debts applies with a similar intention to an arbitration manager. The latter is obliged to reject similar requests from other persons within a week. In the event that the approved person has not begun to perform the relevant actions or has not coped with them in full before the end of the month, the decision will be canceled.

Creditors are required to accept funds to pay the debt from any person, whether the debtor himself, the founders of the company, the owner of the assets or another party. In the event that the person to whom the debt was owed failed to fulfill its obligations to provide the necessary information and documentation within the established time limits, the funds are temporarily deposited into the notary's account.

Financial recovery of the debtor

The solvency of a company is one of the main parameters necessary for its successful functioning and finding out the answer to the question of whether bankruptcy proceedings can be terminated. A monitoring system has been introduced in bankruptcy proceedings. Within ten days from the date of its launch, the bankruptcy trustee holds a meeting of the founders in order to determine measures aimed at correcting the financial situation that has arisen. The list of events is approved by voting. Founders have the right to provide their funds in the form of:

• mortgages;
• pledge;
• state guarantee;
• bank guarantee;
• guarantees;
• other measures permitted by law.

Managers can take the following steps:

• revision of the personnel and structure of the organization;
• changes in the production process;
• partial sale of property;
• work with accounts receivable, if any;
• issue and sale of additional shares;
• replenishment of capital through additional contributions.

This is not a complete list of measures that the head of the organization can take to restore the solvency of the structure entrusted to him.

External management plan

If a company has reached bankruptcy proceedings, it means that not everything was going smoothly in its activities, its management was carried out inefficiently. Accordingly, she will not be able to get out of the debt hole on her own. Can bankruptcy proceedings be terminated if the company does not have a competent manager who is able to make payments on debts? Hardly. Therefore, external control is introduced. It is mandatory in case of business insolvency.

Within a month from the date of appointment, the new manager must develop an external management plan. It is approved by the meeting of creditors. This document should contain a list of measures aimed at restoring the debtor's solvency. Also, such a plan should include information on the timing and order of procedures, the amount and content of expenses.

Satisfaction of creditors' claims

The procedure for paying off debts to creditors is regulated by Article 64 of the Tax Code of the Russian Federation. The first to receive their payments are those whose obligations arose before the start of the bankruptcy procedure, they are extraordinary recipients of funds. In addition, they do not wait in line for payments for the prevention of man-made and environmental disasters, loss of life, settlements with the registry holder.

The first in line are those who are indebted due to harm to life and health. They are followed by payments on wages and interest for its delay, severance pay and remuneration for the result of intellectual work. Among them, there is a sequence of payments. The third stage includes bankruptcy creditors and authorized bodies.

First, the principal debts and interest on them are paid, and then:

• fines;
• penalties;
• compensation for lost profits.

After that, the settlement of invalid transactions is carried out.

Debt repayment by mortgaged property

If any transactions were supported by mortgaged property, then they must be sold. Seventy percent of the sale amount is sent to a special bank account to pay off the debt under this transaction. Twenty percent of these funds are intended for settlements with creditors of the first and second priority. The rest goes to court costs and the manager's fees.

Grounds for terminating proceedings

The procedure for terminating a bankruptcy case is regulated by Art. 57 FZ 127 "On insolvency (bankruptcy)". The authorized body for such proceedings is the arbitration court.

Can bankruptcy proceedings be terminated? Yes maybe. But certain aspects of office work may serve as grounds for terminating bankruptcy.

• Restoration of the debtor's solvency through external management or financial recovery.
• Unreasonable demands of the initiator to declare bankrupt an individual or legal entity.
• Termination of claims by creditors.
• Fulfillment of obligations to creditors in full.
• Inability to pay the costs associated with litigation, including the funds paid to the arbitration manager.

There are other grounds provided by law for terminating bankruptcy proceedings. To find out, you need to familiarize yourself with tax laws.

Petition

By means of a petition, it is possible to apply for the termination of bankruptcy proceedings. This document can be sent to the arbitration court by any interested person. If it is an arbitration manager, then it should contain references to:

• report;
• justified and documented reasons for terminating the proceedings.

Creditors can also apply for the closure of the case based on the results of consideration of the report of the arbitration manager, if they find sufficient arguments in it. This document, as well as the register of creditors, the minutes of the meeting of creditors and other documentary information may be attached to the application by the person who applied to the court.

Application form

Application for termination of bankruptcy proceedings persons and legal persons must contain the following information:

• the name of the arbitration court to which the application is sent;
• data of the applicant, as well as the debtor, creditors;
• grounds for appeal;
• business details;
• references to normative legal acts;
• description of the case;
• the applicant's requirements;
• date of writing the application, signature of the person submitting it;
• application list.

Bankruptcy of individuals and legal entities is no longer something out of the ordinary. Sometimes this is the only possible way out of the current situation. Most often, such cases are handled by lawyers specializing in this area. In free access on the Internet, you can see a large number of comments and answers to questions on the bankruptcy of individuals. persons and legal persons.

So, for example, one of the specialists explains the legitimacy of the creditor filing a re-application against the debtor. This is possible if the organization has not been liquidated and its record keeping has been terminated. If creditors' claims are not satisfied, any of them may apply to declare the debtor bankrupt.

If the case for declaring the enterprise bankrupt is terminated, then the subject restores its rights to property. Therefore, they are actively fighting for such a right. Everything related to insolvency is described in the Federal Law No. 127-FZ of the same name.