22. Order of satisfaction of creditors' claims

One of the main goals of the liquidation procedure of a legal entity is to satisfy the requirements of creditors. The activities of the liquidation commission are aimed at ensuring that not a single creditor of a legal entity is left without satisfaction. Upon liquidation of a legal entity, the claims of its creditors are satisfied in the following order:

1) first of all, the claims of citizens to whom the liquidated legal entity is liable for causing harm to life or health are satisfied through the capitalization of the corresponding time-based payments;

2) in the second place, settlements are made for the payment of severance pay and wages with persons working under an employment contract, including under a contract, and for the payment of remuneration under copyright agreements;

3) in the third place, the claims of creditors for obligations secured by the pledge of property of the liquidated legal entity are satisfied;

4) in the fourth place, the debt on obligatory payments to the budget and extra-budgetary funds is repaid;

5) in the fifth place, settlements with other creditors are made in accordance with the law.

When liquidating banks or other credit institutions that attract funds from citizens, first of all, the claims of citizens who are creditors of banks or other credit institutions that attract funds from citizens, as well as the requirements of an organization that performs the functions of compulsory insurance of deposits, in connection with the payment of compensation on deposits in accordance with the law on insurance of deposits of citizens in banks.

The requirements of each queue are satisfied after the requirements of the previous queue are fully satisfied. If the property of a liquidated legal entity is insufficient, it shall be distributed among the creditors of the corresponding priority in proportion to the amounts of claims to be satisfied, unless otherwise established by law.

If the liquidation commission refuses to satisfy the creditor's claims or evades their consideration, the creditor has the right to file a lawsuit against the liquidation commission before the approval of the liquidation balance sheet of the legal entity.

By a court decision, the creditor's claims may be satisfied at the expense of the remaining property of the liquidated legal entity. The creditor's claims filed after the expiration of the period established by the liquidation commission for their presentation shall be satisfied from the property of the liquidated legal entity remaining after satisfaction of the creditors' claims filed on time. Claims of creditors not satisfied due to insufficiency of the property of the legal entity being liquidated shall be considered extinguished. Claims of creditors that have not been recognized by the liquidation commission, if the creditor has not filed a claim with the court, as well as claims that the creditor has been denied satisfaction by a court decision, shall also be considered extinguished.

Author: Sazykin A.V.

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