Corporate law. The concept and legal content of bankruptcy (the most important)

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Corporate law. The concept and legal content of bankruptcy (the most important)

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26. The concept and legal content of bankruptcy

Distinguish between the bankruptcy of an organization (legal entity) and a citizen, for example, an individual entrepreneur (individual).

Bankruptcy is one of the types of liability of a legal entity for unsatisfactory results of its financial activities.

Relations related to bankruptcy are regulated by the Civil Code of the Russian Federation, the Bankruptcy Law, as well as international treaties in the field of bankruptcy.

Insolvency (bankruptcy) is the debtor's inability, recognized by the arbitration court, to fully satisfy the claims of creditors for monetary obligations and (or) fulfill the obligation to make mandatory payments.

Bankruptcy consists of several procedures. When considering a case on bankruptcy of a legal entity, the following bankruptcy procedures are applied:

1) observation;

2) financial recovery;

3) external management;

4) bankruptcy proceedings;

5) settlement agreement.

Signs of bankruptcy and its grounds are:

1) the existence of a monetary obligation or obligation to make mandatory payments;

2) non-fulfillment of these obligations within three months from the date when they must be fulfilled.

The bankruptcy procedure is carried out with the participation of the arbitration court. In order to avoid contradictions in the assessment of some fundamentally significant concepts for the bankruptcy procedure, the legislation of the Russian Federation, in particular the Bankruptcy Law, provides for the normative definition of many concepts related to bankruptcy.

Debtor - a citizen, including an individual entrepreneur or a legal entity, who are unable to satisfy the claims of creditors for monetary obligations and (or) fulfill the obligation to make mandatory payments within the period established by the Bankruptcy Law.

Creditors - persons having in relation to the debtor the right to claim for monetary obligations and other obligations for the payment of mandatory payments, for the payment of severance benefits and for the remuneration of persons working under an employment contract.

In relations related to bankruptcy, the positions “debtor” and “creditor” not only indicate the parties to the civil contract, they characterize in this case, first of all, the parties to the bankruptcy procedure and reveal the essence of the institution of bankruptcy. In civil contracts, the creditor always opposes the debtor; in the case of bankruptcy, such opposition is no longer regulated by dispositive rules; bankruptcy rules, which are mainly of a mandatory nature, come into force.

The head of the debtor is recognized as the sole executive body of a legal entity or the head of a collegial executive body, as well as another person carrying out activities on behalf of a legal entity without a power of attorney.

Author: Sazykin A.V.

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