28. Observation procedure

Supervision is a bankruptcy procedure applied to the debtor in order to ensure the safety of the debtor's property, analyze the financial condition of the debtor, draw up a register of creditors' claims and hold the first meeting of creditors.

Supervision is introduced based on the results of consideration by the arbitration court of the validity of the applicant's claims for bankruptcy.

Supervision is introduced from the day the arbitration court accepts the debtor's application for proceedings, except in cases where a different bankruptcy procedure is to be applied to the debtor.

Supervision must be completed taking into account the timing of the bankruptcy case.

The decision of the arbitration court on the introduction of surveillance is recognized as a legal fact and entails certain legal consequences.

From the day the arbitration court issues a ruling on the introduction of supervision, the following consequences occur:

1) claims of creditors for monetary obligations and for the payment of mandatory payments, the due date for which has come on the day the supervision is introduced, can be presented to the debtor only in compliance with the procedure established by the Bankruptcy Law for filing claims against the debtor;

2) at the request of the creditor, proceedings on cases related to the recovery of funds from the debtor are suspended;

3) the execution of enforcement documents for property recovery is suspended, including arrests on the debtor's property and other restrictions regarding the disposal of the debtor's property imposed during enforcement proceedings, with the exception of enforcement documents issued on the basis of those that entered into force before the date of introduction of supervision judicial acts on the recovery of wage arrears, the payment of remuneration under copyright agreements, on the recovery of property from someone else's illegal possession, on compensation for harm caused to life or health, and on compensation for moral damage;

4) it is prohibited to satisfy the claims of the founder (participant) of the debtor for the allocation of a share (share) in the property of the debtor in connection with the withdrawal from its founders (participants), the redemption by the debtor of outstanding shares or the payment of the actual value of the share (share);

5) it is prohibited to pay dividends and other payments on issuance securities;

6) it is not allowed to terminate the debtor's financial obligations by offsetting a homogeneous counter claim, if this violates the order of satisfaction of creditors' claims established by the Bankruptcy Law.

The ruling of the arbitration court on the introduction of supervision is sent by the arbitration court to credit organizations with which the debtor has a bank account agreement, as well as to the court of general jurisdiction, the chief bailiff at the location of the debtor and its branches and representative offices, to authorized bodies.

The introduction of supervision is not grounds for the removal of the head of the debtor and other management bodies of the debtor, which continue to exercise their powers, but are somewhat limited in their rights.

Author: Sazykin A.V.

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