Corporate law. Rights and responsibilities of a temporary manager (most important)

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Corporate law. Rights and responsibilities of a temporary manager (most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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29. Rights and obligations of an interim manager

A special figure exercising powers in the bankruptcy process in relation to a legal entity is an interim manager.

An interim manager may be removed by an arbitration court from performing the duties of an interim manager:

1) in connection with the satisfaction by the arbitration court of the complaint of the person participating in the bankruptcy case about the failure to perform or improper performance by the interim manager of his duties, if this violated the rights or legitimate interests of the applicant, and also caused or could cause losses to the debtor or his creditors;

2) in case of revealing circumstances that prevented the approval of the person as an interim trustee, including if such circumstances arose after the approval of the person as an interim trustee;

3) in other cases provided for by federal law.

The interim manager has the right:

1) submit claims to the arbitration court on its own behalf for the invalidation of transactions and decisions, as well as claims for the application of the consequences of the invalidity of void transactions concluded or executed by the debtor in violation of the requirements of the Bankruptcy Law;

2) raise objections to creditors' claims;

3) take part in court sessions of the arbitration court to verify the validity of the objections of the debtor regarding the claims of creditors;

4) apply to the arbitration court with a request to take additional measures to ensure the safety of the debtor's property;

5) apply to the arbitration court with a motion to remove the head of the debtor from office;

6) receive any information and documents related to the activities of the debtor;

7) exercise other powers established by the Bankruptcy Law.

The management bodies of the debtor are obliged to provide the interim manager at his request with any information relating to the activities of the debtor. The interim manager is the executive body of a legal entity that performs its duties on a non-permanent basis. He manages the activities of the organization in a certain period.

The interim manager must:

1) take measures to ensure the safety of the debtor's property;

2) to analyze the financial condition of the debtor;

3) identify the debtor's creditors;

4) keep a register of creditors' claims;

5) notify creditors about the introduction of supervision;

6) convene and hold the first meeting of creditors. At the end of supervision, the interim manager is obliged to submit to the arbitration court a report on his activities, information on the financial condition of the debtor and proposals on the possibility or impossibility of restoring the debtor's solvency. The interim manager is obliged to send for publication a notice on the introduction of supervision. The interim manager is obliged to notify all the debtor's creditors identified by him of the ruling by the arbitration court on the introduction of supervision.

Author: Sazykin A.V.

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