33. Rights and obligations of the administrator

When conducting financial rehabilitation, an administrative manager is appointed without fail, whose candidacy is approved by the arbitration court. The administrative manager in accordance with the Bankruptcy Law is endowed with a set of rights and obligations.

In the course of financial rehabilitation, the administrative manager is obliged to:

1) keep a register of creditors' claims;

2) convene meetings of creditors;

3) consider reports on the progress of the implementation of the financial recovery plan and the debt repayment schedule and provide opinions on the progress of the implementation of the financial recovery plan and the debt repayment schedule to the meeting of creditors;

4) submit for consideration to the meeting of creditors (committee of creditors) information on the progress in the implementation of the financial recovery plan and the debt repayment schedule;

5) exercise control over the timely fulfillment by the debtor of the current claims of creditors, the progress of the implementation of the financial recovery plan and the debt repayment schedule, the timeliness and completeness of the transfer of funds for the repayment of creditors' claims;

6) in case of failure by the debtor to fulfill obligations, demand from the persons who provided security for the debtor’s fulfillment of obligations in accordance with the debt repayment schedule, to fulfill the obligations arising from the provided security;

7) fulfill other duties provided for by the Bankruptcy Law.

The administrative manager has the right:

1) demand from the head of the debtor information about the current activities of the debtor;

2) take part in the inventory if it is carried out by the debtor;

3) coordinate transactions and decisions of the debtor and provide information to creditors about his transactions and decisions;

4) apply to the arbitration court with a petition to remove the head of the debtor, to take additional measures to ensure the safety of the debtor's property, as well as to cancel such measures;

5) submit claims to the arbitration court on its own behalf for the invalidation of transactions and decisions, as well as 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, to exercise other powers.

The administrative manager is obliged, within 15 days from the day when the grounds for early termination of financial rehabilitation arise, to convene a meeting of creditors to consider the issue of applying to the arbitration court with a petition for early termination of financial rehabilitation.

Simultaneously with the debtor's report, the administrator shall submit to the meeting of creditors his opinion on the course of implementation of the financial recovery plan and the schedule for satisfying creditors' claims.

Author: Sazykin A.V.

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