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39. The concept of bankruptcy proceedings in bankruptcy
The adoption by the arbitration court of a decision on declaring the debtor bankrupt entails the opening of bankruptcy proceedings. Competitive proceedings are introduced for a period of one year. The term of bankruptcy proceedings may be extended at the request of the person participating in the case for no more than 6 months.
The decision of the arbitration court on the extension of the period of bankruptcy proceedings is subject to immediate execution and may be appealed in the manner prescribed by the Bankruptcy Law.
The founders (participants) of the debtor or a third party or third parties at any time before the end of bankruptcy proceedings are entitled to simultaneously satisfy all creditors' claims in accordance with the register of creditors' claims or provide the debtor with funds sufficient to satisfy all creditors' claims.
From the date of the adoption by the arbitration court of the decision to declare the debtor bankrupt and to open bankruptcy proceedings:
1) the deadline for the fulfillment of monetary obligations that arose before the opening of bankruptcy proceedings and the payment of obligatory payments by the debtor is considered to have come;
2) the accrual of penalties (fines, penalties), interest and other financial sanctions for all types of the debtor's debt is terminated;
3) information about the financial condition of the debtor ceases to be classified as confidential or commercial secret;
4) the conclusion of transactions related to the alienation of the debtor's property or entailing the transfer of his property to third parties for use is allowed only in the manner prescribed by the Bankruptcy Law;
5) execution of enforcement documents is terminated, including enforcement documents executed in the course of previously introduced bankruptcy procedures, unless otherwise provided by the Bankruptcy Law;
6) all claims of creditors for monetary obligations, for the payment of mandatory payments, other property claims, with the exception of claims for recognition of the right of ownership, for the recovery of moral damage, for the recovery of property from someone else's illegal possession, for the invalidation of void transactions and for the application of the consequences of their invalidity , as well as other current obligations can be presented only in the course of bankruptcy proceedings;
7) executive documents, the execution of which has ceased, are subject to transfer by bailiffs to the bankruptcy trustee;
8) previously imposed arrests on the debtor's property and other restrictions on the disposal of the debtor's property are removed. The basis for removing the arrest on the debtor's property is a court decision to declare the debtor bankrupt and to open bankruptcy proceedings. The imposition of new arrests on the debtor's property and other restrictions on the disposal of the debtor's property is not allowed;
9) the debtor's obligations are fulfilled in the cases and in the manner prescribed by the Bankruptcy Law.
Author: Sazykin A.V.
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