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Legal briefing notes

Bankruptcy of natural entities in Voronezh

Bankruptcy of individual entrepreneur in Voronezh

If you are going to get rid of current debts and set negotiations with creditors, you need competent legal assistance. Bankruptcy of natural entities is a procedure that involves a way out of critical financial situations that do not allow paying off previously assigned loan obligations. Timely appeal for legal advice may help you:

  • To get through and prepare a self-bankruptcy guide.
  • To collect a complete package of documents, file a claim to the arbitration court and proceed to further steps.
  • Represent your interests during legal proceedings.
  • Carry out debt restructuring.
  • Correctly go through the procedure for the sale of property.
  • Form a settlement agreement taking considering the interests of the debtor.

Bankruptcy on loans of natural entities in Voronezh

The primary aim of the bankruptcy of a natural entity is the maximum cancellation of existing debts, the safety of property and the elimination of additional bureaucratic difficulties and problems.

The bankruptcy of natural entities in Voronezh with services of lawyers

The first stage is restructuring. In fact, this is a legal break, so it is the right to receive installment payment to pay off the debt for up to 3 years. This type of installment is acceptable if there is an alternative source of income and there are no criminal records related to economic crimes, and other conditions. The restructuring plan has to be approved by the debtor. Members of the meeting of creditors should also agree to the plan. The judicial authority has the right to approve such a plan without approval by the meeting of creditors, but only in exceptional circumstances that ensure the maximum repayment of debts of creditors.

Under the conditions of a moratorium on satisfying the claims of creditors and tax authorities, such an installment plan is extremely effective, but it will be impossible to receive it without real guarantees of the performance in court. In view of this, the bankruptcy of natural entities cannot be considered as a tool to "freeze" the situation.

Disposition of the property of a debtor. If the participants in the bankruptcy process are not interested in a restructuring plan as well as in case of its violation by the debtor, the natural entity is declared as bankrupt. The following actions of the receiver are the formation of the bankruptcy estate and its implementation. It is important! Having the main goal of getting rid of debts, you should know that the legislation establishes ten grounds under which your debts will not be cancelled.

For example, if you apply false documents when you received a loan, and these circumstances are established by the court, the debt will remain, despite the recognition of the natural entity as bankrupt. It means that you will be declared as bankrupt on the loan, but you will not be released from the debt. At the same time, the debtor-bankrupt remains such obligations as compensation for the non-pecuniary damage to the creditor.

Bankruptcy of individual entrepreneurs

Since October 1, 2015 the entire procedure of declaring an individual entrepreneur as bankrupt is carried out by analogy with the rules for bankruptcy of natural entities. This entails similar procedures such as: debt restructuring and disposition of property. Despite the similar mechanism of working with the bankruptcy of natural entities, there are also some unique features. For example, if the procedure of the sale of property concerning individual entrepreneurs is initiated, the enterprise will lose its status and licenses will be canceled.

In addition to the foregoing, since October 1, 2015, an individual entrepreneur who has lost this status during bankruptcy cannot register as an individual entrepreneur and conduct business. Furthermore, the 10-year ban on taking part in the management of credit institutions begins to operate.

Bankruptcy of natural entities. When should you apply to the court?

Since 01.10.15, it is possible to apply to the court for self-bankruptcy. At the same time, it is important to understand when you have the right to apply, and when you must, and when you should hurry with the preparation of the relevant documents. So, if you have a debt to the tax authority or to other creditors (for example, banks) in the amount of 500 thousand rubles and the payment is overdue for more than 3 months. It is important to do it within 30 working days from the day you have known that you meet the signs of insolvency and prepare documents and apply to court.

It is important to know that you have the right to apply to the court in advance if you understand that you are unable to pay off your creditors.

Where to begin?

The preparation stage involves the formation of a package of required documents. The bases of this set of papers are documents confirming the existence of debt. These can be loan agreements, certificates of the current state of debt, a court decision. They need to be collected first. The second step is to collect related documents for the existing property. These include a copy of the state registration certificate, motor vehicle certificate of title, etc. All documents on purchase and sale transactions for the last 3 years are also required.

Thirdly, it is necessary to request from the bank a new statement of account for a three-year period and certificates of 2-personal income tax at the place of work also for three years. After that, a certificate on the current state of the individual personal account should be issued in the Pension Fund. If you are in the status of unemployed, you must request a copy of the decision on recognition as unemployed in the Employment Service.

Collection of individual documentation

Apart from the package of the above documents, it is important to collect:

  • personal insurance policy number/SNILS.
  • personal tax reference number.
  • In case you have:
  • Certificate of Marriage Registration, the marital agreement.
  • bill of divorce
  • Child's birth certificate.
  • An agreement or judicial act confirming the division of the common property of the spouses.

The lawyers of the Tsentralny Okrug Law Firm prepare the other documents that are necessary for the correct conduct of the entire cycle of the procedure independently. The next step is a mandatory contribution to the deposit of the arbitration court in the amount of 25,000 rubles for the payment of remuneration to the receiver, and 15,000 rubles as the financial base of the bankruptcy procedure and 300 rubles for a fixed state fee.

It is possible to defer the payment of 25,000 rubles for the financial receiver until the first court session.

Meaning and peculiarities of the procedure of restructuring of debts

The decision on the introduction of a procedure of bankruptcy by the court allows you to achieve:

  • stop accrual of fines and penalties;
  • suspension of enforcement proceedings;
  • Lifting seizure imposed on the property.

The bankruptcy procedure implies the possibility of disposing of own funds that are on a special account up to 50,000 rubles per month. It is important! For performing transaction and sale transactions, worth more than 50,000 rubles, as well as for receiving any type of loans, you need preliminary written approval by financial manager

If you do not have a restructuring plan, as well as if it was not submitted, it entails the recognition of a natural entity as bankrupt and the next step is the sale of property. This procedure is introduced for a period of 6 months, but it may be extended by the court.

What Happens During the Sale of Property?

During this stage, the court has the right to impose a temporary restriction on leaving the country. All identified property owned by the debtor forms an insolvency estate. Exceptions are property that cannot be recovered and / or has a value of up to 10,000 rubles. At the beginning of actions of the sale of property, the debtor loses the right to dispose of amounts up to 50 thousand rubles. Now the income received, available for use, is limited to the living wage established in the current region.

Bankruptcy of natural entity is finished. What's coming next for debtor? What debts will not be canceled by the court?

Anyway, the implementation of the whole range of measures on the imposition of an individual in bankruptcy status can lead to serious consequences that create long-term bans on activities in certain areas. These consequences include the following restrictions:

  • a person (natural entity) cannot apply for credits or loans without indicating bankrupt status for 5 years;
  • over the next 5 years, repeated appeals to the courts for the purpose of re-declaring bankruptcy are prohibited;
  • a natural entity with bankrupt status cannot hold positions:
    • in the statutory boards of credit institutions in the next 10 years;
    • in the statutory boards of insurance organizations, as well as in National Pension Fund, International Financial Corporation, mutual investment fund in the next five years;
    • in the management bodies of any legal entities for at least 3 years.

Also, it is important to know that the fact of the cancelation of debt is an exceptional measure.

In the following cases, the court does not cancel the debts:

  • if there are confirming facts of illegal actions before the start of the procedure (fraud, provision of false information, forged documents, willful concealment of property, etc.);
  • if there are any financial obligations that are as a result of the consequences of an invalid transaction;
  • administrative / criminal prosecution during the procedure because of the fraud or deliberate, fictitious bankruptcy;
  • if a person does not provide the court and the financial manager all the required information or there is concealment of important documents;
  • If there is fact of a planned strategy aimed at formalizing obviously unfulfillable obligations with the aim of further cancelation of debts through bankruptcy.

On the one hand, the debtor is completely released from debts. On the other hand, even before the start of bankruptcy, he should know all the consequences of such procedure.

Foreclosure on the only residence place of the debtor

If earlier creditors could foreclose only on the only residence place that is the subject of a mortgage, but with the release of the April resolution of the Constitutional Court of the Russian Federation, such an opportunity has spread in general concerning residence place that is the one that the debtor has.

In what cases, the banks can take the only residential place from a bankrupt

  • if the residential place is luxurious for the debtor, it means that it has an excessively large area and high cost
  • in case of detection of abuse symptoms of the right (for example, a natural entity bought an apartment after the entry into force of a court decision to collect a debt from him or the use of housing for other than its intended purpose (for business purposes))

Foreclosure on housing as a punishment for taking debts

The judicial practice assumes the fact that foreclosure on the only housing cannot be a punitive sanction. Its main goal is the maximum satisfaction of the requirements of creditors while maintaining the debtor's constitutional right to housing. Therefore, after making a decision on the sale of the only housing creditors or financial manager should provide housing in the same area, but with a smaller area to the debtor (according to the standards of contract of social rent). Such issues should be placed on the agenda of the meeting of creditors. At the same time, according to judicial practice, the sale of the only residential place should not be earlier than the purchase of a new one in order to avoid violations of the rights of a natural entity.

What are the order and the terms of a sale

The court in each specific case understands whether to apply executive immunity or not, and it is based on the market value of the appraisal object. It is important to understand that the sale of such housing should contribute to the repayment of a significant share of the debt, as well as lead to the purchase of replacement housing. Sale order is approved by the court.

Today, only guidelines have been outlined regarding the denial of executive immunity, there are no any amendments that have been made to either the Bankruptcy Law or article 446 of the Code of Civil Procedure of the Russian Federation, therefore, in each specific case, the courts need to figure out how to deal with housing, which is the only one that the debtor has.

Consequences of Bankruptcy for Relatives of the Debtor

The bankruptcy procedure of natural entities leads to consequences not only for the debtor himself, but also for his spouse / ex-spouse, as well as for relatives and heirs.

Here are some examples: In a marriage the spouses acquire ownership of property, the legal framework of which, as a general rule, is common joint property. Accordingly, during the bankruptcy procedure, not only the personal property of the debtor is sold at auction, but also, in case of its insufficiency, the bulk of the property, which belongs to a natural entity, separating it from the common property of the spouses. In some cases, the object of ownership is sold in full, and the spouse receives part of the money from the sale.

The heirs are liable for the debts of the testator no more than in the amount of the value of the property received by inheritance. At the same time, the composition of the estate equally includes both various kinds of assets and obligations. You cannot accept only assets without obligations. This fact must be considered when receiving an inheritance.

There are also situations when the bankruptcy procedure of a natural entity ends after the death of a bankrupt. In some cases the relatives of a bankrupt may have some difficulties when excluding from the insolvency estate the only residential place of a bankrupt / share, where the relatives continue to live It is important to remember that competent preparation for the bankruptcy procedure of natural entity will help to avoid the negative consequences, both for himself and for his family members.

Where can you order the service on the accompaniment of procedures of bankruptcy in Voronezh

Today, the cost of a set of services on the accompaniment of bankruptcy of natural entities officially starts at 150,000 rubles. This fee includes all official fees, expenses for the financial manager, lawyers and other expenses. The Tsentralny Okrug Law Firm provides a full range of services on the accompaniment of procedures of bankruptcy of natural entities in Voronezh, Lipetsk, Kursk, Belgorod, Tambov, Moscow.

Author is Oleg Grinev

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