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Services of receiver on bankruptcy
The public legal status of the role of an arbitral receiver is an inviolable basis for presenting unique requirements to him and laying responsibility for the correct implementation of the entire spectrum of his prerogatives. Usually an arbitral receiver is a facilitator between the court, the debtor and the creditor. It has a wide range of options concerning the debtor. They include a full-scale analysis of financial activity, disposal of property, search and identification of concealment of property, spurious transactions, etc. Only a natural entity of the Russian Federation, who is a member of self-regulatory organizations of arbitral receivers, can curate all stages as an arbitral receiver. There are a number of requirements for candidates:
- higher education;
- experience in senior positions, internships as an assistant of arbitral receiver;
- successful accreditation in the professional training program;
- the absence of applied penalties for administrative / criminal offenses and violations involving sanctions in the form of a prohibition of working in certain positions;
- a clear criminal record;
- the timely payment of membership and other contributions, including payments to the compensation fund;
- the existence of compulsory insurance agreement of liability.
How important is the role of an arbitral receiver?
The activities of the arbitral receiver should be aimed at replenishing the insolvency estate of the debtor. And the parties rightfully count on the help of a professional approved by the court who is an impartial arbitral receiver duly authorized by law. As a result of the analysis of the activities of the organization in respect of which the bankruptcy procedure has been conducted, the arbitral receiver has the right to challenge the transactions of the debtor. Also, he is able to invoke the persons controlling the debtor to subsidiary liability and make the conclusion about the reasons for the unsatisfactory financial condition of bankrupt enterprises. The reports of the arbitral receiver introduce the debtor in a favorable or unfavorable light before the court and creditors. It depends on the conclusion of the arbitral receiver whether the bankruptcy will be recognized as deliberately, because in case of such a conclusion, the persons controlling the debtor are criminally liable.
It depends on the professionalism of the arbitral receiver how many claims of creditors will be satisfied and how long the bankruptcy procedure will take. Also, what sanctions will be applied to persons who managed the enterprise at the time when there were signs of insolvency.
Whose side is an arbitral receiver on?
According to the current legislation, the arbitral receiver acts as a neutral facilitator between the creditor, the debtor, and the court. His work requires a balanced view, despite any pressure from the outside. A professional studies the matter as detailed as possible in order to receive reliable information and carefully analyze the situation and draw conclusions.
What is the advantage of choosing an arbitral receiver for creditor?
- Choosing a candidate for the position of an arbitral receiver in a particular process, the creditor can be sure that the specialist during the procedure will not be unduly loyal to any other participant in the bankruptcy process.
- The selected arbitral receiver will not allow the entry into the creditor's register of unscrupulous persons for the false obligations, which will allow the good-faith creditor to press his claim.
- The arbitral receiver will challenge the debtor’s transactions for the forfeiture of the property, return the funds to the insolvency estate, sell the debtor’s property at a market price, and invoke the persons controlling the offender to subsidiary liability.
What is the advantage of choosing an arbitral receiver for debtor?
- The arbitral receiver, who is chosen by the debtor, will protect his interests without challenging the transactions that in his opinion do not violate the rights of creditors.
- Conclude that there is no need to invoke the persons controlling the debtor to subsidiary liability, as well as that there are no signs of intentional bankruptcy.
Will an independent choice of an arbitral receiver protect my rights in bankruptcy?
Bankruptcy is an extremely complex and diverse procedure in which you will be confronted by experienced “players” with their interests, regardless of your and their procedural status. An arbitral receiver that is loyal to you may lose control over the procedure without the support of professional lawyers or with the lack of experience. Also, such a specialist can cause damages and unwittingly worse your position in the bankruptcy process.
Only a professional arbitral receiver with vast experience and with the support of a team of lawyers will be able to fully protect your rights and minimize financial costs and achieve the aim pursued. The Tsentralny Okrug Law Firm cooperates with professional arbitral receivers in Voronezh, each time backing up our words with action and successful practices. We help protect your rights in Russia.
An arbitral receiver in Voronezh. Reviews
The arbitral receiver provides services in bankruptcy procedures and is a kind of facilitator between the court, creditors, and the debtor. We advise you seriously consider the choice. Because of the effectiveness of the ongoing bankruptcy procedure and duration of it depend on the professionalism of the arbitral receiver as well as the satisfaction of creditors' claims, according to the interests of the debtor.
Where to find and how to choose an arbitral receiver?
- Information about arbitral receivers is necessarily published in the Unified Federal Register of Bankruptcy Information
- Each receiver must be a member of a self-regulatory organization, which also publish information about arbitral receivers
- The bankruptcy procedure is no longer anything extraordinary and many of the persons involved in such procedures leave feedback on the work of receivers
- Professional ratings of arbitral receivers (it is not the most reliable source due to the fact that, as a rule, these ratings are created by the receivers themselves and also the evaluation criterion is often unknown)
What to pay attention to?
- experience as an arbitral receiver
- education and according to the law, it should be the higher, but an arbitral receiver with a legal or economic education has a certain advantage.
- Number of procedures performed by the arbitral receiver. Arbitration cases database may help you
- the presence / absence of violations committed during bankruptcy proceedings. The service of the Federal Tax Service “Verification of the arbitral receiver” may also help you
An extremely important point in choosing of an arbitral receiver is the lack of affiliation of the arbitral receiver with any of the other participants in the procedure and the fact that he has his own team of assistants and lawyers, as well as the cost of services
Author is Dmitry Prosvirin