Competition proceedings: basic rules for conducting

In the bankruptcy procedure, the bankruptcy proceedings are the last. Under bankruptcy is understood the process of recognizing a debtor as insolvent. When the arbitral tribunal determines that it is impossible to cover the debt due to the main activity or the re-profiling of the enterprise, a bankruptcy proceeding is appointed.

The essence of this procedure is to sell all the assets of the company and to maximize the satisfaction of liabilities to creditors. The maximum duration of these measures is one and a half years. Usually it takes twelve months to sell the property, but in case of difficulties the court can decide to extend it for another six months.

Since the introduction of the last stage of the liquidation process, the management team is removed from all cases, except for those who have the right to engage in major transactions. The judiciary appoints a bankruptcy administrator, who is obligated to do everything possible to meet the requirements of all borrowers. If, after the sale of the property, the funds are not sufficient, the payments are made in accordance with the procedure approved by the current legislation.

As soon as a bankruptcy proceeding is introduced, sanctions are imposed on the debtor company, penalties, fines, forfeits. And the financial position of this enterprise is given publicity. Simply put, information about the company 's liquidation is posted in special media , and a certain period is designated, which allows borrowers to notify the judiciary about the existence of claims for debt repayment. As a rule, they are given a period of two months.

The duties of the manager of the competitive process include the inventory of all the company's assets, its revaluation and sale. That is, he can dispose of all available property at his own discretion. In order to fulfill the principle of impartiality of the parties, an independent appraiser exercises revaluation, in some cases it is possible to carry out measures to assess property on its own, for example, if its average value does not exceed 100 thousand rubles.

According to the legislation of our country, first of all, the obligations, presented on the basis of harm to health or life, as well as moral damage, are paid . In the second - the issuance of debts on wages to the company's personnel, vacation and business trips. And due to the remaining funds, obligations are fulfilled to all creditors. If the manager has more resources, he repays the debt to off-budget funds and budgets of all levels.

When the work of the bankruptcy commissioner is fully executed, he must submit a report on the procedure, on the basis of which the arbitral tribunal pronounces a verdict on the total liquidation of the organization. On the basis of a judicial opinion, an appropriate entry is made in the register of legal entities.

In some situations, only bankruptcy proceedings are conducted, excluding all previous stages, that is, a simplified bankruptcy procedure is used. As a rule, it is applied in case the court is provided with evidence that the amount owed to the budget, creditors and staff is much higher than the size of the enterprise's assets, which means that it will not be possible to pay off with the creditors in full, and the further functioning will be ineffective.

This method allows you to accelerate the repayment period of part of the debt and the liquidation process on average for six months. For example, a simplified bankruptcy procedure is often used if the debt exceeds 100,000. For creditors, it is very important to file a claim in a timely manner about the unprofitability of the organization, as this will allow obtaining at least a part of the receivables as soon as possible.