How To File For Bankruptcy Of A Debtor

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How To File For Bankruptcy Of A Debtor
How To File For Bankruptcy Of A Debtor

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Bankruptcy is the inability of the debtor to fully satisfy the creditors' claims for monetary obligations and to fulfill the obligation to pay the main payments under the contract. A debtor is declared bankrupt only by an arbitration court. Bankruptcy is a rather long process aimed at the financial recovery of the debtor, as well as the return of his solvency.

How to file for bankruptcy of a debtor
How to file for bankruptcy of a debtor


Step 1

According to the Federal Law, the debtor himself, the creditor and the authorized bodies have the right to apply to the arbitration court with an application for declaring the debtor bankrupt. In this case, the creditor and the authorized body acquire the right to apply to the arbitration court for monetary obligations only after the court's decision on the collection of funds from the debtor comes into legal force. It should be noted that the partial fulfillment of the claims of the creditor or the authorized body is not at all grounds for refusing to accept the application by the arbitration court on declaring the debtor bankrupt.

Step 2

As a rule, the debtor's application to the arbitration court is submitted in writing, which must be signed by the debtor's manager or the debtor himself. Moreover, the debtor's bankruptcy statement is signed by the debtor's representative only if this authority was previously stipulated in the representative's power of attorney.

Step 3

The debtor's bankruptcy petition must contain: the name of the arbitration court to which the petition is filed; the amount of debt on monetary obligations with a detailed indication of the reasons for the debt; the amount of indebtedness for compensation for harm caused to the life or health of citizens; the amount of the debt on compulsory payments; explanation of the impossibility to fully satisfy the claims of creditors; information about the statements of claim and the available property of the citizen of the debtor; the debtor's registration data, as well as bank account numbers and a list of attached documents.

Step 4

After filing a bankruptcy petition, the debtor must necessarily inform the creditors or authorized bodies about this petition, and also send copies of the petition drawn up to the appropriate organization. The bankruptcy period is calculated from the moment supervision is introduced. Also, according to the current Federal Law, the case on declaring the debtor bankrupt must be considered within 7 months from the date of receipt of the application to the arbitration court.

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