In case of bankruptcy, the debtor must file an application with the arbitration court in order to initiate monitoring procedures, external management. At the same time, it is important to comply with the requirements for content, application form, and attached documents.
If the debtor fixes signs that obviously indicate the impossibility of fulfilling his obligations to all creditors in a timely manner, then the legislation requires him to independently submit an application to the arbitration court in order to initiate bankruptcy proceedings.
Moreover, if there are signs of bankruptcy, the head of the debtor, other authorized persons are obliged to prepare, submit an appropriate application, and failure to fulfill this obligation will cause them to be held liable under the law “On insolvency (bankruptcy)”. An important condition for accepting an application for consideration is compliance with the requirements for its content, form, and the attachment of all necessary documents.
What should a bankruptcy petition contain?
The legislation clearly establishes a list of information that must include an application for bankruptcy, submitted by the debtor to the arbitration court in writing. The specified document must contain the name of a specific court, the total amount of claims of all creditors, which the debtor recognizes, but cannot satisfy due to his poor financial condition.
The amount of arrears on compulsory payments (taxes, contributions, fees), wages, royalties are reported separately. In addition, the debtor must substantiate the impossibility of paying off all debts, indicate the facts of creditors' appeals to the courts, which he knows, reflect information about his own property and funds, include his own registration data and propose a candidate as an interim manager.
What should be attached to the debtor's application?
The application filed by the debtor in the arbitration court must be accompanied by documents determined by procedural legislation, in the absence of which the court leaves the application without movement, and subsequently returns it. Additionally, evidence is attached that confirm the existence of a debt in the specified amount, the impossibility of its repayment within the time period established by law or agreements. In addition, it is required to separately submit the constituent documents, balance sheet, list of creditors and debtors of the applicant. The person participating in the bankruptcy case on behalf of the debtor is also obliged to confirm that he / she has the appropriate powers.
