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Finance and Statistics - Kovalev AM

10. The financial problems of insolvency (bankruptcy) of enterprises

10.1 Financial causes and indicators of insolvency of enterprises

Under the Insolvency (Bankruptcy) refers to the Court of Arbitration recognized or declared by the debtor of the debtor's inability to fully satisfy the claims of creditors on monetary obligations and (or) to fulfill the obligation to make compulsory payments. Specifically, the company is considered to be unable to meet creditors' claims, if his duties or responsibilities are not fulfilled it within three months from the date of the date of their execution.

The composition and size of the obligations and duties on mandatory payments determined at the time of submission of the application to the Arbitration Court to declare the debtor bankrupt.

The structure of financial obligations include:

• payable for the goods, works, services rendered;
• amount of the loan with interest payable by the debtor.

Not included obligations:

• the citizens for damage to life and health;
• on payment of royalties;
• before the founders (participants) of the debtor arising from such participation;
• penalties (fines) for non-performance or improper performance of a monetary obligation; they are also not taken into account when determining the amount of mandatory payments.

The size of the monetary obligations must be confirmed by a court decision or documents attesting to the debtor of these requirements. Arbitration court shall initiate bankruptcy proceedings if the claim against the debtor in the aggregate are not less than 500 times the minimum wage.

Keep in mind that bankruptcy, in addition to the real, may be intentional or fictitious.

Fictitious bankruptcy is the case when the debtor upon application to the Court of Arbitration has the ability to satisfy creditors' claims in full. This is done, as a rule, in order to obtain deferment of creditors (installment) payments or discounts to debts. A debtor who has filed such a statement, is liable to the creditors liability for damage caused by making such an application.

Deliberate bankruptcy occurs through the fault of the founders (participants) of the debtor and other persons, including the head, which have the right to give mandatory instructions to the debtor or otherwise have the opportunity to determine its actions. This is usually the case when a manager or owner of the personal or someone else's benefit, the company deliberately makes insolvent. In this situation, to the owners and other persons in case of insufficiency of the property of the debtor may be charged with vicarious liability for its obligations.

bankruptcy procedures

Pre-trial reorganization - measures to restore the solvency of the debtor to be taken by the owner, the founders, creditors and other parties in order to prevent bankruptcy.

The settlement agreement -procedure reaching an agreement between the debtor and creditors, postponing and (or) installment payments due to creditors or discounts from debts.

Nablyudenie- bankruptcy procedure applied to the debtor since the adoption of the Arbitration Court of the application for declaring the debtor bankrupt in order to safeguard the property of the debtor and the analysis of the financial condition of the debtor. Observation shall cease from the date the Court of Arbitration of the debtor bankrupt and the opening of bankruptcy proceedings, or the introduction of external control, or approval of a settlement agreement.

External control ( "court-reorganization) - bankruptcy procedure applied to the debtor to restore its solvency, with the transfer of authority over the debtor's external manager.

Bankruptcy proceedings - bankruptcy procedure applied to the debtor declared bankrupt, in order to proportionate satisfaction of creditors' claims.

Control

Bankruptcy manager (temporary manager, external manager, the bankruptcy trustee) - a person appointed by the Arbitration Court for bankruptcy proceedings and exercise other powers.

Interim Manager - a person appointed by the Court of Arbitration for monitoring, implementing measures to ensure the safety of property of the debtor and other polnomrchy.

External control - a person appointed by the Court of Arbitration for external control and the implementation of other powers.

The administrator, the person appointed by the Arbitration Court for bankruptcy proceedings and exercise other powers.

Failure or improper performance of the arbitration manager duties might entail;

* A review of its license;

* Removal of the arbitration court of arbitration manager of the performance of his duties;

* Compensation of damages at the request of the debtor and its creditors.

Bankruptcy manager receives remuneration for each month of the exercise of its powers, the amount of which is determined by the creditors' meeting and (or) approved by the Arbitral Tribunal.

The debtor and the creditors

The right to appeal to the Arbitration court for declaring the debtor bankrupt possess:

• For non-performance of monetary obligations - the debtor, the creditor and the prosecutor;

• For dereliction of duty to make mandatory payments - the debtor, the public prosecutor, tax and other authorized bodies.

Statement by the debtor to the Arbitration Court shall be based on the decision of the authorized body in accordance with the constituent documents, and subject to any property, sufficient to cover the legal costs. If he is obliged to apply to the court, it does not matter. The head of the debtor is obliged to apply to the Court of Arbitration no later than one month after the occurrence of the relevant circumstances in the following cases:

• When the satisfaction of one or more creditors leads to the impossibility of performance of the monetary obligations of the debtor in full to other creditors;

• When the authorized body of the debtor made an appeal to the Arbitration Court decision;

if in liquidation during the impossibility of satisfying the claims of creditors in full; In this case, the head of the debtor submits a joint statement by the liquidation commission.

If the failure to debtor applications to the Arbitration Court in certain cases and the following sanctions can be applied in life:

8 subsidiary liability of the debtor and the members of the liquidation committee for the obligations of the debtor to the creditor arising after the deadline for submission of the application:

• Head of the debtor and the members of the liquidation commission may be deprived of the right to occupy executive positions and (or) to perform management entities entrepreneurial activity (suspended for a certain period of time);

• Head of the debtor may be subject to criminal liability.

Creditors on monetary obligations can be both Russian and foreign individuals and legal entities, as well as the Russian Federation, its subjects and municipalities represented by authorized bodies of state power and local self-government.

The right to submit an application to the Arbitration Court to declare the debtor bankrupt have bankruptcy creditors whose interests are of a meeting of creditors and the creditor committee. They also carry out all actions against the debtor. Therefore, since the adoption of the Arbitration Court of the application for declaring the debtor bankrupt, the creditors are not allowed to contact the debtor in order to meet their individual requirements. The reason is that the satisfaction of certain claims of the creditors, called unfair satisfaction of creditors' claims, damages the interests of other creditors.

The creditors 'meeting is convened at the initiative of either one-third of the number of bankruptcy creditors or creditors, requirements of which constitute not less than one third of the total amount of the claims made in the register of creditors' claims. The meeting shall be convened within two weeks and is usually carried out at the place of the debtor.

Voices lenders are distributed proportionally to the amount of their claims against the debtor on the date of the meeting.

The Arbitral Tribunal may be filed or a creditor or creditors of the union. In the latter case it is signed by all creditors united. Statement on behalf of the Russian Federation, its subject or municipality is served by the authorized body of state authority or local government. The application of tax or other authorized body shall be accompanied by proof of action to obtain arrears of payments.

The prosecutor has the right to appeal to the Arbitration court for declaring the debtor bankrupt in the following cases:

• when they found signs of deliberate bankruptcy;

• when the debtor is in arrears in mandatory payments;

• In the interests of creditors on monetary obligations of the Russian Federation, its subjects, municipalities;

@ In other cases.

watching

Observation of the debtor - a new procedure for the Russian practice introduced by the Arbitration Court against the debtor may with "cop making a statement. The purpose of this protsedury- ensure the safety of the debtor's property, on the one hand, and on the other - to take a decision in respect of the debtor. That is why from the moment of the determination of eligibility of the arbitral tribunal:

• proprietary claims against the debtor may be made only on the basis of the situation; previously initiated proceedings related to claims on the debtor, but the creditor's petition shall be suspended;

• suspend the execution of executive documents on property claims, with the exception of executive documents on collecting vessels zadolzhennoeti-wage, payment of remuneration under copyright agreements, alimony, as well as compensation for harm caused to life and health, and non-pecuniary damage;

• Do not meet the requirements of the participant must-nick-legal entity on the share allocation (share) in the property of the debtor in connection with the release from the participants.

With the introduction of observations arbitral tribunal shall decide on the appointment of a temporary administrator. The Head and the administration of the debtor continues to exercise its powers with restrictions. With the consent of the interim manager may perform transactions involving:

• Real estate transfer for rent / mortgage, with the introduction of it as a contribution to the charter capital of other companies and organizations;

• with the order of other assets with a book value of more than 10% of the value of the debtor's assets;

• obtaining and issuing of loans, guarantees and guarantees, cession, transfer of debt, with the establishment of a trust management of the debtor.

The head of the administration and the debtor has the right to make decisions about:

• reorganization and liquidation of the debtor; "The establishment of branches and representative offices;

• payment of dividends;

• placement of bonds and other equity securities;

• withdrawal from the debtor-legal entity;

• the acquisition from the shareholders of previously issued shares. The arbitral tribunal shall have the right to dismiss the head of the debtor

from office and entrust the execution of duties at the head of a temporary administrator in the following cases:

not taking the necessary measures to ensure the preservation of the debtor's property;

obstructed temporary administrator in the performance of his duties;

other breaches of the law.

This can be done at the request of a person participating in a bankruptcy case, or interim manager.

The objectives of the analysis of the financial condition of the debtor are to determine the adequacy of the property belonging to the debtor to cover legal costs, benefit expense of arbitration managers, as well as the possibility of restoring the debtor's solvency.

One of the duties of temporary administrator is to determine the date and the holding of the first meeting of creditors, which must be notified to them. Payable within one month from the date of receipt of the notification of the temporary administrator of acceptance of the application by the Arbitration Court shall send to the Court of Arbitration and its claims to the debtor. The requirements established by recognized, accompanied by the necessary documents are sent to the temporary administrator.

external control

External control is administered by the Arbitration Court on the basis of the decision of the creditors meeting for a period not exceeding 12 months, which may be extended by no more than 6 months.

The purpose of external control is to restore the solvency of the debtor with the transfer of authority for management of the external manager. Therefore, since the introduction of external control:

* Head of the debtor is discharged from office and its administrative office is assigned to the external manager;

9 terminate the powers of the debtor's management bodies and the owner of property of the debtor - unitary enterprises; debtor governments within three days of the appointment of the external manager must ensure the transfer of accounting and other documentation, seals and stamps, material and other values ​​of external control;

shot in the previously adopted measures to ensure that the claims of creditors;

0 impose a moratorium on satisfaction of creditors' claims for monetary obligations and mandatory payments to the debtor.

Moratorium on satisfaction of creditors' claims apply to monetary obligations and mandatory payments, deadlines that have come to the introduction of external management.

The moratorium includes the following provisions:

* Not allowed to collect on the executive and other documents;

* Suspended execution of previously entered validity of executive documents on property penalties, in addition to the executive documents for debt collection of wages, payment of remuneration under copyright agreements, alimony, as well as compensation for harm caused to life and health, and non-pecuniary damage;

* Do not charged penalties (fines, penalties) and other financial penalties for non-performance or improper performance of monetary obligations and mandatory payments as well as interest charges.

It does not apply to claims occurring after the introduction of external management.

The external manager, appointed by the Court of Arbitration has the right to:

to dispose of the debtor's property;

* Conclude on behalf of the debtor settlement agreement;

* Declare refusal to perform the debtor's contracts. His responsibilities include:

acceptance of the jurisdiction of the debtor's property and its inventory;

the opening of a special account for external management and settlements with creditors;

to prepare and submit for approval by the meeting of creditors the plan of external management;

bookkeeping and other accounting and reporting;

raise objections on the creditors' claims against the debtor;

to take steps to recover the debt owed by the debtor;

to consider the claims of creditors;

keep a register of creditors' claims;

represent the creditors' meeting a report on the results of the implementation of the plan of external management;

exercise other powers.

It is the responsibility of the external manager is to provide within one month after the appointment of the external administration plan and submit it for approval by the creditors' meeting. The aim of the plan is the development of a specific time-bound actions to restore the solvency of the debtor related to the elimination of signs of bankruptcy, ie liquidation is not performed in a period of more than three months, the obligations and responsibilities. Approved the meeting of creditors of the external management plan and the creditors' meeting protocol submitted to the Arbitration Court of the external manager within five days after the meeting.

'The following measures to restore the solvency of the debtor may be included in the plan of external management:

• conversion of production;

• closure of unprofitable enterprises;

• collection of receivables;

• sale of the debtor's property;

• Assignment of the debtor's claim;

• fulfillment of the obligations of the debtor's property by the owner or third parties;

• sale of the debtor's business;

• other methods.

After the external control authority external manager be terminated from the date of appointment or a new head of the debtor or the bankruptcy trustee.

receivership

Bankruptcy proceedings were opened after the arbitration court's decision to declare the debtor bankrupt. Its purpose -sorazmernoe satisfaction of creditors' claims. It opens up to one year with possibility of extension for another six months, and sometimes more.

Последствиями открытия конкурсного производства могут быть следующие: *

• срок исполнения всех денежных обязательств должника, а также отсроченных обязательных платежей должника считается наступившим;

• прекращается начисление неустоек (штрафов, пеней), процентов и иных финансовых санкций по всем видам задолженности должника;

• отменяются конфиденциальный характер и коммерческая тайна в отношении сведений о финансовом состоянии должника;

• снимаются ранее наложенные аресты имущества должника и иные ограничения по распоряжению им;

• все требования к должнику могут быть предъявлены только в рамках конкурсного производства;

• другие последствия.

В данной ситуации Арбитражный суд может назначить одного или несколько конкурсных управляющих и распределяет между ними обязанности. К нему переходят все полномочия по управлению делами должника, в том числе по распоряжению его имуществом.

Функции конкурсного управляющего следующие:

• • принимает в ведение имущество должника, проводит его инвентаризацию и оценку, принимает меры по обеспечению его сохранности;
• • анализирует финансовое состояние должника;
• • предъявляет к третьим лицам, имеющим задолженность перед должником, требования о ее взыскании;
• • уведомляет работников должника о предстоящем увольнении;
• • заявляет возражения по предъявленным к должнику требованиям кредиторов;
• • заявляет отказ от исполнения договоров должника;
• • принимает меры, направленные на поиск, выявление и возврат имущества должника, находящегося у третьих лиц;
• • принимает иные меры.

Все имущество должника, имеющееся на момент открытия конкурсного производства и выявленное в его ходе, составляет конкурсную массу. Социально-культурные объекты, жизненно необходимые для региона, подлежат передаче соответствующим муниципальным органам местного самоуправления.

У должника должен быть оставлен только один счет в банке, а остальные подлежат закрытию.

После инвентаризации и оценки имущества должника конкурсный управляющий приступает к продаже его, как правило, на открытых торгах на условиях, одобренных собранием или комитетом кредиторов.

Не проданное на первых торгах имущество продается на повторных или без торгов. Имущество, которое не удалось продать и оставшееся после погашения требований кредиторов, принимается на баланс муниципальных органов.

Арбитражный суд после рассмотрения отчета конкурсного управляющего выносит определение о завершении конкурсного производства, что является основанием для внесения в единый государственный реестр юридических лиц записи о ликвидации

должника. С этого момента полномочия конкурсного управляющего прекращаются, конкурсное производство считается завершенным, а должник - ликвидированным.

Очередность удовлетворения требований кредиторов

Очередность удовлетворения требований кредиторов определяется статьей 64 Гражданского кодекса РФ. В законе «О несостоятельности (банкротстве)» дан более развернутый вариант этого положения.

До удовлетворения требований кредиторов, т.е. вне очереди, покрываются следующие расходы:

• судебные;
• выплаты вознаграждения арбитражным управляющим;
• текущие коммунальные и эксплуатационные платежи должника;
• требования кредиторов по обязательствам должника, возникшим в ходе наблюдения, внешнего управления и конкурсного производства.

Требования кредиторов удовлетворяются в следующей очередности:

• первая очередь - требования граждан за причинение вреда жизни или здоровью;
• вторая очередь - расчеты по выплате выходных пособий и оплате труда с лицами, работающими по трудовому договору или контракту, и по выплате вознаграждений по авторским договорам;
• третья очередь - выплаты по обязательствам, обеспеченным залогом имущества должника;
• четвертая очередь - требования по обязательным платежам в бюджет и во внебюджетные фонды;
• пятая очередь - расчеты с другими кредиторами.

Размер требований первой очереди определяется путем капитализации соответствующих повременных платежей на момент принятия решения о банкротстве, подлежащих выплате гражданину до достижения им возраста семидесяти лет, но не менее чем за десять лет. При согласии гражданина его право требования к должнику в сумме капитализированных повременных платежей переходит к Российской Федерации.

Требования по выплате выходных пособий и оплате труда по трудовому договору определяются с учетом непогашенной задолженности на момент принятия Арбитражным судом заявления о банкротстве. Она включается в общую сумму задолженности должника перед кредиторами второй очереди.

Размер требований третьей очереди определяется задолженностью должника по обязательству в части, обеспеченной залогом. Тем более что задолженность в части, не обеспеченной залогом имущества должника, учитывается в составе требований пятой очереди.

Требования четвертой очереди (по обязательным платежам) включают задолженность (недоимки), образовавшуюся на момент принятия Арбитражным судом заявления о признании должника банкротом, Суммы штрафов, пеней и иных финансовых санкций удовлетворяются в пятую очередь, после погашения задолженности и причитающихся процентов.

Мировое соглашение

Мировое соглашение должник и кредиторы могут заключить на любой стадии рассмотрения дела Арбитражным судом. Решение об этом принимается собранием кредиторов большинством голосов от числа конкурсных кредиторов и при условии, если за него проголосовали все кредиторы по обязательствам, обеспеченным залогом имущества должника. Решение со стороны должника принимается или руководителем должника, или внешним, или конкурсным управляющим.

8 мировом соглашении могут участвовать третьи лица, принимающие на себя права и обязанности, предусмотренные этим соглашением.

Обязательным условием мирового соглашения является то, что оно может быть заключено после погашения задолженности по требованиям кредиторов первой и второй очереди. Мировое соглашение может содержать следующие условия:

9 об отсрочке или рассрочке исполнения обязательств должника;

• об исполнении прав требования должника;

• об исполнении обязательств должника третьими лицами;

• о скидке с долга;

• об обмене требований на акции;

• об удовлетворении требований кредиторов иными способами.

Мировое соглашение вместе с заявлением должника, внешнего или конкурсного управляющего об утверждении его и некоторыми другими документами представляется в Арбитражный суд. Утверждение мирового соглашения Арбитражным судом означает:

* на стадии наблюдения или внешнего управления - прекращение производства по делу о банкротстве и снятие моратория на удовлетворение требований кредиторов;

* на стадии конкурсного производства - решение суда о признании должника банкротом и об открытии конкурсного производства не подлежит исполнению;

* прекращение полномочий временного, внешнего, конкурсного управляющих;

« руководитель должника, внешний или конкурсный управляющий приступают к погашению задолженности перед кредиторами.

По заявлению должника, кредитора или прокурора мировое соглашение может быть признано Арбитражным судом недействительным, если:

* им предусмотрены преимущества для отдельных кредиторов или ущемление их прав и законных требований;

* исполнение его может привести должника к банкротству; * имеются иные основания.

Арбитражный суд может расторгнуть мировое соглашение при неисполнении должником его условий в отношении не менее одной трети требований кредиторов.