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Insolvency law of Russia mainly includes Federal Law No. 127-FZ "On Insolvency (Bankruptcy)" and Federal Law No. 40-FZ "On Insolvency (Bankruptcy) of Credit Institutions".
Federal Law No. 127-FZ "On Insolvency (Bankruptcy)" dated 26 October 2002 (as amended) (the "Bankruptcy Act"), replacing the previous law in 1998, to better address the above problems and a broader failure of the action. Russian insolvency law is intended for a wide range of borrowers: individuals and companies of all sizes, with the exception of state-owned enterprises, government agencies, political parties and religious organizations. There are also special rules for insurance companies, professional participants of the securities market, agricultural organizations and other special laws for financial institutions and companies in the natural monopolies in the energy industry. Federal Law No. 40-FZ "On Insolvency (Bankruptcy) of Credit Institutions" dated 25 February 1999 (as amended) (the "Insolvency Law of Credit Institutions") contains special provisions in relation to the opening of insolvency proceedings in relation to the credit company. Insolvency Provisions Act, credit organizations used in conjunction with the provisions of the Bankruptcy Act.
Bankruptcy law provides for the following stages of insolvency proceedings:
The main face of the bankruptcy process is the insolvency officer (trustee in bankruptcy). At various stages of bankruptcy, he has to be determined: the temporary officer, external control, the receiver or administrative officer. During the bankruptcy trustee in bankruptcy (insolvency officer) has a decisive influence on the movement of assets (property) of the debtor - the debtor and has a key influence on the economic and legal aspects of its operations.
Insolvency Officer (Trustee in bankruptcy) performs the some functions of the head of the debtor and has a right to decide how the company - the debtor will continue its work, in what order will curl or develop its activities, which assets (property) will be put up for sale and under what conditions, as well as a variety of legal issues last and present activities of the debtor.
Insolvency official state vary depending on the stage of the proceedings. It will:
The powers of the liquidator, depending on the phase of the competition depends on the question. For example, the interim manager has no right to manage the affairs of the debtor during the monitoring step, but has the right to do so at a later stage. In the settlement process, current liabilities have priority and are satisfied before other claims are met.
The agreement between the debtor, creditors and the company under bankruptcy may be reached at any stage of the proceedings. The agreement on the settlement on behalf of the debtor must be entered:
Settlement Agreement on behalf of the bankruptcy creditors and authorized bodies need a simple majority (50% + 1 vote) approved the bankruptcy creditors and authorized bodies for the meeting of creditors.
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