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Order in which the creditor may begin proceedings for bankruptcy debtor to meet its requirements?

What procedure is established by law that a creditor can declare his debtor’s bankruptcy and meet his own requirements in future? 

 

This problem is regulated by  the Law of Ukraine On Resumption of Debtor’s Solvency or Declaring  His Bankruptcy (hereinafter the Law).

 

Under paragraph 1 of Article 6 of the Law, bankruptcy cases shall be  tried by the commercial courts at the debtor’s location. 

Under paragraph 2 of Article 6 of the Law, a creditor may sue for bankruptcy. 

The Commercial court shall initiate a bankruptcy case  in the following events:

-         unanswerable a creditor’s (creditors’) claims against  a debtor shall  jointly equal to not less than  300 minimum incomes;

-         a debtor hasn’t satisfied such claims within 3 months after their deadline unless otherwise  specified in the Law.

Article 7 of the Law determines the following requirements to the creditor’s claims for bankruptcy. The claim shall be submitted in written and have the following data:    

-         name of the commercial court to apply;

-         debtor’s name, surname, patronymic (if any)  and his postal address;

-         creditor’s company name  and his postal address if  he is a legal person, creditor’s  name, surname, patronymic (if any)  and his registration if he is  a physical  person;

-         ID (code) which is identified him as a taxpayer (compulsory payments);

-         evidences of a debtor’s  insolvency  (sum of debts, terms of payment, penalty (fine) rates, requisites of the accounting document  on writing monetary funds off the  debtor’s banking or  correspondent  account and  the date of its registration  by the debtor’s banking institution;

-         list of the documents   adjoined to the application.

Besides the abovementioned, the creditor’s application shall include such information as follows:

-         creditor’s charge against the debtor (with determination of the sum of a penalty  or a fine those are  to be paid);

-         evidence of debtor’s monetary obligations before the creditor and  their deadline;

-         evidence that  the sum the claims overdraws 300 minimum incomes   unless otherwise  specified in the Law;

-         sound arguments  of creditor’s claims;

-         other grounds of  the creditor’s application.  

The following documents should be adjoined to  the creditor’s claim:

-         the court of law or commercial court decision  on creditor’s claims against he debtor;

-         copy of unpaid  accountant document certifies that all monetary  funds are  written off the debtor’s account  and the debtor’s bank institution shall register the date of acceptance of document for proceeding;

-         executive orders (writ of execution, notary’s witnesses, etc.) or other  documents debtor’s confirming of  his debts;

-         ample evidence that the value  of pledge is  insufficient  for the proper allowance  of the claim secured by  pledge if the only confirmed  creditor’s claim is secured  by the debtor’s assets.        

On applying for bankruptcy, a creditor shall be obliged to send  a debtor  the copy of the application  and documents adjoined to it. 

If one and the same debtor have been claimed for bankruptcy several times before declaring him a bankrupt, the court shall consider all claims including  the last one  submitted by either  a debtor or a creditor. Under the Law, the duty shall be imposed on the claims for bankruptcy.

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