Bankruptcy is understood as a process that begins if an entrepreneur or organization becomes unable to pay its creditors. This process is associated with the deprivation of property, which is carried out in accordance with the law and only by a court decision. Due to property and debts are repaid. The bankruptcy procedure of an enterprise is complex and has a large number of its nuances. Only a court has the right to declare bankrupt.
The initiator may be any creditor, as well as the debtor himself. Bankrupt, as a rule, until complete settlement with debtors is severely limited in financial rights. It is important to note that bankruptcy can occur not only for objective reasons (a real lack of funds needed to pay debts), but also because the entrepreneur or organization decided to get rich and get rid of unnecessary creditors in this way. Fictitious and deliberate bankruptcy is something that many businessmen use to solve their problems. Sometimes this is followed by criminal liability.
Intentional bankruptcy and its characteristics
It refers to economic crime. By itself, it harms creditors, the enterprise itself, as well as its employees. Its essence is that the head of the enterprise, by all possible means, tries to make him insolvent, that is, incapable of paying off creditors.
For their purposes, dishonest businessmen put false information into accounting reports, execute obviously unfavorable purchase and sale transactions, begin to carry out unnecessary and expensive repairs, purchase all kinds of equipment and so on. As for property, it is worth noting that good things are sold, and in return something less qualitative is acquired. This is primarily due to the fact that without regret to alienate him with further confiscation.
In most cases, deliberate bankruptcy is revealed during the next audit, analysis of the state of the debtor, inventory and so on. Sometimes it can be difficult to identify. In general, intentional bankruptcy has a number of signs:
- the debtor conceals obligations and property;
- there are large amounts of overdue receivables;
- there are financial investments after current payments have been suspended.
Intentional bankruptcy is one of the most common financial irregularities. Creditors often use this fact when negotiating with debtors.
The debtor, carrying out deliberate bankruptcy, is trying to deceive his creditors, to break all agreements, not to pay everything that he is obliged to pay. Yes, lenders receive some kind of compensation, but it often turns out to be too small. We are talking about the compensation that is paid at the expense of funds received from the sale of bankrupt property. Deception and violation of the law are obvious.
The law establishes various forms of liability for those who decide to resort to intentional bankruptcy. If major damage has been caused, the debtor is held criminally liable. Major damage is damage in the amount of more than one and a half million rubles. In all other cases, the debtor is held administratively liable.
A fine can reach five hundred thousand. At least two hundred thousand rubles. In some cases, the debtor may be sentenced to imprisonment. The maximum term is six years. The penalty will still be imposed.
Intentional bankruptcy is an easy but dangerous way out of a difficult situation. Do not forget that you can pay a lot for such measures.