Not so long ago, the Russian government passed a bill on bankruptcy or insolvency of individuals. persons. This procedure is complex and multi-stage. In the process of recognition of insolvency of a citizen, according to this law, a financial manager must participate. What powers does he have and what effect does he have on bankruptcy?
Bankruptcy of an individual
It is no secret that many of us take loans from banks for various purposes. Often these circumstances arise in life, in which further repayment of the debt becomes impossible. For a long time this problem was insoluble - banks sued debtors, bailiffs were involved in collecting money. Last year, the situation changed radically: economic disputes were assigned to arbitration courts, a law was passed on insolvency or bankruptcy of individuals. persons.
Bankruptcy Procedure
The law defines three stages of this procedure. These include:
- Debt restructuring.
- Realization of movable and immovable property of an individual.
- Settlement agreement with creditors.
A citizen, a credit institution or a tax service can file a petition with the arbitration court with a petition for recognition of bankruptcy. The amount owed must be more than half a million rubles. From the moment of formation of this debt should pass 90 days. The application must be accompanied by an inventory of property, copies of documents on transactions in excess of 300,000 rubles, a certificate of payment of taxes, income.
Debt restructuring as a procedure is introduced after the statement of the individual is recognized as reasonable. Property may be sold if debt restructuring has failed. In this case, a citizen is declared bankrupt. The settlement agreement may be signed at any stage of the procedure.
The concept of financial manager
The financial manager is appointed by the court immediately after considering the citizen's insolvency petition. This person must meet the requirements of Russian law. The manager supports the entire bankruptcy process - from collecting information about the debtor's property to the implementation of the bankruptcy estate - and acts as an independent person, conveying the position of each of the parties to the process.
Status
So, the financial manager in case of bankruptcy of individuals comprehensively accompanies all stages of this procedure, that is:
- Assesses the financial capabilities of the debtor.
- Interacts with lenders.
- Monitors the proper satisfaction of current requirements of creditors.
In fact, its role is to mediate between entities participating in the bankruptcy recognition procedure and to represent their positions in court. Moreover, the financial manager controls the process of disposing of the citizen’s property and agrees to make various transactions with him in order to comply with the interests of credit organizations and the debtor. The right to nominate a manager has both the debtor and the creditors. As a rule, a manager nominated by creditors protects their interests in the first place. Therefore, it makes sense for debtors to choose a manager on their own, who will make every effort to uphold their position.
Requirements
According to the bankruptcy law, there are conditions that a financial manager must satisfy. The requirements are as follows:
- Lack of personal motives and interest, as well as dependence on a citizen-bankrupt or credit organizations.
- No outstanding debts due to improper performance of official duties as a financial manager (material damage must be confirmed by a court decision).
- Lack of criminal record.
- The absence of debts that led to the launch of bankruptcy proceedings.
- The absence of the status of a disqualified or deprived of the right to perform their duties in accordance with federal law.
The manager must have a license to carry out his activities, as well as a higher professional education in economic or legal specialties. A prerequisite for the activities of the manager is the insured liability in case of damage to the parties to the process.
Appointment of a financial manager
Bankruptcy financial manager persons are usually selected from employees of the arbitral tribunal. In the application for consideration of the bankruptcy case, the citizen must indicate the self-regulatory organization (SRO) and the specific person who will act as the financial manager, but the decision on his appointment will be made by the court. Without an indication of a self-regulatory organization, an application is not considered. It is impossible to calculate who will be appointed, since the manager is selected from all members of the organization. It is important to note that the right to choose an SRO and a specific candidate is vested in the applicant — the creditor or debtor.
Payment for services
A bankruptcy financial manager provides services on a fee basis. A citizen who declares himself bankrupt pays for these services on his own and is obliged to pay a fixed amount of 10 thousand rubles to the court deposit. This amount is the cost of the procedure itself. It is also necessary to pay the manager 2% of the amount of the repaid debt or of the proceeds from the sale of bankrupt property. At the discretion of the meeting of creditors, the amount of this fee may be increased, if necessary. Cash remuneration is issued at a time only after the completion of the bankruptcy procedure, and interest - after the end of settlements with counterparties and the transfer of funds to their accounts. If the manager requires a citizen-debtor to pay for any additional services, these actions are considered illegal. A bankrupt may file a complaint with a court.
Rights of the financial manager
The Federal Law on Bankruptcy of Individuals gives a financial manager a number of rights, namely:
- The ability to object to the requirements of the parties bankruptcy proceedings.
- By collecting information on objects of movable and immovable property of an individual, including sending inquiries to local authorities and state authorities.
- The right to collect a meeting of creditors, if necessary.
- The right to control a bankruptcy debt restructuring plan.
- The ability to receive data from credit bureaus and similar sources of information specified in this law.
- The right to sell property, cancel or accompany all transactions with it.
- The right to exercise other rights stipulated in the Federal Bankruptcy Law.
Responsibilities of the financial manager
The manager in bankruptcy of an individual has a number of responsibilities, such as:
- Collection and organization of meetings of creditors, which are provided for by this law.
- Monitoring the implementation of the debt restructuring plan.
- Analysis of the financial capabilities of a bankrupt citizen.
- Drawing up a report to lenders on the measures taken at least once every 3 months.
- Control of debt repayment to creditors.
- Identification of cases of intentional bankruptcy and taking appropriate measures.
- Consideration and analysis of reports on the progress of the debt restructuring plan.
- Other obligations stipulated in the bankruptcy law.
Bankruptcy Procedure
A financial manager in the event of bankruptcy of individuals is entitled to access all sources of information that are somehow related to the bankruptcy of a particular citizen. Such information includes information about movable and immovable property and its location, as well as property rights and obligations of the debtor, extracts from registers, databases.
It is the duty of a bankrupt citizen to provide this information for subsequent consideration by the financial manager within 15 days after the request. If this information is not provided by the bankrupt, the financial manager has the right to request it in court.
The debtor is obliged to provide information on all objects of movable and immovable property owned by him. Hiding this information from the financial manager and creating obstacles to its receipt entails the responsibility of the citizen in accordance with this law.
If the manager has received information related to commercial, official, banking or other information that is protected by law, he should not be disclosed. If this happened, he bears civil or administrative, and in some situations criminal liability, and undertakes to indemnify.
Is it possible to remove the financial manager?
It is possible to remove a specific person who acts as a financial manager. This can happen on the initiative of any party as part of the bankruptcy process, the decision on removal is approved by the court. In this case, a replacement occurs. The initiative may come from the manager or self-regulatory organization itself.
The reason for the suspension may be the inadequate quality of work, when:
- This decision was made at a meeting of creditors.
- In a judicial proceeding, the complaint of the parties to the process regarding violation of their rights, causing harm or loss from the actions of a particular manager was satisfied.
- A self-regulatory organization suspended the manager due to an administrative offense or crime.
Thus, the financial manager is an important figure in the process of bankruptcy of an individual. He has access to all information regarding the property of the debtor. Therefore, the concealment of this information is considered illegal. The rights and obligations of a financial manager are established by the bankruptcy law. Manager is an independent person involved in bankruptcy who provides his services only on a paid basis.