Competitive creditors are who? Requirements and rights of competitive creditors

Relations between commercial enterprises are based on mutual benefit. The nature of such interactions can be any. For example, one enterprise acts as a supplier of meat, and the second - a sausage manufacturer. However, regardless of the specifics of the activities of each company in all respects, one of them is a creditor and the other is a debtor.

Business Difficulties

In the entrepreneurial sphere, interaction between subjects is not always carried out without problems. The debt of one enterprise to another, if it is of a short-term nature and is conditioned by the need for some time for payment, is considered normal and does not usually cause concern among partners. But in a number of cases, the enterprise is not in a position to repay its obligations, and therefore declares itself bankrupt. In this situation, the counterparty can act as a creditor of the debtor. Let's consider further features of this status.

General information

Competitive creditors are economic entities before whom the company has outstanding monetary obligations. The legal status of such persons is defined in Federal Law No. 217 "On Bankruptcy (Insolvency)". From the definition given in the law, it follows that the entities before whom the enterprise has obligations expressed in kind can not act as competitive creditors. This circumstance is the key distinguishing feature of these persons. For example, between the sausage manufacturer and the meat supplier, a contract was signed for the supply of 100 tons of pork. In exchange for raw materials, the manufacturer made a commitment to provide the firm with 40 tons of finished products. If the manufacturer has violated the terms of the agreement, then the supplier in this case can not be a competitive creditor.

Exceptions

It is worth noting that not all subjects to whom the bankrupt company has monetary obligations can act as competitive creditors. This exception is provided for in Federal Law No. 127. The law states that a citizen can not be a competitive creditor before whom the enterprise has arrears arising in connection with causing damage to his health and life or moral harm, as well as persons entitled to receive a remuneration from using intellectual products for bankruptcy, and Some other categories.

Appeal to the court

Legislation establishes certain rights of the bankruptcy creditor. One of the main things is the opportunity to apply to arbitration. In practice, it is the application of the competitive creditor that serves as the basis for the recognition of the entity as a bankrupt. The person who applies to the court must take into account that the criteria for insolvency are clearly established in the Federal Law 127 (Article 3). Normally it is also said that a bankruptcy procedure against a legal entity can be initiated if it has not fulfilled its financial obligations within three months from the date established by the contract.

Collection of creditors in bankruptcy proceedings

In addition to being able to apply to the court, the legislation provides one more important guarantee for the victims. Often, the enterprise does not have one, but several obligations to different contractors. If it is declared bankrupt, a meeting of bankruptcy creditors is held. All persons to whom the company has obligations, can participate in such a meeting. They are given the right to vote when discussing the most topical issues relating to the bankruptcy procedure. Their opinion is taken into account in the decision-making process related to the organization of surveillance, external management or financial recovery.

An Important Moment

FZ No. 127 provides for a list of issues related to the conduct of bankruptcy proceedings, decisions on which are taken exclusively during the general meeting of bankruptcy creditors. These include, in particular, the approval of the financial recovery plan , the definition of the arbitration administrator, who will perform all legally significant actions during the recognition of the insolvency of the entity, the adoption of a compromise schedule for the repayment of obligations, etc. The complete list of issues to be considered by the creditors meeting is established in paragraph 2 12 articles of the above law.

Benefits

FZ No. 127 establishes a number of priority rights for certain competitive creditors. For example, if an enterprise acts as a holder of an outstanding obligation in a large amount, the normative act gives him the opportunity to initiate a discussion of the insolvency of the counterparty. This company can independently develop the agenda of the meeting, including in it the issues that are most relevant. This provision applies to entities that hold 10% or more of the total outstanding financial liabilities of the enterprise to which the bankruptcy procedure is applied.

Financial claims

The claims of creditors in the competitive process are fixed and systematized by the arbitration manager. This entity is responsible for the implementation of statutory mandatory procedures. In particular, it forms a register of bankruptcy creditors. In presenting their financial claims, enterprises must submit documents confirming their availability. The arbitration manager, having considered the requirement of the competitive creditor, makes a decision on a recognition by its legitimate (lawful and proved). With a positive evaluation, the specialist will send a request to the company for additional information to make the corresponding entries. Information, in accordance with Article 16 (clause 7) of Federal Law No. 127, must be specified in respect of all creditors. Such data include the name of the legal entity, bank details, address of the location. If a citizen acts as a creditor, his / her full name, residential address, passport data are indicated accordingly.

Additionally

After the financial claims are entered in the register, the bankruptcy creditor may request an extract from it. It will contain data on the composition and amount of obligations to be satisfied. In addition, the extract indicates the order in which financial claims will be met. The arbitration manager is required to submit the document within five days from the date of receipt of the relevant request.

Nuance

There are a number of special legal opportunities that are awarded to competitive creditors. This is primarily true of enterprises whose legitimate financial claims amount to at least 1% of the total amount. Such companies can get not only an extract. They are entitled to request and a certified copy of the entire register.

Legal implications

Legislation determines a number of circumstances that arise in connection with the commencement of bankruptcy proceedings. The legal consequences are the following:

1. The period for the implementation of financial obligations that arose before the commencement of the procedure is deemed to have come.
2. Accrual of penalties, interest and other sanctions is terminated. The exception is current payments and rates provided by law.
3. Information about the financial position of the bankrupt enterprise ceases to be considered confidential and is classified as a commercial secret.
4. Implementation of transactions relating to the alienation of property or entailing its transfer to third parties in operation is allowed only in accordance with the rules of bankruptcy proceedings.
5. Execution for all ILs subject to the transfer of the FSSP to the arbitration administrator ceases.
6. All financial claims for financial obligations, payment of tax and other amounts may be presented only in the framework of bankruptcy proceedings. Exceptions are current deductions, claims for the recovery of moral damage, the recognition of property rights or invalidity of insignificant transactions, the reclamation of material assets from illegal possession of others.
7. Previously imposed on the property of the enterprise, the arrest is withdrawn, other restrictions related to the disposal of material values are canceled. This procedure is carried out in accordance with the decision of the court. No further arrest is allowed.
8. Repayment of obligations of the company-bankrupt is made by the arbitration manager in the manner and in the cases determined by the legislation.

Priority

Legislation establishes a certain order for the satisfaction of claims lodged by competitive creditors. This is necessary for the implementation of the principle of legality and validity, ensuring the protection of the interests of the participants in the procedure. Claims are settled out of turn:

1. Concerning the costs of legal proceedings arising from the commencement of the insolvency proceedings, the payment to the arbitration administrator of his remuneration, the payment of the services of persons recruited as specialists.
2. On the salaries of the subjects working under labor agreements.
3. On municipal, operational payments, which are necessary for the conduct of the enterprise-bankruptcy.
4. On other current deductions.

The following requirements are met:

1. Citizens whose health or life has been harmed.
2. On the provision of severance pay, the salaries of employees who worked or are in the state at the time of the procedure in accordance with the employment contract, on the payment of remuneration to the authors of products of intellectual activity.
3. Other creditors, including net liabilities.

The final stage

After completion of settlements with creditors, the manager forms an act on the results of production. Together with the report are:

1. Documents confirming the sale of the property of the bankrupt enterprise.
2. A register of requirements indicating the amount of liabilities discharged.
3. Documents certifying the satisfaction of claims.

After reviewing the report and the annexes, the arbitral tribunal issues a ruling on the end of the proceedings. This act acts as the basis for entering into the Unified State Register of Legal Information about the liquidation of a bankrupt enterprise.