Encyclopedia

Bankrupt


A bankrupt — a citizen who is unable to satisfy the claims of creditors in respect of monetary obligations and (or) perform the obligation to pay mandatory payments, may be declared insolvent (bankrupt) by the decision of an arbitration court1.

A bankrupt — a citizen has the right to file an application with the arbitration court for recognition of him as bankrupt in the event of foreseeing bankruptcy, provided that there are circumstances clearly indicating that he is unable to perform monetary obligations and (or) the obligation to pay mandatory payments within the established period, while the citizen meets the signs of insolvency and (or) the signs of insufficient assets2.

  1. Federal Law No. 154-FZ dated June 29, 2015 "On Regulation of Specific Features of Bankruptcy (Insolvency) in the Territory of the Republic of Crimea and the City of Federal Importance Sevastopol and on Amendments to Certain Legislative Acts of the Russian Federation". 2015, amended on June 29, 2015, Article 2, paragraph 1. ↩

  2. Federal Law No. 154-FZ dated June 29, 2015 "On Regulation of Specific Features of Bankruptcy (Insolvency) in the Territory of the Republic of Crimea and the City of Federal Importance Sevastopol and on Amendments to Certain Legislative Acts of the Russian Federation". 2015, amended on June 29, 2015, Article 6, paragraph 2#5. ↩

Laws with commentary

Codes and federal laws