Bankruptcy - is triggered when an individual or терещенко роман вікторович legal entity finds itself unable to pay its compulsory debts. Lawyer, Tereshchenko Roman Viktorovich, explains that, in fact, bankruptcy is a new start for those who find themselves in a difficult financial situation and are no longer able to manage their debts. As a rule, such a procedure begins with the filing of an application by the debtor, which happens most often, or on behalf of creditors, which is less common. All of the debtor's assets are evaluated and, in certain cases, they may be realized for partial or full repayment of the debt. In this publication, the lawyer draws attention to bankruptcy and its consequences for the physical person and the physical person-entrepreneur.
How to file for bankruptcy: expert guidance from a professional lawyer
According to Roman Tereshchenko, for 5 years in Ukraine there is a law that allows individuals to declare bankruptcy. This became possible thanks to the adoption of the Code of Ukraine on bankruptcy procedures. Now individuals have the opportunity to be released from their debt obligations through bankruptcy. There are a number of conditions for the implementation of this procedure, which include the following:
Filing a petition with the court. A person who wants to declare himself bankrupt, must apply to the Commercial Court with the appropriate application. The lawyer draws attention to the fact that in this case the documents must be accompanied by a debt restructuring plan and a declaration on the state of his property.
Arrears of payments. An obligatory condition for filing an application is the presence of arrears of payments for more than two months. In this case, the debt must be at least half of the cost of monthly payments on a loan or other financial obligation.
Presence of property.
- Bankruptcy can not be formalized if the physical person does not have property, терещенко роман вікторович which is enough to cover debts. This applies to those cases when the property in the form of a car or real estate has already been pledged and can not be used for these purposes, - explains Tereshchenko Roman Viktorovich.
Payment for the services of a bankruptcy trustee. The debtor, who wants to declare bankruptcy, must pre-pay the services of an insolvency practitioner for three months. And their cost should be less than three minimum wages.
Threat of insolvency. As the lawyer says, there must be a threat of becoming insolvent in order for the bankruptcy proceedings to proceed. Reasons here may include such serious circumstances: significant medical expenses, disability or prolonged incapacity.
The legal expert emphasizes that only the debtor himself and no one else can initiate bankruptcy proceedings.
Roman Tereshchenko also warns that recently there are more and more cases of so-called "fraudulent bankruptcy". This happens, for example, when an entrepreneur was engaged in illegal activities and got into a deep debt hole. His employment may well have been related to laundering money obtained illegally. Now, Роман Терещенко биография thanks to bankruptcy proceedings, the offender is trying to remove the yoke. And in this case, the expert asks his colleagues to be extremely careful when undertaking to protect the interests of strangers during bankruptcy proceedings. Such actions may be self-serving intrigues of fraudsters.
Declaration of property in bankruptcy: key aspects from Roman Tereshchenko
The lawyer emphasizes that the key element in the bankruptcy process of an individual is the declaration of the applicant's property. This document requires the applicant to provide data on his property, as well as the property of his family members. Roman Tereshchenko also recommends to pay special attention to this aspect, because fraudsters can give themselves away at this step:
As a rule, financial swindlers do not go very deep into the essence of the procedure. Therefore, starting a fraudulent bankruptcy with thoughts solely about their own benefit, can miss. Just at this stage and may surface their shadow income obtained through money laundering.
In order to understand what data is included in the declaration, the expert calls the main categories that must be included in the document:
Property for the previous three years.
The property of the applicant and his family, which exceeds 30 minimum wages.
Property of spouses for the last three years.
Movable and immovable property.
The lawyer supplements this list with the following clause: if information about the property of the applicant's family member is not available or its value is not established, the declaration should state "Unknown".
Roman Tereshchenko is convinced that the accuracy and completeness of the information provided during bankruptcy proceedings are very important. They help the court and the arbitration administrator to make balanced decisions. And the provision of inaccurate information may entail serious legal consequences.