What transactions are challenged in bankruptcy procedures in Russia?
Contest of transactions is a trend of bankruptcy. Since changes to the Bankruptcy Law in 2009 were made in part of opportunity expansion of transactions contest – everything changed.
When carrying out procedures of bankruptcy we actively apply this tool and it is good as he teaches unlucky owners not to leave the enterprises to the mercy of fate and to liquidate it in accordance with the established procedure.
What mechanism of work?
One of the criteria for transactions contest is its commission within 1 month before the date of bankruptcy proceedings initiation.
Thus under the concept of transactions get both non-cash payments, salary payments, execution of the settlement agreement, the marriage contract and even payment of taxes.
And so, the arbitration manager who was appointed to the enterprise, for example, according to the statement of the creditor, first of all – requests extractions from enterprise accounts.
After detailed studying of payments of the owner who has thrown firm, problems begin – the former contractors start calling and to complain about arbitration manager.
Not that much pleasant.
So, the following transactions fall under risk to be challenged:
- first, it is transactions with unequal counter satisfaction. For example, when the object of property was aloof at cost several times less than the market.
- secondly, it is the transactions made for the purpose of harm infliction to the creditors. The transactions concerned to them are those which were made with the purpose that creditors of the organization couldnt recover a debt at the expense of organization property.
- thirdly, it is the transactions which rendering preference to one of the creditors then to others as a result of, for example, that money were paid to one of creditors, for example, to bank, instead of another, for example, to the supplier.
Law-enforcement practice doesnt stand in one place too. During 2011 courts considered more than 5 thousand statements of arbitration managers about recognition of transactions invalid.
The statistics of a share of the satisfied statements do not exist, but according to expert opinions it not less than 50%, depending on the basis of transactions invalidity.
The main recommendation to those who is going to stop company activity – dont throw firms and dont abuse illegal elimination because they dont allow you to keep a situation under control and to avoid risks of aggressive actions of creditors.