Conciliation procedures in case of bankruptcy
Chapter 6-1 of the Law provides for the conclusion of a settlement agreement between the creditor (creditors) and the debtor at any stage of the bankruptcy procedure (including if one of the creditors is a government agency).
The decision to conclude a settlement agreement is attributed to the competence of the creditors' meeting in bankruptcy proceedings (subparagraph 9) of paragraph 3 of Article 93, paragraph 2 of Article 112-1 of the Law).
The decision to conclude a settlement agreement on the part of the bankrupt is made by the individual entrepreneur, the owner of the property (the body authorized by him), the founder (participant) of the bankrupt legal entity and the bankrupt manager.
A settlement agreement may involve third parties who assume the rights and obligations provided for in the settlement agreement.
When approving the settlement agreement, the court issues an appropriate ruling stating that the bankruptcy procedure is terminated and the decision to declare the debtor bankrupt and initiate bankruptcy proceedings is not enforceable.
It should be noted that reconciliation procedures are not provided at the stage of bankruptcy proceedings in court, as well as at the stage of rehabilitation procedures.
Summary of judicial practice in the application of legislation on rehabilitation and bankruptcy in cases considered by the courts for the period 2020-2021 and the 1st half of 2022.
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