Bankruptcy finance manager: responsibilities, report

According to 127-ФЗ "On Bankruptcy", the financial manager is a mandatory participant in the insolvency procedure of an individual. The corresponding requirement is enshrined in article 213.9 of the specified normative act. The concept of a financial manager was introduced by the Federal Law No. 154 and is present in the Federal Law No. 127. Let us consider it in more detail.

General information

Upon recognition of the bankruptcy of a citizen, the financial manager shall be approved by the arbitration court. This subject must comply with a number of requirements enshrined in law. A financial manager is entitled to be a citizen of the Russian Federation with a legal education and a self-regulatory organization.

Choice and purpose

According to the Law on Bankruptcy, a financial manager is selected by the court when considering an application for declaring a citizen financially insolvent. It should be noted that the appeal must contain information about the self-regulatory organization from which the subject is selected. The list of SROs registered on the territory of the Russian Federation can be obtained at the Rosreestr.

In practice, there may be situations when several applications from various persons for declaring the same citizen bankrupt arrive in court. In such cases, it is possible to choose a financial manager in bankruptcy from the SRO indicated in the application received first.

Payment for services

The remuneration of the financial manager in case of bankruptcy of individuals is paid from the debtor's funds. It is formed from a fixed amount and interest.

According to previous legislation, in case of bankruptcy of citizens, the financial manager received 10 thousand rubles. as a fixed fee for carrying out one procedure in the framework of production. In 2016, the norms were amended. Currently, the value of the fixed part is 25 thousand rubles. in one procedure. This increase was due to the need to balance the amount of work and the level of responsibility with payment. It must be understood that 25 thousand p. - This is not a monthly salary of the financial manager, but the payment of all the work done by him. Moreover, the bankruptcy procedure itself may drag on for several months.

Funds for the payment of a fixed part of the remuneration are paid by the debtor to the deposit account of the court. Payment to the financial manager is carried out upon completion of the procedure, regardless of the period by which it was introduced. The legislation provides for such procedures as:

1. Debt restructuring.
2. Sale of property of the debtor.
3. Signing a settlement agreement with creditors.

Upon recognition of financial insolvency, a person may be subject to all three procedures or one of them. Consequently, the fixed part of the remuneration can be from 25 to 75 thousand rubles.

Bankruptcy financial manager individuals can also expect to receive certain percentages. They are appointed in the following cases:

1. When the debtor fulfills the debt restructuring plan approved by the court. In this case, the financial manager in bankruptcy physical. persons will receive 7% of the amount of satisfied claims.
2. When carrying out the procedure for the sale of property of the debtor. In this case, the financial manager also receives 7% of the proceeds from the sale of material assets, as well as from cash received in the collection of receivables and when applying the consequences of the invalidity of bankrupt transactions.

The amount of interest is paid after final settlement with creditors.

In addition to the fixed part of remuneration and interest, the financial manager in bankruptcy receives compensation for the costs incurred by him in connection with participation in the case.

Calculation Example

Suppose a restructuring procedure has been applied to a citizen in arrears of 1 million rubles. The fixed part of the remuneration will amount to 25 thousand rubles. To it is added 70 thousand rubles. (percentage of the debt amount). The debtor did not comply with the approved restructuring plan, and therefore the court introduced another procedure - the sale of property. The financial manager is entitled to another 25 thousand rubles. To this amount is added the percentage of revenue received from the sale of property. The manager managed to get 700 thousand rubles from the sale of values. From this revenue he will receive 49 thousand rubles. (700 x 7%). Accordingly, the total remuneration of the manager will be 169 thousand rubles.

Manager's expenses

Not a single insolvency proceeding is without costs. Compensation of expenses is assigned to the debtor, however, the financial manager is responsible for the distribution of funds. In a citizen bankruptcy case, the debtor’s income and the proceeds from the sale of his property are used to recover costs. As practice shows, the costs of the manager are associated with:

1. Publication of information on the introduction of a certain procedure in respect of the debtor in the newspaper Kommersant. Usually one note costs about 10-11 thousand rubles.
2. Publication of data in the State Register. Information is recorded about the start of production, the holding of the meeting, the date of bidding, information on the conclusion of an agreement, etc. The price of each message is about 400 rubles. In general, the publication costs 3 thousand rubles.
3. Payment of banking, postal services, organization of bidding, etc.

Rights of the subject

The financial manager in a bankruptcy case is vested with certain powers. The subject has the right:

1. Submit an appeal to the arbitration court on the recognition of invalidity of transactions made by an individual during the year prior to the adoption of an application for the commencement of bankruptcy proceedings or after this event, as well as concluded with an individual creditor or other person. The appeal is sent on behalf of the debtor.
2. To object to claims of creditors.
3. Be a third party who does not state independent claims in the restructuring procedure on the debtor's side in all instances in all disputes related to property, including debt collection from an individual or in his favor, as well as transfer of property.
4. Require the debtor to provide information on the implementation of the restructuring plan.
5. To receive information on the property complex of an individual, its accounts, deposits, bank cards, including funds balances on electronic wallets, operations with them (transfers to citizens and organizations, including credit), from territorial self-government bodies and state authorities.
6. To appoint a meeting of creditors for preliminary approval of decisions and transactions of the debtor.
7. To petition for the adoption of measures to ensure the preservation of valuables belonging to the citizen, and for their cancellation.
8. To declare refusal to fulfill the terms of transactions concluded by the debtor.
9. Receive information about the credit history of the debtor from authorized structures (bureau and Central catalog).

A bankruptcy financial manager may also involve other persons in the procedure to ensure the exercise of his powers. However, for this he must obtain the permission of the arbitration court, issued in the form of a determination. Attraction of other persons is carried out under the contract.

Responsibilities of a financial manager

Bankruptcy is a specific process in which procedures are carried out in strict accordance with the law. The financial manager is considered one of the key figures in production.The norms provide for certain obligations of this entity, the failure of which may result in the removal of a person from the case.

The responsibilities of the manager include:

1. Taking measures to detect property and ensure its safety.
2. Analysis of the financial position of the debtor.
3. Identification of signs of intentional (fictitious) bankruptcy.
4. Maintaining a register of claims of creditors.
5. Notification of interested parties about the meeting.
6. Notification of creditors, banking organizations in which the bankrupt has an account or has a deposit (including by bank cards), other debtors about the beginning of debt restructuring or sale of individual property. The manager is obliged to notify these entities before the expiration of 5 days (workers) from the moment he learned about debtors and creditors.
7. Organization and holding of a meeting to address issues related to the bankruptcy of a citizen.
8. Consideration of reports on the implementation of the debt restructuring plan provided by the citizen, providing an opinion at a meeting of creditors.
9. Control over the process of execution of the plan.
10. Monitoring the timely repayment of current claims of creditors, transfer in full of the amounts imputed to the debtor.
11. Sending creditors a bankruptcy report. The document is provided to interested parties at least 1 time per quarter.

Citizen Bankruptcy: Financial Manager Report

An authorized person is required to provide relevant information on the progress of the process to all creditors. According to the law, in case of bankruptcy, the financial manager makes a report at least once a quarter. However, the meeting of creditors may establish a different procedure for the provision of information.

The document should contain a final report, a report on the manager’s activities, the results of the sale of bankrupt property from the auction, as well as a conclusion on the results of the debt restructuring procedure.

Nuances

The financial manager is entitled to exercise his powers from the moment when his candidacy is officially approved by the arbitration court. About this a determination is made. Authorities are terminated after a decision is made to declare a citizen financially insolvent.

If the manager does not perform his duties or performs them improperly, provides false information to the meeting of creditors, a monetary penalty may be imposed on him. The amount of the fine depends on the seriousness of the violation. If the manager maliciously evades his duties or commits a gross violation of the law, he may be suspended from activity for 3 years.

Debtor obligations

To a person in respect of whom proceedings for the recognition of financial insolvency are opened, the legislation makes a number of requirements. In particular, a citizen must provide at the request of the financial manager information about his property, his location, his obligations, creditors, as well as other information directly related to the bankruptcy procedure. Relevant information must be transmitted within 15 days from the receipt of the request.

If an individual fails to fulfill the specified obligation, the manager has the right to send a request to the court to request the necessary materials. On its basis, the arbitration shall issue requests to the authorized subject, the answers to which the applicant may receive in his hands.

Concealment of property, information about material rights or obligations, information about the location of material assets and other data entails liability, in accordance with applicable law.

Release of the manager from duties

The legislation provides the following grounds for exclusion of an entity from bankruptcy proceedings:

1. Statement by the manager.
2. The petition of the self-regulatory organization in which the subject was, but withdrew from its composition during production.

The legislation also allows for the removal of the manager from the performance of duties. The reasons for this are:

1. The decision of the meeting of creditors, if the subject does not fulfill his duties or performs them improperly.
2. Satisfaction of the complaint of the person participating in the proceedings regarding the violation by the manager of the requirements of the law, if it caused damage to the interests of the applicant, caused or could cause losses to the debtor or creditors.
3. Identification of circumstances that impede the appointment of a person as manager, including after the approval of his candidacy by the arbitration court.
4. The petition of a self-regulatory organization in the event of exclusion of an entity from its composition due to a violation of its conditions of membership in the SRO, the requirements of Federal Law No. 127, the provisions of other normative acts, standards, and rules for carrying out activities by managers in the Russian Federation.
5. The application of the SRO in the case of imposing an administrative penalty on the subject in the form of disqualification for the offense.

If the manager is released or suspended from his duties, the arbitral tribunal must appoint a new person in his place. About this a determination is made. A court order to remove or dismiss a trustee from participation in an insolvency proceeding is subject to immediate execution. However, the law allows for the appeal of this determination. Challenging the act, however, does not suspend its execution.

Termination of authority of the manager

The entity appointed by the arbitral tribunal shall terminate its activity after a ruling has been issued on completion of the debt restructuring procedure or sale of the debtor's property. From this moment, the financial manager is not responsible for subsequent actions / inaction of the bankrupt.

A citizen who is declared financially insolvent is subject to certain restrictions. So, within five years from the date of the decision, the entity cannot apply for a loan without notifying the bank organization of its bankruptcy. For 3 years, a citizen cannot occupy positions related to the performance of management functions.