The bankruptcy trustee is represented by a specialist engaged in the sale of property of the debtor through open bidding. He confiscates and evaluates values, and also organizes and conducts an auction. The bankruptcy proceedings are carried out exclusively on the condition that it is not possible in other ways to pay off debts held by the debtor. It is considered the last stage in the process of declaring a person or company insolvent. The actions of the receiver must be based on the requirements of the law and the interests of creditors. Therefore, a report must be prepared by the bankruptcy trustee containing all the activities implemented by him in the framework of bankruptcy proceedings. This document is reviewed by creditors, a judge, and other officials as necessary.
Legislative regulation
The procedure for compiling a report by the bankruptcy trustee during the bankruptcy proceedings is carried out on the basis of the requirements of the Federal Law No. 147. This regulatory act indicates what the stages and consequences of the bankruptcy process of a private person or company are.
On the basis of this law, the manager is obliged to report to the arbitral tribunal regarding all completed actions within the prescribed time. Additionally, the report is submitted for examination to all creditors included in the register.
What documents are attached?
The report of the bankruptcy trustee of Tatfondbank or another institution will always be individual, as it depends on the actions taken, the confiscated and sold property, as well as other features. Other documents must be attached to this report, which include:
- register of claims of all identified lenders;
- documentation confirming that the property of the debtor was sold at auction;
- papers containing information about what debts were repaid as a result of the specialist.
Reporting is submitted to the arbitration court, but the administrator must notify the creditors and the immediate debtor of the actions taken. Often, information is transmitted to regulatory authorities if they participate in this process.
General information about the work of a specialist
The arbitral tribunal shall appoint a bankruptcy trustee. The selected specialist should be included in the register of such managers. In addition, a specialist can be approved by a meeting of creditors, if a corresponding court permit is obtained in advance.
The appointed manager must perform many different tasks, which include the preparation of a special report. Additionally, it implements the following actions:
- determines all property that belongs to the debtor and can be sold at auction in order to obtain the necessary amount of funds to pay off existing debts;
- preparing identified values for the upcoming sale;
- bidding organization;
- holding an auction;
- making settlements with creditors based on the amounts received.
The report of the bankruptcy trustee is compulsory. It contains information about all the actions performed by this specialist. Usually, a specialist has to prepare several reports at once within the framework of one bankruptcy proceedings. Periodically, the document is submitted to creditors or to the court, as it contains information about what actions were performed by the specialist, as well as how much money was received by him as a result of these measures.At the end of the bankruptcy proceedings, a final report is issued.
Bankruptcy Manager Report Form
Specialists should use only the standard form, but if necessary they can make any changes and new points to it. By default, the document contains the following information:
- date and place of documentation;
- information about the manager presented by his F. I. O. and address of residence;
- the name of the arbitral tribunal in which a specific case of bankruptcy of a person or company is considered;
- case number;
- lists documents that confirm the existence of an open case;
- the document on the basis of which the specific manager was approved is indicated;
- information is given on the validity of the manager's liability policy for causing damage to any property belonging to the bankrupt;
- information about the bankrupt is entered, and if it is submitted by an individual, then his F. I. O., address of residence and passport data are indicated;
- if the company is bankrupt, then its name, organizational form, registration address and information from the constituent documentation are prescribed;
- Includes information on employees who are involved in a specific case in an arbitration court;
- information is provided on how much remuneration the manager and employees will receive;
- lists the data on complaints that were filed with the manager for his inaction or any illegal actions;
- the results of each complaint against the manager are indicated;
- provides information on the SRO, in which the manager is a member.
The above information is basic, but at the same time other important data can be entered in the report of the bankruptcy trustee if necessary.
When is it made up?
The Federal Law “On Insolvency” contains information on how often the manager needs to prepare this report. For this, the rules of the meeting of creditors are taken into account, since it is the manager who must report to them about his activities.
The final report of the bankruptcy trustee on his activities is formed after financial settlements with creditors submitted by individuals or companies, but they must be included in the register of claims.
Periodic reports are prepared at least once every three months, but creditors may require this documentation at any time if a decision is made at the meeting. The manager may refuse to prepare a report if it is required more often than once a month.
Only within a month the manager can perform any work for which he needs to report. Such work may consist of finding property, selling valuables, or paying off bankrupt debts.
The final reports of the bankruptcy trustees are forwarded not only to the creditors, but also to the arbitrator considering the case. Only with such a report can a bankruptcy case of a company or citizen end.
Reporting Request Rules
A meeting of creditors or a direct judge may request a report from the bankruptcy trustee of the LLC or a private citizen at any time. The specialist must promptly draw up a document, stating in it all the actions performed within the framework of a particular production. The results achieved are also presented.
If the request was made by a judge, then credits are obligatorily notified that a report is being sent to the court. The manager must prove that he effectively copes with his main tasks, so he is engaged in the search and sale of property of the debtor. Using the information from such documentation, creditors and a judge will be able to understand whether it is possible to pay off most of his debts with the help of the bankrupt's property.
What are the requirements for documentation?
When compiling this report, the following requirements are taken into account:
- only the actions actually performed by the manager are given;
- the standard form is used, but it is allowed to add any additional points to it;
- it is not allowed to embellish information in any way or completely include inaccurate information in the document;
- only reliable data are indicated on the identified property, funds received from bankruptcy proceedings, as well as on measures that are used by a specialist to preserve values;
- lists transactions that, on the initiative of the manager, were declared invalid, since with their help the debtor tried to get rid of the property in advance.
If the reports prepared by the selected specialist do not contain the necessary information, then the creditors have the right to decide on a change in manager.
Rules for considering a document in court
The report of the bankruptcy trustee is transmitted not only to the creditors, but also to the judge who is considering this arbitration case. The rules for the transfer and preparation of this document include:
- the judge may request a document at any time;
- the main purpose of obtaining documentation is to control all actions carried out by the manager;
- if there are no positive results from the work of a specialist, then a judge may decide on his change;
- the judge studies not only the report, but also all complaints drawn up against the manager, as well as other materials related to the actions taken by him.
Practice shows that usually managers working in official and reliable SROs are responsible for their duties, therefore, during their activities, no problems arise.
Where to see the report?
Information about the reports is posted in open sources on special sites intended for the conduct of bankruptcy cases for companies or individuals. With the help of such resources, you can find out when the report is published, who is the debtor, as well as information about the arbitration manager.
The remaining information regarding the amount of the debtor's property, items sold and funds received can only be obtained by persons directly related to this case.
Rules for the consideration of the document by the court
The bankruptcy trustee's report on the results of bankruptcy proceedings shall be examined by the court within a maximum of one month. The judge analyzes not only the information contained in this document, but also other case materials.
Based on the information received, a final determination is made. After that, the official end of bankruptcy proceedings takes place. Lenders receive relevant notifications, after which the bankruptcy procedure of a specific debtor is completed.
Conclusion
Bankruptcy of citizens and companies often ends in bankruptcy proceedings if there is no opportunity to restore solvency. The procedure is implemented by the appointed bankruptcy trustee, who must account for the actions performed using official reports. Such reports are submitted to the creditors' meeting and the court, and they can even be compiled monthly.
The final report is prepared only after the sale of the property of the debtor and the repayment of its debts. After that, the bankruptcy procedure ends.