Bankruptcy Manager: appointment and authority. Federal Law on Bankruptcy

Bankruptcy is represented by the process of declaring a company or citizen insolvent. Based on this procedure, the property of the debtor is sold, and the remaining debts are written off. The consequences of bankruptcy are not considered to be very beneficial for every person or business owner, but often it is precisely this that allows you to cope with huge debts. The procedure is carried out under the supervision of the court initiating the insolvency of the debtor, for which purpose a bankruptcy administrator is appointed. There are several such managers who are endowed with numerous rights and obligations.

Manager concept

The bankruptcy trustee is represented by a specialist with knowledge and skills in crisis management of companies and private assets. He is appointed exclusively by the court. Its main function is to control the activities conducted by companies or individuals. He makes sure that the credit obligations of the debtor are as satisfied as possible.

On the basis of the Federal Law "On Bankruptcy", the basic rules of a specialist’s work include:

he acts as a link between the debtor, creditors and the court;
they must respect the interests of all parties;
all his actions should be aimed at ensuring that the debtor is declared insolvent on the basis of legislative requirements;
all participants must be satisfied with the work of a specialist, as otherwise they have the right to replace him;
if there is no manager, the debtor will not be able to independently cope with the claims and claims of numerous creditors submitted by companies or individuals;
a specialist is appointed by the court, although each debtor has the opportunity to propose his own candidacy for this position.

The specialist receives a certain remuneration for his work, and all expenses incurred by him are also reimbursed.

Who can become a manager?

The bankruptcy manager immediately performs many different actions and tasks, so he is appointed only when satisfying numerous requirements. These include:

a citizen must have higher education;
he must be a member of the SRO, specially created for the training of managers;
a specialist works with two or three assistants;
only after practicing as an assistant for several years, he can become a full-fledged manager;
it is required to pass the exam successfully on the basis of a program created for the training of specialists;
criminal record is not allowed;
seniority in any managerial position must exceed 2 years;
a professional liability insurance policy is required.

Be sure the specialist must have Russian citizenship. He has the right to initiate various official procedures in the framework of the bankruptcy of any citizen or enterprise. The bankruptcy manager of legal entities or individuals can insist on debt restructuring or evaluate assets, initiate bankruptcy proceedings or perform numerous other actions. It is important that he abide by the requirements of the SRO to which he is a participant.

Types of managers

The bankruptcy administrator is endowed with numerous rights and obligations. Functions may vary depending on various factors and circumstances, as well as on the decisions made.

Specialists can be called differently depending on what kind of actions they perform, as well as at what stage of bankruptcy they carry out activities.

Temporary

This specialist is appointed by the court, and his main task is to monitor all actions committed by the debtor. According to the Federal Law "On Bankruptcy", he performs the following actions:

guarantees the safety of the property of the debtor, as it is not allowed that the non-payer in any way concealed or sold the values;
conducts analysis of the financial condition of a citizen or organization;
forms a list of creditors' claims;
organizes meetings to which lenders are invited to discuss important issues.

An interim manager is appointed for up to 7 months.

Administrative

Such a manager for the bankruptcy of individuals or enterprises is engaged in financial recovery of the debtor, which allows you to cope with debts without the need to sell property. The duties of such a specialist include:

he uses various measures to improve the financial condition of the debtor;
accrual of fines, interest or forfeits is suspended;
new fines from lenders are canceled;
the specialist insists on carrying out a restructuring, which will create a new payment schedule, according to which the debtor makes money without difficulty.

Such a specialist is appointed only if there are signs that a citizen or organization will really be able to cope with debts. Often, even the professional actions of the manager do not give the desired result, so you have to continue the bankruptcy procedure. The duration of such management may not exceed two years.

External

This bankruptcy manager is engaged in external management, the main purpose of which is to restore the solvency of a person or company. The nuance of the process is that the company is still managed by its head, and the manager only monitors his actions and also advises him.

The specialist is engaged in the accounting documents of the debtor, forms a plan, on the basis of which the financial condition of the company or citizen is improved, and also helps in management.

External management is not a mandatory stage of bankruptcy; therefore, it is introduced only if there are appropriate grounds. The duration of this stage cannot exceed 18 months.

Competitive

A bankruptcy trustee is appointed in a situation where all actions aimed at improving the debtor's financial condition and solvency do not give the desired result. Therefore, the only way to repay the debt is the sale of property and assets. For this, open bidding is held by the bankruptcy trustee. He has many powers:

completely independently disposes of all assets owned by the client;
looking for property that was hidden in various ways by the debtor;
returns valuables quickly sold or transferred to third parties in order to hide them;
uses the help of professional appraisers studying all property owned by the debtor to understand how much can be obtained as a result of bankruptcy proceedings;
organizes open bidding;
sells the values of the debtor at such tenders, for which assets are provided to those participants who offer the highest price.

All actions by a specialist must be performed within six months. Often, during this period of time, it is not possible to cope with the tasks set, so the court increases the duration of the stage.

Each debtor has a preemptive right to purchase his property.Money received as a result of bidding is transferred to creditors based on priority in the register. Taking into account this amount, the remuneration of a specialist is determined. Based on the work performed, a report on a specific bankruptcy case is generated.

Work stages

The bankruptcy procedure of any debtor is carried out in several successive stages. They may vary slightly depending on different circumstances and features. But the standard requirement is to involve a financial manager who assesses the state of the company or person, develops measures to return solvency, and also sells property and settles accounts with creditors.

How is bankruptcy proceeding? For this, successive steps are implemented:

a lawsuit is filed to declare a non-payer bankrupt, and it can be drawn up by creditors, government agencies, or by citizens and enterprises themselves;
a manager is appointed by the court;
information is collected by the specialist on the financial condition of the debtor, on previous transactions and other features of its work;
all creditors are notified of the commencement of the insolvency procedure;
a management plan is being formed, which may include reorganization if there are signs that allow to restore solvency;
holding a meeting of creditors, moreover, a settlement agreement is often formed at it or a decision is made on conducting bankruptcy proceedings;
the approved plan is submitted to the court;
a decision is made by a court;
Debt restructuring procedure is monitored;
if it is not possible to restore solvency, then bankruptcy proceedings are carried out;
maximum debts are repaid;
remuneration is paid to the manager, who at the same time additionally receives reimbursement of all expenses incurred.

Based on the work performed, a bankruptcy manager's report is compiled. This document lists all the actions implemented by the specialist, and also lists the results achieved.

How is a specialist appointed?

The appointment of a bankruptcy manager is carried out in the correct sequence of actions. For this, the nuances are taken into account:

when drawing up a petition on the commencement of bankruptcy proceedings, it is possible to specify different SROs of arbitration managers, so that the court selects one participant from these organizations to manage the process;
the court makes a request to the SRO with a request to provide any candidate for the role of manager;
the specialists evaluate the remuneration that they can receive based on the results of the work, and if it is too small, then they refuse the proposed vacancy, for example, if the debtor does not have personal property and savings;
if within three months it is not possible to find a specialist, then the case is not considered;
if the right candidate is found, it is approved by the court, and it is important to make sure that the specialist has no relations with the debtor, since otherwise the procedure will be illegal.

Only after the appointment by the court can the appointed manager begin his immediate duties. He carefully studies the bankruptcy case, evaluates the debts of the non-payer, and also performs other actions to declare the citizen or company insolvent.

What are the powers?

The powers of a bankruptcy administrator are quite extensive. In the process of conducting such a case, a specialist can perform various actions:

act as a financial observer, for which all accounts, money and assets of the client are controlled;
enjoy the rights and obligations of a bankrupt in legal matters;
collect debts from other persons acting as debtors;
inventory property;
invite appraisers to determine the value of values;
to carry out various actions aimed at protecting property so that it is not stolen, damaged or claimed by third parties;
organize open bidding, the main purpose of which is the sale of customer values to receive funds sent further to creditors to pay off debts;
transfer money to creditors;
identify signs of fictitious bankruptcy;
analyze the latest transactions with property, and if it is revealed that they were illegal, then they are canceled;
provide information to creditors on the progress of the case.

The specialist may use certain privileges and powers, depending on the specific situation.

Cost of services

Manager services are paid only by direct debtors. Funds are transferred immediately after the work is completed, but before the client’s debts to various creditors are paid off. According to the law, remuneration is at least equal to 25 thousand rubles, since the duties and volume of work are really numerous. The above remuneration is a lump sum payment, not a monthly payment.

For each procedure, which is implemented by a specialist, 25 thousand rubles are assigned. Such procedures include restructuring, selling values or drawing up a settlement agreement with creditors. Therefore, a fixed fee varies from 25 to 75 thousand rubles.

Additionally, some part of the sold property is paid, equal to 7% of the proceeds. The same percentage is taken when calculating the size of the restructuring schedule.

Manager Change Rules

According to the law, a specialist can be replaced if he does not cope with the main tasks or violates the law in the process of work. Change can be made at the request of the manager or on the basis of a petition filed by the SRO, by creditors or direct debtors.

The reason is usually the lack of knowledge about the rules of bankruptcy of a citizen or organization, the inaction of a specialist, which led to losses, as well as the identification of various violations or crimes in the process of work.

A new manager is appointed only by the court, for which new candidates are evaluated. When a specialist is removed, no remuneration is paid to him if at least one bankruptcy procedure has not been performed.

Conclusion

Bankruptcy managers are important professionals who have numerous powers and responsibilities. They are appointed solely by the court. Different requirements are imposed on them, because specialists must be experienced with higher education, competent.

The manager for his work receives a certain remuneration, consisting of a fixed and variable part. Additionally, it may require reimbursement of costs. In this case, a specialist may be replaced if violations are found, inaction or lack of knowledge about the rules for declaring a debtor insolvent.