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Recommendations: Let us express a number of recommendations regarding the defined range of issues, namely: - Approving of the registry of creditors, which include bank charges, does not mean deprivation of the right to engage in coercive actions to the controlled guarantors. Therefore, protective measures should be the same significant both for the debtor and the guarantor, Considering the fact that mortgage contracts and credit contracts, as a rule, contain provisions about non-judicial ways to meet the claims (registration of right of ownership, estate management), it is appropriate to take measures to prevent extra -judicial collection through controlled bill schemes (L.I.Group is familiar with such methods) at the least threat of such extra-judicial way of penalty; - Sometimes the situation requires an urgent response - protection from the real threat of loss of property. In this case initiation of bankruptcy is an effective method of protection, as bankruptcy proceeding is the reason to stop the collection. However, the position, that a three-month period of execution of the executive document is the condition of starting bankruptcy proceedings, is a common mistake. Laws of Ukraine "On Business Associations" and "On Joint-Stock Companies" provide an opportunity to reduce this period; - The procedural opportunities in the bankruptcy proceedings are not used completely – namely, the "unfriendly" creditors are not blocked during the approval of the register of the creditors, with a view of adopting necessary decisions. Article 15 of the Law of Ukraine "On Restoring a Debtor's Solvency or Recognizing It Bankrupt" allows partial adoption of claims of creditors; - The risks defined in the previous paragraph may also apply to "controlled" creditors. In this case incontestability of the controlled claims should be provided. However, if there is lack of time, alternative jurisdiction of considering economic disputes should be used; With the purpose to avoid a criminal case for bringing to bankruptcy or fraudulent bankruptcy, it is necessary to justify the controlled claims in the business plan, as well as to show their economic feasibility and provide results of the relevant expertise; Laws of Ukraine "On Business Associations" and "Joint Stock Companies" allow to apply procedures in proceedings, not creating a negative image for companies and their owners; A moratorium on repayment of creditors, which is determined by the court in its traditional application, may fail as a reliable method of protection. In particular, such situation may occur in case of meeting the claims of the bank through the procedure of property management, which includes the right of custody facilities (it is actual and constant control of property). It is necessary to use Article 12 of the Law of Ukraine "On Restoring a Debtor's Solvency or Recognizing It Bankrupt" in such case. Special service from L.I.Group “Debt relief” |
