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LAW OF UKRAINE

of May 14, 1992 No. 2343-XII

About recovery of solvency of the debtor or recognition by his bankrupt

(The last edition from 13-03-2018)

This Law establishes conditions and procedure for renewal of solvency of the debtor or recognition by his bankrupt and applications of the liquidating procedure for the purpose of complete or partial satisfaction of requirements of creditors.

Section I General provisions

Article 1. Determination of terms

1. For the purposes of this Law terms are used in such value:

the arbitration manager - the physical person designated by economic court in accordance with the established procedure on the case of bankruptcy as the manager of property, the managing director of sanitation or the liquidator from among the persons who received the appropriate certificate and entered in the Unified register of arbitration managers (managers of property, managing directors of sanitation, liquidators) of Ukraine;

bankruptcy - the inability of the debtor recognized by economic court to renew the solvency by means of procedures of sanitation and the voluntary settlement and to extinguish established according to the procedure, determined by this Law, monetary claims of creditors precisely through application of the liquidating procedure;

the debtor - the legal entity - the subject of business activity or physical person according to the obligations which arose at physical person in connection with implementation of business activity by it incapable to execute within three months the monetary commitments after approach of fixed term of their accomplishment which are confirmed with the judgment which took legal effect and the resolution on opening of enforcement proceeding if other is not provided by this Law;

the liability - the obligation of the debtor to pay to the creditor certain sum of money according to the civil transaction (agreement) and on other bases, stipulated by the legislation Ukraine. Also obligations concerning tax payment, charges (obligatory payments), insurance premiums for obligatory national pension and other social insurance belong to monetary commitments; the obligations resulting from impossibility of accomplishment of agreement obligations of storage, the contract, hiring (lease), rent and so forth and which shall be expressed in monetary units. The structure of monetary commitments of the debtor, including obligations concerning tax payment, charges (obligatory payments), insurance premiums for obligatory national pension and other social insurance do not join penalty (penalty, penalty fee) and other financial sanctions determined for date of filing of application in economic court, and also the obligations which resulted from causing damage of life and to health of citizens, obligations on payment of award, the obligation to founders (participants) of the debtor - the legal entity, arisen from such participation. The structure and the size of monetary commitments, including the size of debt for the transferred goods, the performed works and the provided services, the amount of the credits taking into account percent which the debtor shall pay are determined on the date of giving in economic court of the statement for initiation of proceedings about bankruptcy if other is not established by this Law;

interested persons concerning the debtor - the legal entity created with the assistance of the debtor, the legal entity exercising control over the debtor, the legal entity over whom control is exercised by the debtor, the legal entity with whom the debtor is under control of the third party, owners (participants, shareholders) of the debtor, heads of the debtor, persons who are part of governing bodies of the debtor, the chief accountant (accountant) of the debtor, including discharged from office in three years prior to opening of production (productions) on the case of bankruptcy and also persons which are in the related relations with specified persons and the physical person - the debtor namely: spouses and their children, parents, brothers, sisters, grandsons, and also other persons concerning whom there are reasonable bases to consider them interested; for the purposes of this Law interested persons of rather arbitration manager (the manager of the property managing sanitation, the liquidator) or creditors persons are recognized the same list, as well as interested persons, concerning the debtor;

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