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FEDERAL LAW OF THE RUSSIAN FEDERETION

of October 26, 2002 No. 127-FZ

About insolvency (bankruptcy)

(The last edition from 01-07-2018)

Accepted by the State Duma of the Russian Federation on September 27, 2002

Approved by Council of the Russian Federation on October 16, 2002

Chapter I. General provisions

Article 1. The relations regulated by this Federal Law

1. According to the Civil code of the Russian Federation this Federal Law establishes the bases for recognition of the debtor by insolvent (bankrupt), regulates procedure and conditions of implementation of measures for the prevention of insolvency (bankruptcy), procedure and conditions of holding the procedures applied in the case of bankruptcy and other relations arising in case of inability of the debtor to meet in full requirements of creditors.

2. Operation of this Federal Law extends on legal entities who can be recognized as insolvent (bankrupts) according to the Civil code of the Russian Federation.

3. The relations connected with insolvency (bankruptcy) of citizens, including individual entrepreneurs are regulated by this Federal Law. Regulations which regulate insolvency (bankruptcy) of citizens, including individual entrepreneurs and contain in other Federal Laws, can be applied only after entering of corresponding changes and amendments into this Federal Law.

4. If the international treaty of the Russian Federation establishes other rules, than those which are provided by this Federal Law are applied rules of the international treaty of the Russian Federation.

5. To regulated this Federal Law to the relations with participation of foreign persons as creditors provisions of this Federal Law are applied if other is not provided by the international treaty of the Russian Federation.

6. Decisions of the courts of foreign states on insolvency matters (bankruptcy) are recognized in the territory of the Russian Federation according to international treaties of the Russian Federation.

In the absence of international treaties of the Russian Federation decisions of the courts of foreign states on insolvency matters (bankruptcy) are recognized in the territory of the Russian Federation on the basis of reciprocity if other is not provided by the Federal Law.

Article 2. The basic concepts used in this Federal Law

For the purposes of this Federal Law the following basic concepts are used:

insolvency (bankruptcy) (further also - bankruptcy) the inability of the debtor recognized by Arbitration Court in full to meet requirements of creditors for monetary commitments, about dismissal wage payment and (or) about compensation of the persons working or working according to the employment contract and (or) to fulfill duty on payment of obligatory payments;

the debtor - the citizen, including the individual entrepreneur, or the legal entity who was incapable to meet requirements of creditors for monetary commitments, about dismissal wage payment and (or) about compensation of the persons working or working according to the employment contract and (or) to fulfill duty on payment of obligatory payments during the term established by this Federal Law;

monetary commitment - obligation of the debtor to pay to the creditor certain sum of money according to the civil transaction and (or) other basis provided by the Civil code of the Russian Federation, the budget legislation of the Russian Federation;

obligatory payments - the taxes, charges and other compulsory contributions paid to the budget of appropriate level of the budget system of the Russian Federation and (or) state non-budgetary funds according to the procedure and on conditions which are determined by the legislation of the Russian Federation, including penalties, penalty fee and other sanctions for non-execution or improper execution of obligation by tax payment, charges and other compulsory contributions in the budget of appropriate level of the budget system of the Russian Federation and (or) state non-budgetary funds, and also administrative penalties and penalties established by the penal legislation;

the debtor's head - sole executive body of the legal entity or the head of collegiate executive body, and also the other person performing according to the Federal Law activities on behalf of the legal entity without power of attorney;

creditors - persons having in relation to the debtor rights to claim according to liabilities and other obligations about payment of obligatory payments, about dismissal wage payment and about compensation of the persons working or working according to the employment contract;

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