of May 14, 1992 No. 2343-XII
About recovery of solvency of the debtor or recognition by his bankrupt
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.
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;
considerable transactions (agreements) - transactions (agreements) concerning the order property of the debtor which book value exceeds one percent of book value of assets of the debtor on the date of the conclusion of the transaction (agreement);
the creditor - legal entity or physical person, and also bodies of the income and charges and other state bodies having the requirements supported in accordance with the established procedure by the documents concerning monetary commitments to the debtor; competitive creditors are creditors according to the requirements to the debtor which arose before opening of production (productions) on the case of bankruptcy and which accomplishment is not provided with pledge of property of the debtor; the current creditors are creditors according to the requirements to the debtor which arose after opening of production (productions) on the case of bankruptcy; secured creditors are creditors whose requirements are provided with pledge of property of the debtor (the property guarantor);
insolvency - inability of the debtor to fulfill after approach of fixed term monetary commitments before creditors not differently, as through renewal of its solvency;
official promulgation - promulgation of data on case on bankruptcy on the official website of the Supreme Economic Court of Ukraine on the Internet;
the extinguished requirements of creditors - the met requirements of creditors, requirements concerning which consent on the termination, including replacement of the obligation or the termination of the obligation otherwise is reached and also other requirements which according to this Law are considered as extinguished;
transactions (agreements) concerning which there is interest - transactions (agreements) which parties are interested persons from the debtor, the arbitration manager (the manager of the property managing sanitation, the liquidator) or creditors;
the employee representative of the debtor - person authorized by general meeting (conference) at which there are at least two thirds of the number of staff of workers of the debtor, or the relevant decision of primary trade-union organization of the debtor (and in the presence of several primary organizations - their joint decision) to represent their interests during proceeedings about bankruptcy with the right of advisory vote;
party litigants about bankruptcy - competitive creditors (the representative of creditor committee), the debtor (bankrupt);
the authorized person of founders (participants, shareholders) of the debtor - person authorized by general meeting of participants (shareholders) owning more than half of the authorized capital of the debtor to represent their interests during proceeedings about bankruptcy with the right of advisory vote;
participants on the case of bankruptcy - the parties, secured creditors, the arbitration manager (the manager of property, the managing director of sanitation, the liquidator), the owner of property (body, authorized to manage property) the debtor, state body concerning bankruptcy, Fund of state-owned property of Ukraine, the representative of local government body, the employee representative of the debtor, the authorized person of founders (participants, shareholders) of the subject of business activity, - the debtor, and also in the cases provided by this Law, other persons who are taking part in proceeedings about bankruptcy;
The term "portal of electronic services of legal entities, physical persons entrepreneurs and public forming" is used in the value given in the Law of Ukraine "About state registration of legal entities, physical persons entrepreneurs and public forming".
1. Bankruptcy proceeding is regulated by this Law, the Economic Procedure Code of Ukraine, other legal acts of Ukraine.
2. It is excluded according to the Law of Ukraine of 13.05.2014 No. 1258-VII.
3. The legislation on renewal of solvency of the debtor or recognition by his bankrupt by consideration by court of case on recognition by insolvent (bankrupt) of bank is applied taking into account regulations of the legislation on banks and banking activity.
Proceeedings about recognition of the issuer of mortgage bonds by insolvent (bankrupt) are performed according to the procedure, provided by this Law, taking into account the provisions of the law of Ukraine "About mortgage bonds".
4. Bankruptcy proceeding of separate categories of debtors is regulated taking into account the features provided by this Law.
5. Provisions of this Law are not applied to legal entities - the state companies.
6. Bankruptcy proceeding of the debtors performing the activities connected with the state secret is regulated taking into account features, stipulated by the legislation about the state secret.
7. Bankruptcy proceeding with the assistance of nonresident creditors is regulated by this Law if other is not provided by international treaties of Ukraine which consent to be bound is provided by the Verkhovna Rada of Ukraine.
8. The procedure for execution in Ukraine of decisions of the courts of foreign states is determined by cases on bankruptcy by international treaties of Ukraine which consent to be bound is provided by the Verkhovna Rada of Ukraine.
In case of lack of international treaties of Ukraine of decision of the courts of foreign states on cases on bankruptcy are recognized in the territory of Ukraine mutually if other is not provided by the law.
1. State body concerning bankruptcy:
promotes creation of the organizational, economic, other conditions necessary for implementation of procedures of renewal of solvency of the debtor or recognition by his bankrupt, including insolvency proceedings of the state companies and the companies in which authorized capital the share of state-owned property exceeds fifty percent;
will organize system of preparation, retraining and advanced training of arbitration managers (managers of property, managing directors of sanitation, liquidators);
establishes requirements for receipt of the certificate of the right of implementation of activities of the arbitration manager (the manager of the property managing sanitation, the liquidator);
creates the Unified register of arbitration managers (the managers property managing sanitation, liquidators) of Ukraine is component of the Unified State Register of Legal Entities, physical persons entrepreneurs and public forming;
establishes procedure for representation to arbitration managers (the manager of property, the managing director of sanitation, the liquidator) to the state registrar of information about legal entities and physical persons entrepreneurs concerning whom proceeedings about bankruptcy, necessary for maintaining the Unified State Register of Legal Entities, physical persons entrepreneurs and public forming are initiated
establishes procedure for carrying out the analysis of financial and economic condition of subjects of managing concerning availability of signs of dummy bankruptcy, bringing to bankruptcy, concealment of resistant insolvency, illegal actions in case of bankruptcy and will organize carrying out such analysis when opening production (productions) on cases on bankruptcy of the state companies and the companies in which authorized capital the share of state-owned property exceeds fifty percent;
establishes standard forms of the plan of sanitation and the voluntary settlement, the list of property which joins in liquidating weight on cases on bankruptcy;
prepares on requests of court, prosecutor's office or other authorized body, the conclusion about availability of signs of dummy bankruptcy, bringing to bankruptcy, concealment of resistant insolvency, illegal actions in case of bankruptcy;
prepares and approves standard documents concerning carrying out insolvency proceedings, methodical recommendations;
performs other stipulated by the legislation powers.
2. The state body concerning bankruptcy can attract the relevant organizations and specialists to ensuring accomplishment of powers according to the procedure and on conditions which are established by the Cabinet of Ministers of Ukraine.
1. Arbitration managers are subjects of independent professional activity.
2. The arbitration manager (the manager of property, the managing director of sanitation, the liquidator) from the moment of decision (resolution) on appointment it as the arbitration manager (the manager of property, the managing director of sanitation, the liquidator) until the termination of implementation of powers by it is equated to the official of debtor enterprise.
The same person can perform powers of arbitration managers (the manager of the property managing sanitation, the liquidator) on all production stages on the case of bankruptcy according to requirements of this Law.
3. The right to implementation of activities of the arbitration manager (the manager of the property managing sanitation, the liquidator) is provided to person who received the appropriate certificate according to the procedure, established by this Law, and entered in the Unified register of arbitration managers (managers of property, managing directors of sanitation, liquidators) of Ukraine.
1. Founders (participants, shareholders) of the debtor, the owner of property (body, authorized to manage property) of the debtor, the central executive bodies, bodies of the Autonomous Republic of Crimea, local government bodies within the powers shall take timely measures for the prevention of bankruptcy of the debtor.
2. In case of signs of bankruptcy the head of the debtor shall send to founders (participants, shareholders) of the debtor, the owner of property (to body, authorized to manage property) of the debtor of the data concerning availability of signs of bankruptcy.
3. By founders (participants, shareholders) of the debtor, the owner of property (body, authorized to manage property) of the debtor, the debtor's creditors, other persons within actions for the prevention of bankruptcy of the debtor financial aid in the amount of, sufficient for repayment of monetary commitments of the debtor before creditors, including obligations concerning tax payment and charges (obligatory payments), insurance premiums for obligatory national pension and other social insurance and renewals of solvency of the debtor can be provided (sanitation of the debtor before opening of production (productions) on the case of bankruptcy).
4. In case of provision to the debtor of financial aid he assumes the corresponding obligations to persons which gave such help, according to the procedure, established by the law.
5. Sanitation of the debtor before initiation of proceedings about bankruptcy - system of actions for renewal of solvency of the debtor which the founder can perform (the participant, the shareholder) the debtor, the owner of property (body, authorized to manage property) the debtor, the debtor's creditor, other persons for the purpose of the prevention of bankruptcy of the debtor by application of organizational and economic, managerial, investment, technical, financial and economic, legal actions according to the legislation before opening of production (productions) on the case of bankruptcy.
6. Sanitation of the state companies before initiation of proceedings about bankruptcy is performed at the expense of means of the Government budget of Ukraine, the state companies and other financing sources. The amount of means for carrying out sanitation of the state companies at the expense of means of the Government budget of Ukraine is annually established by the law on the Government budget of Ukraine.
Conditions and procedure for carrying out sanitation of the state companies before initiation of proceedings about bankruptcy at the expense of other financing sources are approved with the subject of management of objects of state-owned property according to the procedure, established by the Cabinet of Ministers of Ukraine.
Sanitation of the state companies before initiation of proceedings about bankruptcy is performed according to this law.
1. Have the right to initiate the procedure of sanitation of the debtor before opening of production (productions) on the case of bankruptcy the debtor or the creditor.
Consent between the debtor and the creditor (creditors) concerning carrying out sanitation of the debtor before opening of production (productions) on the case of bankruptcy can be reached both to, and after emergence of debt of the debtor.
Sanitation of the debtor before opening of production (productions) on the case of bankruptcy it can be provided by the transaction (agreement) based on which there was monetary commitment of the debtor.
2. The procedure of sanitation of the debtor before opening of production (productions) on the case of bankruptcy can be entered in the presence:
the corresponding written consent of the owner of property (body, authorized to manage property) the debtor;
the corresponding written consent of creditors whose total amount of requirements exceeds fifty percent of accounts payable of the debtor according to data of its financial accounting;
the plan of sanitation which shall be in writing approved by all secured creditors and is approved by general meeting of creditors of the debtor.
3. The plan of sanitation of the debtor before opening of production (productions) on the case of bankruptcy may contain the conditions provided in parts one and the second article 29 and part four of article 79 of this Law.
Conditions of the plan of sanitation concerning satisfaction of requirements of the creditors who were not taking part in vote or voting against approval of the plan of sanitation of the debtor shall be not worse, than conditions of satisfaction of requirements of the creditors voting for approval of the plan of sanitation.
The plan of sanitation can provide separation of the creditors who are taking part in sanitation into categories depending on type of requirements and availability (absence) of providing requirements of such creditors. By conditions of the plan of sanitation the different procedure for satisfaction of requirements for creditors of different categories can be established.
Conditions of the plan of sanitation, and also the moratorium on satisfaction of requirements of creditors extend according to the requirements of all creditors which arose before approval of the plan of sanitation of the debtor before opening of production (productions) on the case of bankruptcy.
The plan of sanitation can provide appointment of the managing director of sanitation. Procedure for purpose of powers of managing directors of sanitation are determined in respect of sanitation.
4. General meeting of creditors is convened by the debtor by the written notice of all creditors according to accounting data of the debtor.
The debtor shall post the announcement of holding general meeting of creditors on the website of state body concerning bankruptcy and the Supreme Economic Court of Ukraine.
The procedure for carrying out creditor meeting is determined by Regulations on procedure for carrying out sanitation before opening of production (productions) on the case of bankruptcy.
5. The debtor or the representative of creditors authorized by general meeting of creditors within five days from the date of approval by creditors of the plan of sanitation of the debtor before opening of production (productions) on the case of bankruptcy shall submit to economic court on the location of the debtor the application for its approval.
Are enclosed to the application for approval of such plan of sanitation:
plan of sanitation;
the minutes of general meeting of creditors on which the decision on approval of the plan of sanitation was made;
the list of creditors with indication of their name, the postal address, identification code (number) and outstanding amount;
written objections of the creditors who were not taking part in vote or voted against approval of the plan of sanitation in case of their availability.
For filing of application about approval of the plan of sanitation of the debtor before opening of production (productions) on the case of bankruptcy court fee is levied.
6. Within five days from the date of receipt of the statement for approval of the plan of sanitation of the debtor before opening of production (productions) on the case of bankruptcy the economic court passes the decision on adoption of the statement for approval of the plan of sanitation to consideration in which time and the venue of judicial session are specified. The copy of the resolution is sent to the debtor and all creditors specified in the statement.
The resolution on acceptance to consideration of the application about approval of the plan of sanitation of the debtor before opening of production (productions) on the case of bankruptcy is not subject to appeal.
7. The message on acceptance to consideration of the application about approval of the plan of sanitation of the debtor before opening of production (productions) on the case of bankruptcy is published on the official website of the Supreme Economic Court of Ukraine in the Internet. The message shall contain the name of the debtor and his identification code, file number, the name of economic court in which production there is case, and also date of the first judicial session on case.
8. The economic court shall consider the application for approval of the plan of sanitation of the debtor before opening of production (productions) on the case of bankruptcy within one month from the date of adoption of the corresponding statement to consideration.
The economic court shall hear each attendee at meeting of the creditor who has objection concerning the plan of sanitation even if at meeting of general meeting of creditors such creditor voted for approval of the plan of sanitation.
The economic court passes the decision on refusal in approval of the plan of sanitation of the debtor before opening of production (productions) on the case of bankruptcy if:
in case of approval of the plan of sanitation the violations of the law which affected result of vote of general meeting of creditors were allowed;
the creditor who was not taking part in vote or voting against approval of the plan of sanitation will prove that in case of liquidation of the debtor according to the procedure, determined by this Law, its requirements would be met in the amount of, exceeding the size of requirements which will be met in accordance with the terms of the plan of sanitation;
there is no written approval of the plan of sanitation by all secured creditors;
the debtor provided doubtful data concerning accounts payable.
In other cases the economic court passes the decision on approval of the plan of sanitation of the debtor before opening of production (productions) on the case of bankruptcy and imposes the moratorium on satisfaction of requirements of creditors. The moratorium extends to the requirements of creditors which arose before approval of the plan of sanitation.
Decision about refusal in approval of the plan of sanitation of the debtor before opening of production (productions) on the case of bankruptcy is not obstacle for repeated approval of such plan of sanitation by general meeting of creditors according to requirements of the current legislation and the appeal of the debtor to court with the statement for its approval.
9. Effective period of the procedure of sanitation of the debtor before opening of production (productions) on the case of bankruptcy cannot exceed 12 months from the date of approval of the corresponding plan of sanitation by court.
During action of this procedure proceedings on bankruptcy of the debtor on its statement or on the statement any of creditors cannot be initiated.
Throughout the procedure of sanitation of the debtor before opening of production (productions) on the case of bankruptcy the moratorium on satisfaction of requirements of creditors is effective.
10. The regulations on procedure for carrying out sanitation before opening of production (productions) on the case of bankruptcy affirm the Supreme Economic Court of Ukraine.
1. According to this Law concerning the debtor the following judicial processes of bankruptcy are applied:
order property of the debtor;
voluntary settlement;
sanitation (solvency renewal) of the debtor;
liquidation of the bankrupt.
2. Sanitation of the debtor or liquidation of the bankrupt is performed with observance of requirements of the legislation on protection of the economic competition.
3. Depending on category of the debtor, type of its activities and availability at it of property, the economic court applies general, the special or simplified procedure for proceeedings about bankruptcy.
The general procedure provides application of the procedure of the order property with the subsequent transition to procedures of sanitation, liquidation or the voluntary settlement.
The special procedure provides attraction to participation in the matter of additional participants, prolongation of terms of sanitation, coincidence of procedures of the order property and sanitation.
The simplified procedure is applied during liquidation of the bankrupt without application of procedures of the order by property and sanitation.
4. The debtor concerning whom judicial processes of bankruptcy were applied is considered person which is should the settled monetary commitments.
1. The determinations of economic court which are taken out on the case of bankruptcy by results of consideration by economic court of statements, petitions and claims and also the resolution on recognition of the debtor by the bankrupt and opening of the liquidating procedure can be appealed according to the procedure, established by the Economic Procedure Code of Ukraine, taking into account the features provided by this Law.
2. In appeal procedure the resolution on recognition of the debtor by the bankrupt and opening of the liquidating procedure, all determinations of local economic court accepted on the case of bankruptcy except the cases provided by the Economic Procedure Code of Ukraine, this Law can be appealed.
3. In cassation procedure the resolutions of Economic Court of Appeal accepted by results of review of such judgments can be appealed: determinations about initiation of proceedings about bankruptcy, determinations about recognition invalid transactions (agreements) of the debtor, determination following the results of consideration of monetary claims of creditors, determination about dismissal (elimination, the termination of powers) of the arbitration manager, determination about transition to the following judicial process, determinations about approval of the plan of sanitation, determination about closing of proceeedings about bankruptcy, and also resolutions on recognition of the debtor by the bankrupt and opening of the liquidating procedure.
4. Determinations and the resolution on recognition of the debtor by the bankrupt and opening of the liquidating procedure accepted by economic court on the case of bankruptcy take legal effect from the moment of their acceptance if other is not provided by this Law.
1. Cases on bankruptcy are considered by economic court by the rules provided by the Economic Procedure Code of Ukraine taking into account the features determined by this Law.
1. Cases on bankruptcy are subordinated to economic courts and are considered by them on the location of the debtor - the legal entity or to the residence of the debtor - physical person.
2. With the statement for initiation of proceedings for bankruptcy the debtor, the creditor have the right to the appeal to economic court.
3. Proceedings on bankruptcy are initiated by economic court if indisputable requirements of the creditor (creditors) to the debtor in total constitute at least three hundred minimum sizes of the salary which were not satisfied by the debtor within three months after the term established for their repayment if other is not provided by this Law.
Indisputable requirements of creditors - the monetary claims of creditors confirmed with the judgment which took legal effect and the resolution on opening of enforcement proceeding according to which according to the legislation write-off of funds from accounts of the debtor is performed. The structure of these requirements, including concerning tax payment, charges (obligatory payments), does not join penalty (penalty, penalty fee) and other financial sanctions.
4. The court in which production there is case on bankruptcy solves all receivership proceeding with requirements to the debtor, including disputes on recognition invalid any bargains (agreements) concluded by the debtor; collection of the salary; recovery at work official and officials of the debtor, except for the disputes connected with determination and payment (collection) of the monetary commitments (tax debt) determined according to the Tax code of Ukraine, and also cases on disputes on recognition invalid transactions (agreements) if with the corresponding claim the monitoring body determined by the Tax code of Ukraine addresses on accomplishment of the powers.
5. If case is not cognizable to this economic court, case papers are sent by economic court on the established cognizance according to the procedure, determined by the Economic Procedure Code of Ukraine.
1. The application for initiation of proceeedings for bankruptcy is submitted by the debtor or the creditor in writing and shall contain:
the name of economic court to which the application is submitted;
name or name of the debtor, its location or residence, identification code of the legal entity and registration number of accounting card of the taxpayer (in the presence);
name or name of the creditor, its location or residence, identification code of the legal entity and registration number of accounting card of the taxpayer (in the presence);
statement of the circumstances which are the basis for appeal to the court;
the list of documents which are enclosed to the application.
2. Are enclosed to the application for initiation of proceedings for bankruptcy:
the paragraph two of part 2 of Article 11 is excluded according to the Law of Ukraine of 02.10.2012 No. 5410-VI
proofs of payment of court fee, except cases when under the law it is not subject to payment;
the power of attorney or other document certifying powers of the representative if the application is signed by the representative;
proofs that the amount of indisputable requirements of the creditor (creditors) in total constitutes at least three hundred minimum sizes of the salary if other is not provided by this Law;
the judgment about satisfaction of requirements of the creditor which took legal effect;
the relevant resolution of the state contractor or private contractor on opening of enforcement proceeding on fulfillment of requirements of the creditor;
proofs that the amount of requirements of the creditor (creditors) is not provided completely with pledge of property of the debtor (in the presence of pledge).
3. Are also enclosed to the application of the debtor:
constituent documents of the debtor - the legal entity;
the balance sheet of the debtor on the last reporting date;
the list of creditors of the debtor whose requirements are recognized the debtor, with indication of the total amount of monetary claims of all creditors, and also concerning each creditor - his name or the name, its location or the residence, identification code of the legal entity or registration number of accounting card of the taxpayer (in the presence), the amounts of monetary claims (total amount of debt, debt on primary obligation and the penalty amount (penalty, penalty fee), separately), the bases of emergence of obligations, and also term of their accomplishment, under the law or the agreement;
the list of property of the debtor with indication of its book value and the location, and also property total carrying amount;
the list of property which is in pledge or is the burdened different way, its location, cost, and also information on creditors for the benefit of which burdenings of property of the debtor, their name or the name, the location or the residence, identification codes of legal entities or registration number of accounting card of the taxpayer (in the presence), the amounts of their monetary claims, the bases of emergence of obligations, and also terms of their accomplishment under the law or the agreement are made;
the reference of privatization authorities (bodies, authorized to manage objects of state-owned property) concerning availability or absence on balance of the company concerning which proceedings on bankruptcy, state-owned property which in the course of privatization (corporatisation) did not enter its authorized capital are initiated;
the list of persons having pending obligations before the debtor with indication of the cost of such obligations, term of accomplishment and the bases of origin;
data on all accounts of the debtor opened in banks and other financial credit institutes, their details;
data on all accounts on which the securities belonging to the debtor, their details are considered;
the protocol of general meeting (conference) of workers of the debtor, the relevant decision of primary trade-union organization of the debtor (in the presence of several primary organizations - their joint decision) on which the employee representative of the debtor for participation on the case of bankruptcy is elected if such meeting (conference) took place before filing of application of the debtor in economic court;
the copy of the special operating authority, connected with the state secret, and in case of the termination of effective period of such permission - the certificate of availability at the debtor of material carriers of the classified information (technical documentation, products, their prototypes and so forth);
the decision of the owner of property (body, authorized to manage property) the debtor about the appeal to economic court with the statement for opening of production (productions) on the case of bankruptcy;
other documents confirming insolvency of the debtor.
4. The debtor submits the application to economic court in the presence of the property sufficient for covering of court costs if other is not provided by this Law.
5. The debtor shall take economic court with the statement for initiation of proceedings for bankruptcy in case of such circumstances:
the satisfaction of requirements of one or several creditors will result in impossibility of accomplishment of monetary commitments of the debtor in full before other creditors (insolvency threat);
during liquidation of the debtor not in connection with insolvency proceeding the impossibility of the debtor to meet requirements of creditors in full is established;
in other cases provided by this Law.
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The document ceased to be valid since October 21, 2019 according to part of 2 Final provisions of the Code of Ukraine on insolvency proceedings of October 18, 2018 No. 2597-VIII