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LAW OF THE REPUBLIC OF BELARUS

of July 13, 2012 No. 415-Z

About economic insolvency (bankruptcy)

(In edition of the Laws of the Republic of Belarus of 04.01.2014 No. 104-Z, 24.10.2016 of No. 439-Z)

Accepted by the House of Representatives on June 14, 2012

Approved by Council of the Republic on June 22, 2012

Section I. General provisions

Chapter 1. Basic provisions

Article 1. The main terms used in this Law

For the purposes of this Law the main terms used in it have the following values:

bankruptcy - the insolvency having or acquiring steady nature, recognized by the decision of economic court on bankruptcy with liquidation of the debtor - the legal entity, the termination of activities of the debtor - the individual entrepreneur (further - the decision on opening of liquidating production);

close relatives are the parents, children, adoptive parents adopted (adopted), brothers and sisters, the grandfather, the grandma, grandsons, the spouse (spouse);

the interim (anti-recessionary) manager - the individual entrepreneur, legal entity or physical person (the citizen of the Republic of Belarus or the foreign citizen, the stateless person having residence permit in the Republic of Belarus) appointed by economic court for implementation of the powers in procedures of economic insolvency (bankruptcy) (the interim manager - in the protective period, the anti-recessionary managing director - in bankruptcy proceedings) (further if other is not established by this Law, - the managing director);

the state organization - the state legal entity, the legal entity, shares (share in authorized fund) of which belong to the Republic of Belarus and are transferred to the control to National Bank of the Republic of Belarus, National academy of Sciences of Belarus, Administration of the President of the Republic of Belarus, other state bodies and other state organizations subordinated to the President of the Republic of Belarus, the republican state bodies and other state organizations subordinated to the Government of the Republic of Belarus, national associations, or shares (share in authorized fund) of which are in utility property, the legal entity who is part of national association;

state body - the National Bank of the Republic of Belarus, National academy of Sciences of Belarus, Administration of the President of the Republic of Belarus, other state bodies and other state organizations subordinated to the President of the Republic of Belarus (except for Administration of the President of the Republic of Belarus, the State secretariat of the Security Council of the Republic of Belarus and the Presidential Security Service of the Republic of Belarus), the republican state bodies and other state organizations subordinated to the Government of the Republic of Belarus, local executive and administrative organs, national associations;

the city-forming organization - the legal entity whose number of workers constitutes at least one fourth part of occupied population (workplaces) of the respective settlement or due to implementation of economic (economic) activity of which is supported life support of the respective settlement;

monetary commitment - obligation to pay to the creditor certain sum of money according to the civil transaction or other basis established by the civil legislation;

the debtor - the insolvent legal entity, being the commercial organization (except for the unitary enterprise founded on the right of operational management (the state company)) or the non-profit organization performing activities in the form of consumer cooperative, charity and other foundation, the insolvent individual entrepreneur;

pre-judicial improvement - the measures taken by heads of the organizations, the owner of property of the unitary enterprise, founders (participants) of the legal entity, individual entrepreneurs, state bodies and other organizations for ensuring stable and effective economic (economic) activity of legal entities and individual entrepreneurs, and also recovery of their solvency;

interested persons concerning the debtor - the individual entrepreneur - the physical persons recognized according to this Law interested persons concerning the physical person which is the debtor - the individual entrepreneur, the chief accountant (accountant) of the debtor - the individual entrepreneur, including stopped the employment or civil relations with this debtor if until initiation of proceeedings about economic insolvency (bankruptcy) there passed no more than one year. Concerning the debtor - the individual entrepreneur also persons recognized according to this Law interested persons concerning the physical persons specified in this paragraph are considered as the interested physical persons;

interested persons concerning the debtor - the legal entity:

the legal entity who is the main, dependent or affiliated in relation to the debtor - to the legal entity;

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