The financial manager at bankruptcy of physical persons: requirements, the rights, duties

Not so long ago, the Russian government adopted a bill on bankruptcy or insolvency . Persons. This procedure is complex and multi-stage. In the process of recognizing the insolvency of a citizen, according to this law, a financial manager must participate. What powers does he have and what effect does he have on the bankruptcy procedure?

Bankruptcy of an individual

It's no secret that many of us take loans from banks for various purposes. Often there are such vital circumstances in which further repayment of debt becomes impossible. For a long time this problem was unsolvable: banks filed a lawsuit against debtors, bailiffs were used to collect money. Last year the situation radically changed: economic disputes consolidated the arbitration courts, an insolvency or bankruptcy law was adopted. Persons.

Bankruptcy Procedure

The law defines three stages of this procedure. These include:

• Debt restructuring.
• Realization of movable and immovable property of an individual.
• An amicable agreement with creditors.

Apply to an arbitration court with an application for bankruptcy can be a citizen, a credit organization or a tax service. The amount of debt should be over half a million rubles. From the moment of the formation of this debt 90 days must pass. To the application it is necessary to enclose the inventory of the property, copies of documents on transactions over 300,000 rubles, certificates of payment of taxes, income.

Debt restructuring as a procedure is introduced after the recognition of an individual's application is justified. Realization of property can be carried out if the restructuring of the debt has not yielded results. In this case, the citizen is declared bankrupt. A settlement agreement can be signed at any stage of the procedure.

The concept of financial manager

The financial manager is appointed by the court immediately after considering the citizen's application for insolvency. This person must meet the requirements of Russian law. The manager conducts the whole bankruptcy procedure - from gathering information about the debtor's property to the implementation of the bankruptcy estate - and acts as an independent person reporting the position of each of the parties to the process.

Status

So, the financial manager at bankruptcy of physical persons comprehensively accompanies all stages of the given procedure, that is:

• Assesses the financial capacity of the debtor.
• Interacts with creditors.
• Controls the proper satisfaction of the current claims of creditors.

In fact, its role is to mediate between the entities involved in the procedure for recognizing bankruptcy and to present their positions in court. Moreover, the financial manager supervises the process of disposing of the property of a citizen and gives consent for the performance of various transactions with him in order to comply with the interests of credit institutions and the debtor. The debtor as well as the creditors have the right to nominate a manager. As a rule, the manager, nominated by creditors, primarily protects their interests. Therefore, it makes sense for debtors to choose their own manager who will do their best to defend their position.

Required requirements

According to the law on bankruptcy, there are conditions that a financial manager must satisfy. The requirements are as follows:

• Lack of personal motives and interest, as well as dependence on a bankrupt citizen or credit organizations.
• Absence of outstanding debts due to inadequate performance of official duties as financial manager (material damage must be confirmed by a court decision).
• Absence of previous conviction.
• Absence of debts, which caused the bankruptcy procedure to start.
• Absence of the status of disqualified or deprived of the right to perform their duties under the federal law.

The manager must have a license to carry out their activities, as well as higher professional education in economic or legal specialties. An obligatory condition for the activity of the manager is the insured liability for causing damage to the parties of the process.

Appointment of financial manager

Financial manager in bankruptcy. Persons is usually selected from the employees of the arbitral tribunal. In a petition for bankruptcy proceedings, a citizen must indicate a self-regulating organization (SRO) and a specific person who will act as financial manager, but the decision on his appointment will be taken by the court. Without an indication of the self-regulatory organization, the application is not considered. The person who will be appointed can not be calculated, since the manager is selected from all members of the organization. It is important to note that the applicant, the creditor or the debtor, is entitled to choose the SRO and a specific candidate.

Payment for services

The financial manager at bankruptcy renders services on a paid basis. A citizen who declares himself bankrupt, independently pays for these services and is obliged to pay a fixed amount of 10,000 rubles to the judicial deposit. This amount is the cost of the procedure itself. It is also necessary to pay the manager 2% of the amount of the debt repaid or from the money received in the course of selling the property of the bankrupt. At the discretion of the creditors' meeting, the amount of this remuneration may be increased, if necessary. The monetary compensation is given out at a time only after the bankruptcy procedure is over, and interest is paid after the settlement with the counterparties and transfer of funds to their accounts. If the administrator demands payment of any additional services from the debtor citizen, these actions are considered illegal. The bankrupt can file a complaint with the court.

Rights of the financial manager

The federal law on the bankruptcy of individuals provides the financial manager with a number of rights, namely:

• Opportunity to object to the requirements of the parties to the bankruptcy procedure.
• Realization of collection of information on objects of movable and immovable property of an individual, including sending inquiries to local government and state authorities.
• The right to collect a meeting of creditors, if necessary.
• The right of control of the bankruptcy restructuring plan.
• Possibility to receive data from the credit history bureau and similar sources of information stipulated in this law.
• The right to sell property, cancellation or maintenance of all transactions with him.
• The right to exercise other rights stipulated in the Federal Law on Bankruptcy.

Duties of the financial manager

The manager at bankruptcy of the physical person has also a number of duties, such as:

• Collection and organization of meetings of creditors, which are provided for by this law.
• Monitoring the implementation of the debt restructuring plan.
• Analysis of the financial capabilities of a bankrupt citizen.
• Preparation of a report to creditors on the conducted activities at least once every 3 months.
• Control over repayment of debts to creditors.
• Identification of cases of intentional bankruptcy and taking appropriate measures.
• Review and analysis of reports on the progress of the debt restructuring plan.
• Other obligations that are provided for in the bankruptcy law.

Procedure for interaction with a bankrupt

The financial manager at bankruptcy of physical persons has the right to get access to all sources of the information which somehow are connected with bankruptcy of the concrete citizen. Such information includes information about movable and immovable property and its location, as well as the property rights and obligations of the debtor, extracts from registers, databases.

It is the duty of the bankrupt citizen to provide this information for subsequent consideration by the financial manager within 15 days of the request. If this information is not provided by the bankrupt, the financial manager has the right to claim them in court.

The debtor is obliged to provide information about all the objects of movable and immovable property in his possession. Hiding this information from the financial manager and creating obstacles to obtaining it entails the responsibility of the citizen under this law.

If the manager receives information relating to commercial, official, banking or other information that is protected by law, he can not be divulged. If this happens, he bears civil or administrative, and in some cases, criminal responsibility, and undertakes to repair damages.

Is it possible to remove the financial manager?

To remove a specific person who acts as a financial manager is possible. This can happen on the initiative of any party within the framework of the bankruptcy process, the decision on dismissal is approved by the court. In this case, there is a replacement. The initiative can come from the very manager or the self-regulating organization.

The reason for dismissal may be improper performance of the work, when:

• This decision was taken at a meeting of creditors.
• In the judicial process, the complaint of the parties to the proceedings about violation of their rights, causing harm or losses from the actions of a particular administrator was satisfied.
• The self-regulatory organization dismissed the manager because of an administrative offense or a crime.

Thus, the financial manager is an important figure in the process of bankruptcy of an individual. He has access to all information relating to the debtor's property. Therefore, concealing this information is considered illegal. The rights, duties of the financial manager are established by the law on bankruptcy. The manager is an independent person involved in bankruptcy, which provides its services only on a fee basis.