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Along with the opportunity to participate in the rehabilitation of the debtor's creditors outside of bankruptcy proceedings, the laws of many countries include possible participation of creditors in the financial recovery nespromozhnoho enterprises in the proceedings
settlement agreement. Conclusion of a settlement agreement under Article 35 of the Law of Ukraine "On Restoration of Debtor Solvency or Declaration of Bankruptcy."
Settlement agreement - a procedure agreement between debtor and creditors for extension of repayment terms or payments due to creditors to reduce debt. Agreement is mainly in cases where the debtor is in danger of insolvency and on their own initiative applies to the tribunal for violations of its bankruptcy case. In this case, as already mentioned, the debtor expects to reach an amicable agreement in order to gain the time needed for the rehabilitation company.
The application abuse bankruptcy bankrupt shall submit to arbitration a draft settlement agreement, a list of all creditors and debtors with defined amounts of debt, balance sheet and other documents that show the financial and property situation of the debtor. The draft settlement agreement set forth to the debtor in the following positions:
* Form of payment concessions lenders (or cancellation of extension);
* The desired period of extension of debt;
* Desired amount of debt relief;
* Volume (quota) the original debt.
According to domestic law settlement agreement between the debtor and creditors can be concluded at any stage of proceedings for bankruptcy. It concerns only the claims secured by collateral and second and subsequent bursts of creditors.
A decision on a settlement agreement on behalf of the creditors committee receives a majority of creditors. It is considered approved, provided that all creditors whose claims are secured by collateral assets of the debtor, expressed written consent to a settlement agreement. It is important that persons who have not given consent to a settlement agreement can not be established conditions worse than those. who supported the agreement.
The decision to sign the settlement agreement: the name of the debtor - the head or trustee in bankruptcy (Managing readjustment, liquidation), on behalf of creditors - the creditors committee chairman.
Agreement shall be in writing and be approved by the arbitral tribunal. To this end, trustee in bankruptcy within five days from the date of a settlement agreement must submit to arbitration an application for approval of settlement agreement. The application must include the following documents:
1. The text of the settlement agreement.
2. Minutes of the meeting of the creditors committee, which decided to conclude a settlement agreement.
3. List of creditors.
4. Debtor's obligation to refund all immediate expenses.
5. Written objections of creditors who did not vote to support the settlement agreement.
There are two basic forms of concessions to lenders that can provide, amicable agreements:
* Moratorium;
* Write-off of debt.
Typically, the Justices of the Peace Agreements as a combined moratorium and debt relief. The legislation of some countries is the minimum proportion of debt that the debtor must repay, which is a prerequisite for approval of a settlement agreement by arbitration. The size of this proportion may vary depending on term extension of debt. For example, in Germany the minimum share is 35% of the total debt if the extension does not exceed 12 months, 40% - if the debt payment is delayed for a longer period. Domestic legislation does not impose such restrictions. It is the responsibility of the creditors committee.
On the formal side, after approval by the arbitral tribunal shall terminate the powers of the settlement agreement liquidator (property managers, readjustment, liquidation), but the committee of creditors may impose on the trustee in bankruptcy oversight over the implementation of the settlement agreement. During the term of the settlement agreement, trustee in bankruptcy has no right to dispose of the debtor's property. It only controls the efficiency of its use. To this end, the manager may, for example, require that all cash payments businesses conducted through a special account, cash flow on which he could check.
In the event that the settlement agreement set aside or its termination, creditors' claims in this unhappy time of their restored in full. In addition, approval of the settlement agreement is grounds for termination of the bankruptcy proceedings, and recognition of the settlement agreement void-recovery proceedings.
Settlement agreement for deferral of payments to the budget and extrabudgetary funds target is concluded in accordance with tax legislation. Public authorities may agree to a postponement of the requirements, if as a result of concessions the company will resume its business activities and will be able to pay the following compulsory payments to the state.
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