Every person who finds himself in debt bondage can free himself from financial obligations and become bankrupt through the court. But in fact, often after submitting documents, the case is refused to be considered, the reason being the absence of a financial manager. In the case of bankruptcy of individuals, this is a key figure, without which no court will write off your debts.
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The debtor is faced with a strange obstacle - here it is, bankruptcy, two steps away, but it cannot be recognized. What to do if the financial manager refuses to handle the business and how to find a good specialist, read on.
Who can be a financial manager
The candidacy of the manager is approved by the arbitration court for each case. However, it must meet the following requirements:
Additional article
Any organization or person can be checked for financial insolvency. Details about options for checking individuals or legal entities for bankruptcy
- Having a higher economic or legal education (education in the field where the debtor works is also allowed).
- Lack of financial or material interest in the debtor.
- Absence of unreimbursed losses for previously conducted cases, if the manager’s guilt was proven in court.
- No bankruptcy procedure.
- Absence of disqualification and prohibition to engage in relevant activities in the manner prescribed by current legislation.
- Availability of valid insurance in case of losses to persons involved in the bankruptcy case.
- Access to state secrets, if it is mandatory according to the decision of the arbitration court.
Prerequisites
The citizen deposits the funds that will constitute the manager's remuneration into the court's deposit. First you need to transfer 25 thousand rubles. This amount must be paid when submitting the application, and the receipt must be attached to the claim. In its absence, the application will be left without progress.
A citizen, however, can apply for an installment plan.
The interest portion will need to be paid upon completion of the restructuring plan or upon completion of the tender.
Rights and obligations of an arbitration manager in case of bankruptcy of an individual
The manager has the right:
Additional Information
A financial manager is a professional in the field of crisis management, whose status is confirmed by a diploma. And whose liability must be insured for at least ten million rubles. Financial managers are members of specialized self-regulatory organizations (SROs), of which there are about 50 in Russia.
- go to court on behalf of a citizen with a claim, the purpose of which is to declare transactions invalid in accordance with Art. 61.2 and 61.3 of the Law;
- protest creditors' claims;
- take part in debt restructuring as a third party without presenting your own claims;
- receive information about a citizen’s property and finances, including the availability of funds in deposit, current, card and electronic accounts;
- receive information from an individual about the progress of debt restructuring;
- organize a meeting of creditors to plan transactions;
- go to court to take measures aimed at preserving the debtor’s property;
- refuse transactions on behalf of the debtor in the manner prescribed by law;
- receive data from BKI;
- involve other persons in the bankruptcy procedure in the manner prescribed by the arbitration court.
The bankruptcy procedure follows given rules and has its consequences. We read how an individual is declared bankrupt and what consequences are possible
The responsibilities of the financial manager include:
- taking measures to identify and preserve the property of an individual;
- conducting an analysis of the debtor’s financial condition;
- conducting an analysis of property status for deliberate bankruptcy;
- maintaining a register of creditors;
- notice to creditors of the scheduled meeting;
- notification to creditors and financial institutions where the debtor has accounts about the debt restructuring within five days after this information became known to him;
- exercising control over restructuring and reviewing reports on it, as well as providing them to creditors;
- sending creditors a report on their work quarterly (unless another deadline is established at the meeting of creditors).
What to look for when choosing a financial manager is indicated in the table below
| Criterion | Description |
| Possible disqualification | The activities of arbitration (financial) managers are strictly regulated. For violations in work, the manager may be disqualified. It is very risky to entrust bankruptcy to a financial manager who is “hanging by a thread.” After all, if he is disqualified during your procedure, then creditors will have the opportunity to replace the financial manager with “their own”. You can check the financial manager in the file of arbitration cases. Enter his full name in the “participant” field and click the “Administrative Affairs” button above the list of cases. If you come across an administrative case involving a financial manager you are interested in regarding consideration of the issue of his disqualification, then we would recommend that you look for another candidate. |
| Likes to withdraw himself | There are situations when financial managers take on a bankruptcy case for an individual and then withdraw from it. To avoid falling for such a manager, study his latest affairs. This can be done through the EFRSB and the file of arbitration cases. We provided links above. If you see at least 1-2 statements of dismissal in bankruptcy cases of individuals, then this is a reason for you to think: whether he will come down halfway in your case. |
| Doesn't work as expected | In the register of arbitration managers you can view all publications of the manager. The publication deadlines are established by law, and violation of them is grounds for bringing the financial manager to administrative liability. Which could result in disqualification. For example, he must report that a debtor has been declared bankrupt within 3 days from the date of the relevant decision. And if in the bankruptcy register you see regular violations of the 3-day publication period, it means that either the financial manager is overloaded with work or is “very forgetful.” Either of these could lead to his disqualification. |
Fraud in financial property management
Despite the fact that the sphere of financial management of bankrupt property is strictly regulated, there is a risk of encountering fraudsters. Let's look at the main mistakes citizens make during bankruptcy and how to avoid them.
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People, wanting to get rid of credit debts, often come to the company after reading an advertisement in a newspaper or on the Internet. The advertisement talks about getting rid of debt quickly and cheaply. Already in this text one can suspect deception, because bankruptcy is never simple. The bankruptcy period for an individual is from 3 to 6 months; it is impossible to do this in a shorter time.
The underestimated cost of services should also be of concern, because the SRO representative has no right to charge less than the tariff established by law. The announced remuneration amount of 20,000 - 30,000 rubles indicates that the company employee is giving incorrect information. They will not be able to tell you the exact cost of bankruptcy right away, but will only provide legalized prices for this procedure.
A mandatory condition of work is concluding an agreement with an individual. Representatives of the company do not have the authority to demand payment before signing. It is recommended that you take out a contract for the provision of services and consult with a third-party lawyer, paying particular attention to the responsibilities of the parties.
Important tip! Carefully study the duties and powers of the company representative before signing a contract for the provision of services.
Each commenced proceeding is reflected on the official portal of the Arbitration Court. If, after filing a statement of claim, the data does not appear there, there is reason to believe that the company is unreliable. Any competent lawyer will issue the case number and the address of the Internet resource where the review process is monitored; this is his responsibility.
Of course, there are also reliable companies offering . To make sure of this, check the information about the financial manager on the website of the Unified Federal Register of Bankruptcy Information. Do not make a decision hastily, visit several companies and only then make a choice.
Obligations of the debtor to the financial manager
The citizen must, no later than 15 days after the manager’s request, provide him with the following:
- information about your property and its location;
- information about the nature of the debt and creditors;
- any other information that may affect the procedure.
If a citizen does not do this voluntarily, then the manager has the right to appeal to the arbitration court, which issues appropriate requests. The manager receives answers to them independently.
There is also an arbitration manager. Until October 1, 2020, they dealt exclusively with the bankruptcy of legal entities and individual entrepreneurs. Depending on the nature of the bankruptcy in which they are involved, they can be bankruptcy or temporary managers. In cases of personal bankruptcy from October 1, 2020, they are called financial managers. In essence, financial managers are arbitration managers in bankruptcy cases of individuals.
Specialist remuneration
The services of a financial manager for individuals are a significant expense item. It is worth saying that in 2020 it was decided to increase the size of specialists by 2.5 times - from 10 to 25 thousand rubles. This is due to the large amount of work and high degree of responsibility of the manager. According to legislators, they did not correspond to the previously existing wages. It should be noted that the indicated amount is not a monthly payment, but remuneration for the entire period of activity of the entity. Meanwhile, the process may drag on for six months.
In accordance with the latest amendments to the legislation, the manager’s salary is 25 thousand rubles. for each procedure performed. There are three of them in the process: restructuring, sale of property, conclusion of a settlement agreement. In production there may be one procedure or all three. Accordingly, the fixed part of the specialist’s remuneration varies from 25 to 75 thousand rubles.
In addition, the manager is entitled to a percentage from the sale of a citizen’s property (7%) or from the size of the restructuring schedule.
Remuneration of the financial manager in case of bankruptcy of individuals
According to Art. 20.6. According to the law, the manager’s one-time remuneration is 25,000 rubles. He also receives 7% of the amount of debt paid to creditors if the debtor complies with the restructuring plan approved by the court.
Step-by-step instructions for the bankruptcy procedure for an individual in this article https://cashfacts.ru/4611-usloviya-poshagovaya-instruktsiya-po-protsedure-bankrotstva-fizicheskogo-litsa
In addition, the manager receives 7% of the proceeds from the sale of assets and funds collected from the individual’s debtors. The manager receives this remuneration after closing all transactions.
Watch a video that will tell you about the remuneration of a financial manager in case of bankruptcy of individuals
Appointment procedure
When drawing up an application, an individual indicates the SRO from whose members the court will select a manager. You can provide information about a specific specialist. If these data are missing, the application will be left without progress.
After this, the court sends a request to the SRO indicated by the applicant with a request to provide a qualified specialist to participate in the case. Then there are 2 options:
- None of the members of the SRO will agree to participate in the procedure. In practice, this option occurs quite often. The reason is the low remuneration of the financial manager. Bankruptcy of individuals is a rather labor-intensive procedure, but at the same time unprofitable for specialists. Debtors usually have no liquid assets, and their income is barely enough to live on. If such a situation arises, the court will offer to indicate another SRO. It is worth noting that the search for a manager cannot continue indefinitely. If within 3 months. it will not be possible to find a specialist, the application will remain without consideration.
- A specialist will be assigned to participate in the case, and the court will approve him. Of course, the court does not always agree with the candidacy of the manager immediately. A refusal to engage a specific person may be due to the discovery of signs of interdependence between the debtor and the specialist.
Links
- Article 183 of the Criminal Code of the Russian Federation
- Article 5.53 of the Code of Administrative Offenses of the Russian Federation
- Article 13.14 of the Code of Administrative Offenses of the Russian Federation
- Sample application for declaring a citizen bankrupt
| Insolvency (bankruptcy) | |
| Basic Concepts | Arbitration court (Judicial system of Russia) · Arbitration manager · Bank guarantee · Citizen's bankruptcy · Monetary obligation · Debtor · Pre-trial rehabilitation · Collateral · Bankruptcy estate · Bankruptcy law · Bankruptcy creditor · Lender · Moratorium · Insolvency · Queues of creditors in bankruptcy · Self-regulatory organization of arbitration managers · Financial stability · Financial analysis |
| Bankruptcy procedures | Supervision · Financial recovery · External management · Bankruptcy proceedings · Settlement agreement · Debt restructuring · Property sale · Simplified bankruptcy procedure |
| Arbitration manager | Interim manager · Administrative manager · External manager · Bankruptcy manager · Financial manager |
Procedure for an arbitration attorney during debt restructuring
Restructuring of an individual's debts begins after the court has approved him as bankrupt. The verdict is made in court. After this, the arbitration appoints a financial manager, who sends written notice to the debtor’s creditors of the opportunity to submit their claims for debts and the time of the meeting to resolve debt issues. Notification can be made 2 weeks after the decision on justified insolvency is made.
At the same time, the attorney must submit information to the state bankruptcy register about whether the bankruptcy procedure is recognized, and announce the financial restructuring department and its plan. The dates of the meeting of creditors and the decisions taken at them are also reported here. At the end, information is provided about the shares of repaid loans and the completion of the bankruptcy procedure.
From the moment of redistribution of the debt burden, the citizen carries out transactions with the consent of the manager. All accounts are blocked, but the client has the right to open one. He can place up to 50 thousand rubles per month on it.
Attention! Debts are repaid to creditors according to the order described in the restructuring project.
The citizen draws up a restructuring plan, which his arbitration specialist sends to creditors for approval. If the latter do not approve of it or the debtor does not pay the bills, a decision is made to sell the client’s values. This decision does not occur at the request of credit institutions, but in court, at the request of a specialist.
When implementing a debt repayment plan, the manager sends a report to the persons involved a month before the end of the process.
Submission of loan restructuring plan
