Bankruptcy accounts receivable or the hunt for bankruptcy trustees

The work of an accountant of any commercial organization is associated with special accounts that show the full volume of an expense item such as accounts receivable .

This debt represents the addition of funds for services already provided or products shipped, which should arrive in the company’s bank account in the short term.

The basis for the transfer of funds is an agreement , which specifies the terms and procedure for payment. If the agreement does not provide for a specific payment period, then in accordance with civil law, such a period will be one week (Article 314 of the Civil Code of the Russian Federation) from the moment of delivery of goods or provision of services.

In case of violation of the above terms of the agreement, the organization has the right to apply to the Arbitration Court with a statement of claim for collection of receivables . To do this, it is necessary to follow the claim (pre-trial) procedure for resolving disputes and collect a complete package of documents.

What you need to know about accounts receivable?

This is the part of cash (assets) that is included in the total working capital of the company. The Civil Code of the Russian Federation (Article 130) directly states that accounts receivable are movable property of the organization. Thus, failure to receive such funds on time can cause material damage to the company and undermine its budget.

Any individual or legal entity can be considered a debtor if it has debts to external counterparties (other commercial companies).

So, the increase in working capital due to the accumulation of receivables is completely legal, since economic activity is regulated by the terms of the contract and is carried out within a certain period. However, violation of payment discipline and abuse of trust will immediately be considered illegal, because the debtor begins to unreasonably use other people's funds.

What is included in accounts receivable?

As a rule, more than 90% of the specified debt in the balance sheet of commercial entities is the first list, from the list below, but there are other types:

1. production of work, performance of services, shipped goods;
2. settlements on bills received;
3. collection of funds from financially responsible persons;
4. various payments to company personnel;
5. debt of structural divisions, subsidiaries, branches of the organization;
6. excessive (including erroneous) payments to government agencies;
7. mandatory contributions to the authorized capital.

The emergence of debt obligations on a debit balance

The period for returning receivables may be delayed; the human factor plays a significant role in this:

1. An error in making calculations, or excessive payments to tax and other government agencies will lead to a serious delay in their return. Such funds will be taken into account only when making subsequent mandatory payments.
2. When the staff of a commercial organization exceeds 100 people , an impressive amount of debt is generated, provided to the staff for various needs. These funds also constitute accounts receivable, and their return occurs through the deduction of a portion of wages. This process can drag on for years.
3. Resigned employees of enterprises often contribute to the formation of debt obligations that will never be repaid. Such debt is considered “doubtful”.
4. If the process of collecting material obligations stops at the pre-trial , and the debtor has not made the required payment, then it will be difficult to recover the receivables.

These debt obligations are subject to write-off, but only after the expiration of the statute of limitations, which is 3 years , and at the end of the next tax period. However, the company's management always has the opportunity to seek qualified legal assistance.

When the debt cannot be collected

Cases where recovery of receivables is not possible include:

• the debtor is officially considered bankrupt or the procedure for recognizing him as such has already been launched;
• there is an extract on the liquidation of the counterparty;
• 3 years have passed since the receipt of the writ of execution, and the debt is still not repaid;
• the claim against the debtor was not made within 3 years from the date the debt arose.

Also, you should not hope for a refund if the obligations under the contract are declared invalid on the basis of an act drawn up and certified by a government authority.

Return of receivables under a writ of execution is possible through the bailiff service or by contacting the banking institution where the counterparty's account is opened. In this case, you should remember the statute of limitations for collecting funds. This period is 3 years from the date of delivery of the writ of execution. If the debt has not been repaid within the specified period, you will have to forget about returning the amount.

The procedure for collecting receivables

The main reason for the occurrence of overdue debt is the refusal of the debtor (counterparty) to pay for goods delivered, services rendered or work performed. In this case, it is necessary to clarify the terms of the contract, regarding the mandatory preservation of the claim procedure for resolving disputes.

It is important to know. On June 1, 2016, Federal Law No. 47-FZ “On Amendments to the Agro-Industrial Complex of the Russian Federation” came into force. According to the new changes, the claim procedure for resolving disputes is mandatory.

Pre-trial procedure

This condition imposes an obligation on the organization's legal adviser to forward a claim . The document indicates the exact amount of debt and a notice of intention to file a claim with the Arbitration Court.

If necessary, the claim must be accompanied by documents confirming the basis for the demand for debt repayment, as well as a power of attorney from the person sending the claim.

In the event of a positive response to the claim, where the debtor acknowledges all the stated demands, but does not pay the due amount, the legal adviser has the right to file a statement of claim. This court case will be considered in a simplified manner (within 1 month); here it will be enough to submit a complete package of documents, since a summons from both parties will not be required.

As a rule, the claim is sent by registered mail with notification, or transferred directly to the debtor with a duplicate, in which a stamp and signature are placed confirming delivery.

If, within the time period established by the agreement (as a general rule, the response time to a claim is 10 calendar days ), a response to the stated demands is not received, it is necessary to prepare a complete package of documents for sending to the Arbitration Court.

Collection of receivables through the Arbitration Court

In case of loss of an agreement between counterparties, which specifies the period and procedure for settlements to be made, the following documents :

1. invoice - invoices;
2. invoices;
3. acts of completed work;
4. waybills;
5. other primary documentation.

For a positive outcome of the trial, the statement of claim must indicate the full details of both parties (plaintiff / defendant), the full name of the Arbitration Court, and set out the details of the pre-trial settlement.

And also provide a certain package of documents :

1. The basis for the occurrence of debt obligations (an agreement signed between the parties, other primary documents).
2. Accurate calculation of debt, including accrued penalties . During the court hearing, it is allowed to present a new (additional) calculation so that it is possible to clarify the full amount.
3. Postal items confirming compliance with the pre-trial dispute resolution procedure , as well as sending a copy of the statement of claim to the defendant (debtor). The debtor, having familiarized himself with the claim, prepares his response to the specified requirements. Otherwise, the court will give the defendant the time necessary to prepare such a response, which will prolong the consideration of the case.
4. Registration extracts from the unified state register , both from the defendant and the plaintiff.
5. Payment documents confirming the payment of funds for the state fee.
6. Powers of the company lawyer to participate in litigation . The original power of attorney is reviewed by the Arbitration Judge before the start of the consideration of the case.

Attention! The general period for filing a claim is 3 years , however, in this area there are special periods for specific types of relationships. For example, for filing claims for insurance compensation, the statute of limitations will be 2 years .

A sample statement of claim can be viewed here.

After following the procedure for appealing the decision of the Arbitration Court, the case is sent to the bailiff - the executor.

How to collect receivables?

Algorithm of actions:

1. It is necessary to calculate the accounts receivable, and to this amount add interest or penalties for violation of the payment terms specified in the contract.

2. Try to convince the debtor to repay the debt in a calm dialogue; you can use the help of a third party or keep the subject of the transaction, which is the reason for the whole dispute.
3. The next step is to write a pre-trial claim and send it; you must wait until the debtor receives this claim.
4. We go to the arbitration court and file a claim for recovery.
5. Wait for the court decision and the moment until this decision comes into force.
6. Send an appeal to the bank or bailiff service to begin enforcement actions to collect the debt.

Foreclosure and grounds for writing off receivables

The bailiff issues a Resolution for foreclosure, which is sent to both parties (debtor (defendant) / recoverer (plaintiff)) no later than 1 business day This document must contain the procedure for repaying debt obligations. The amount is deposited with the Federal Bailiff Service.

Collection of receivables is carried out in the following cases:

1. there is the consent of the debtor and the amount of debt obligations is credited to the deposit of the FSSP of the Russian Federation;
2. there is no consent, and the defendant has not paid the amount of debt to the specified deposit. In this case, foreclosure occurs by selling the property at auction , where the proceeds are credited to the amount of the debt.

Foreclosure is not allowed under the following circumstances:

1. the three-year (as a general rule) limitation period has expired;
2. the legal entity (defendant) is at the stage of liquidation or bankruptcy;
3. the debtor is located on the territory of another state with which there is no agreement on legal assistance, in accordance with the norms of criminal procedure legislation;
4. the debtor is excluded from the unified state register.

If it is not possible to collect the debt, a resolution is issued according to which the enforcement proceedings are terminated.

Write-off

In accordance with the legislation on enforcement proceedings, after using all possibilities to find the defendant and his property, the writ of execution is returned to the claimant. Under such circumstances, existing judicial practice makes it possible to write off accounts receivable and add the debt amount to the item of non-operating expenses.

What kind of debt is classified as receivable?

Accounts receivable are the financial responsibility of counterparties in relation to a legal entity. Liabilities form part of a firm's assets.

It is in the interests of the organization to control the repayment of debts and reconcile mutual settlements. Firms conduct an inventory of accounts receivable along with other property.

And based on the results of the audit, normal, overdue, doubtful or bad debts are identified.

In case of normal debt, goods became the property of the counterparty or services were provided with partial prepayment;

In case of overdue payment, there is no payment within the period specified in the contract.

Overdue debt happens:

• doubtful when the obligation is not secured by collateral or other guarantees;
• hopeless - if the statute of limitations has expired.

In case of bad debt, collection is impossible for various reasons:

• official conclusion of a government agency;
• closure of a legal entity;
• bankruptcy;
• transfer of the counterparty's property to operational management;
• opening a debtor account in a problem bank.

In the latter case, there are two options:

1. The arbitration court decided to liquidate the bank. If there are no other means, debt collection is impossible.
2. Bank restructuring. In this case, the company waits for the counterparty to restore solvency and collection can be resumed.

Based on the time of payment, obligations are divided into two types:

• short-term – up to a year from the reporting date;
• long-term – transfer of funds in more than 12 months.

When setting the payment date, the previous experience and financial position of the legal entity are taken into account.