For Creditors

FAQ


Q: What does bankruptcy mean?

A: Bankruptcy is insolvency, having or becoming sustainable, recognized by the decision of the economic bankruptcy court with the liquidation of the debtor - a legal entity, termination of the debtor - the individual entrepreneur (further - the decision to open liquidation proceedings).

Q: What does competitive production mean?

A: The procedure of economic insolvency (bankruptcy), carried out in order to satisfy the creditors' claims as much as possible in accordance with the established order, protection of the rights and legitimate interests of the debtor bank. Competitive proceedings are opened by the economic court in the case of economic insolvency (bankruptcy). The bankruptcy court appoints an anti-crime manager to conduct the procedure.

Q: What does liquidation production mean?

A: Liquidation proceedings are a competitive procedure applied to a debtor who has been declared bankrupt in order to eliminate the debtor- the legal entity, sell the debtor's property and satisfy the creditors' demands in accordance with the established order.

Q: Who is the competitive creditor?

A: Competitive creditors include the representative of the debtor's employees and creditors on payment obligations - on obligations that arose before the opening of the competitive proceedings and included in the register of creditors' claims, except for individuals working (working) under the debtor under civil-legal contracts, the subject of which are the performance of work, services or the creation of intellectual property. Individuals to whom the debtor is responsible for harming their life or health are not competitive creditors, and the founders (participants) of the debtor are the legal entities to which the debtor is liable for the obligations arising from such participation.

Q: What measures are being taken to prevent bank failure?

A: Improving the financial condition of the bank; the appointment of an interim administration to manage the bank; the reorganization of the bank.

Q: What is the interim administration for the management of the bank?

A: The Provisional Administration is a special bank management body appointed by the National Bank of the Republic of Belarus in accordance with the Economic Insolvency (Bankruptcy) Act and the regulations of the National Bank of Belarus. The order of activity of the Provisional Administration is set by the regulations of the National Bank of Belarus.

Q: What forms is the bank reorganizing?

A: The reorganization of the bank is carried out in the form of a merger or accession in accordance with the law.

Q: Does the introduction of an Provisional administration for the management of the bank or the initiation of economic insolvency (bankruptcy) procedures against the bank mean the termination of liabilities on the part of the bank's debtors (creditors, etc.)?

A: No, does not mean. The debtor is obliged to fulfill its obligations. The head of the Provisional administration or the anti-crisis manager is obliged to take legal measures aimed at finding, identifying and returning the debtor's property (including money), including those held by third parties.

Q: Is the satisfaction of the bank's creditors' demands on monetary obligations suspended when appointing an Provisional administration in the bank?

A: In the event of the suspension of the bank's executive powers and if there are legal grounds, the National Bank of Belarus has the right to suspend the satisfaction of the bank's creditors' demands on monetary obligations for a period of no more than three months.

Q: Is the satisfaction of the bank's creditors' demands on payment obligations suspended when opening a competitive proceeding with the bank?

A: From the day the court decides on the opening of the competitive proceedings, the bank's creditors' claims on the debtor's payment obligations are suspended until the liquidation proceedings are completed or the decision to discontinue proceedings in the case of economic insolvency (bankruptcy) of the debtor, except when the relevant Act allows the satisfaction of creditors' claims.

Q: What is the order and what deadlines are set for the bank's creditors to make their claims in the competitive proceedings?

A: Lenders have the right to make their claims to the bank within two months of the publication of the announcement of the opening of competitive proceedings. These requirements are sent to the manager at the bank's postal address or other postal address, specified in the text of the announcement of the opening of the competitive proceedings, as well as to the court, which is proceeding in the case of economic insolvency (bankruptcy). The creditors' claims are sent to the manager, together with documents to determine the size of these claims.

Q: In what order and priority is the creditors' claims met?

A: The order and priority of satisfaction of creditors' claims is regulated by Article 141 and Article 147 of the Law of the Republic of Belarus of July 13, 2012 No. 415-3 "On Economic Insolvency (Bankruptcy)."

Q: Who represents the interests of all the bank's creditors in the competitive proceedings?

A: In the competitive proceedings, the creditors' meeting represents the interests of all creditors and carries out all actions against the bank on behalf of creditors.

Q: What is the main competence of the bank's creditors' meeting?

A: The main competence of the meeting of creditors is to protect the claims of the bank's creditors.

Q: What is the procedure for convening a meeting of creditors?

A: The meeting of creditors is convened on the initiative of the governor, the economic court, on the application of the committee of creditors or competitive creditors, whose demands on monetary obligations, mandatory payments and/or obligations arising from labor and related relations constitute at least one third of the total amount of claims made in the register of creditors' claims, or at least one third of the total number of competitive creditors.

Q: What is the order of convening the first meeting of creditors?

A: The Superintendent determines the place and time of the first meeting of creditors (except in the case established by section 4 of Article 85 of the Belarus Act of July 13, 2012). No. 415-3 "On Economic Insolvency (Bankruptcy)" notifies about the first meeting of creditors of all identified creditors, and also takes measures to publish the necessary information on the meeting of creditors in accordance with article 21 of the Law of the Republic of Belarus of July 13, 2012 No. 415-3 "On Economic Insolvency (Bankruptcy)." The first meeting of creditors should take place within the time of the opening of the competitive proceedings within the period of seventy-five days from the date of publication of the announcement of the opening of the competitive proceedings.

Q: What is the order of the formation of the bank's creditors committee?

A: If there are at least ten competitive creditors at the first meeting of creditors, a decision is made on the formation of a committee of creditors, its quantitative composition is determined.
The creditors' committee includes competitive creditors or may include representatives of competitive creditors in the amount determined by the meeting of creditors, but no more than seven people.

Q: What are the rights of the creditors committee?

A: The Creditors' Committee has the right to make decisions: on convening a meeting of creditors; on recommending that the meeting of creditors consider the improper performance of the managers' duties and the application to the economic court of the application for the release of the manager from the performance of duties; on the agreement or refusal to agree on the debtor's transactions, concluded in accordance with parts four - the sixth article 100 and Article 118 of the Law of the Republic of Belarus of July 13, 2012 No. 415-3 "On economic insolvency (Bankruptcy)"; on other matters attributed to his competence by the meeting of creditors.
The Committee of Creditors has the right to carry out its functions:
Require the manager to provide information about the financial condition of the bank, and the course of liquidation proceedings;
to appeal to the meeting of creditors the actions (inaction) of the manager.