26. Forms of bankruptcy: the settlement agreement, reorganization, liquidation.

Bankruptcy - is confirmed by documents of a business entity's inability to pay its debts and finance its current core activities due to lack of funds.

The main feature of bankruptcy is the inability of the company to enforce creditors' claims for three months from the date of maturity. After this period, the lenders are entitled to appeal to the Court of Arbitration on the recognition of the debtor bankrupt.

Settlement Agreement - bankruptcy procedure applied at any stage of the proceedings for bankruptcy in order to end the proceedings on bankruptcy by reaching an agreement between the debtor and the creditor.

The settlement agreement is an agreement of the parties to terminate the litigation on the basis of mutual concessions. Its essence lies in the process by the end of the peaceful settlement of the dispute, i.e. to achieve certainty in the relations between the parties, based on the free will of the parties themselves.

The debtor and the creditors have the right to conclude the agreement at any stage of the arbitration court of the bankruptcy case, including after the opening of bankruptcy proceedings. Parties of the settlement agreement are the debtor and the bankruptcy creditors. The decision to conclude the settlement agreement on behalf of the bankruptcy creditors meeting is accepted by a majority of creditors of the total votes of the bankruptcy creditors and the authorized bodies in accordance with registry requirements and shall be considered adopted provided that voted for him all creditors under the obligations secured by a pledge of property of the debtor.

The decision to conclude the settlement agreement by the debtor accepted a citizen-debtor or the debtor's head (in the period of observation), the external manager (during external control) or receiver (in bankruptcy proceedings).

Reorganization of legal entities is a process of transformation, which resulted in the formation of new entities, or stop the existence earlier entity, or entity changes its organizational - legal form.

Reorganization of companies can be voluntary or involuntary. The law provides a limited number of forms of the transformation of legal entities: in the form of a merger, a merger, a transformation and reorganization of the legal entity in the form of separation and isolation.

Reorganization of companies may be due to different reasons: from cost reduction solutions to the problem of more efficient business management. However, in the current legal and economic conditions, owners must remember that the reorganization of enterprises should not have as its main or predominant purpose of tax benefit. Otherwise, obtained as a result of reorganization of the enterprise tax benefit may be challenged by the fiscal authorities.

Company reorganization may take the form of:

1. The merger of several companies into one new company. In this case, each rights and obligations are transferred to the newly emerging enterprise in accordance with the transfer act.

2. Joining one enterprise to another enterprise. In this case, the rights and obligations of the merged companies is transferred to another in accordance with the transfer act.

3. The separation of one and creation on its basis of several independent companies. In this case, the rights and obligations of the old enterprise transferred to the newly arising in accordance with the transfer act.

4. Selection the new company, while maintaining the existing one. In this case, for each company the rights and obligations of the reorganized enterprise in accordance with the separation balance sheet.

5. Transformation of one enterprise to another. In this case, to the newly established company, the rights and obligations of the reorganized enterprise in accordance with the transfer act.

Liquidation of companies, enterprises implies a voluntary procedure, ie. e. when the owners of the legal entity shall decide that for one reason or another entity subject to liquidation. Liquidation of companies, enterprises, as well as the reorganization, can be forced, but only on the grounds provided by law. For example, the elimination of the enterprise made under compulsion when invalidation of state registration or in the exercise of their activities without a license. Compulsory liquidation of the company is carried out only on the basis of a court decision.