Initiation of the Customer’s bankruptcy case

Saturday, 29 November 2014 11:03
Initiation of the Customer’s bankruptcy case

If the Customer is not able to repay the debt under the Contract in established order, if there are any virtues stipulated by the Law of Ukraine “On Paying Capacity Restoration of a Debtor or recognition him as a Bankrupt”, Legal Unit of the Bank within 5 (five) days, after having received the necessary set of documents, sends an application on initiation of a bankruptcy case of the Customer to local economic court, at the place of stay of the Customer. 

If available reliable information of initiation a bankruptcy case against the Customer at the initiative of another creditor, Distressed Assets Recovery Unit by agreement with Legal Unit of the Bank immediately sends to the court an application on demands to be included in creditors’ register.

If the mentioned information is detected, Security Unit of the Bank immediately informs of it Distressed Assets Recovery Unit and Legal Unit of the Bank by sending an appropriate office memo by internal e-mail of the Bank.

While bankruptcy case proceeding, Distressed Assets Recovery Unit is authorized to search and present a petition to the court on approval of candidate of arbitrator / property administrator and liquidator, and secures permanent participation of the representatives of the Bank in work of the creditors committee, while resolving and approving all resolutions related to the Customer.

According to the result of consideration of a bankruptcy case, economic court can make a decision on recognition the Customer as a bankrupt and further liquidation of the last one or paying capacity restoration by way of recovery.

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