RESTORATION OF SOLVENCY OF AN INDIVIDUAL: PROBLEMATIC ASPECTS AND ANALYSIS OF CONTENT REQUIREMENTS AND CONFIRMATION
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Abstract
During the process of individual’s bankruptcy, a great deal of attention is paid to the composition of the plan for the satisfaction of creditors’ claims and restoration of solvency of the natural person, its implementation supervision and control. Only by actively satisfying the requirements of creditors provided in the solvency restoration plan, individual going through bankruptcy can expect solvency restoration and debt write-off.
Even though the composition of solvency restoration plan is the main responsibility of the individual, other subjects of bankruptcy also take part in the process of planning. Bankruptcy administrator, prepares written report about the possibilities of project execution, creditors of the individual provide notices and suggestions (agree or disagree) for the plan’s project. The court’s function is to confirm the plan. The Author of the article analyses statutory requirements for the content of individual’s solvency restoration plan content and the procedures of confirmation of the plan – legal situations, that is when creditors agree, the plan of solvency restoration is handed to the court; if the creditors disagree with the plan of solvency restoration, due to it not conforming the requirements provided in the article 7 of FABĮ (individual’s bankruptcy law); if creditors disagree to the solvency restoration plan project, but do not provide or do provide reasons, which are unrelated to requirements provided in the article 7 of FABĮ. In the article author evaluates valid legal regulation and distinguishes the main problems arising in various phases of solvency restoration plan’s composition and confirmation.
Even though the composition of solvency restoration plan is the main responsibility of the individual, other subjects of bankruptcy also take part in the process of planning. Bankruptcy administrator, prepares written report about the possibilities of project execution, creditors of the individual provide notices and suggestions (agree or disagree) for the plan’s project. The court’s function is to confirm the plan. The Author of the article analyses statutory requirements for the content of individual’s solvency restoration plan content and the procedures of confirmation of the plan – legal situations, that is when creditors agree, the plan of solvency restoration is handed to the court; if the creditors disagree with the plan of solvency restoration, due to it not conforming the requirements provided in the article 7 of FABĮ (individual’s bankruptcy law); if creditors disagree to the solvency restoration plan project, but do not provide or do provide reasons, which are unrelated to requirements provided in the article 7 of FABĮ. In the article author evaluates valid legal regulation and distinguishes the main problems arising in various phases of solvency restoration plan’s composition and confirmation.
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Articles
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Authors retain copyright of their work, with first publication rights granted to the Association for Learning Technology.
Please see Copyright and Licence Agreement for further details.
