RusBankrot
We know everything about bankruptcy
11/12/2025
Thursday
THIS DAY IN HISTORY:
11 December 
2020 International Mountain Day.
2019 International Mountain Day.
1946 UNICEF was founded by the United Nations.
1946 UNICEF was organized by the United Nations.
1699 Peter I established the St. Andrew's flag as the official flag of the Russian military fleet.
11 December
2020 International Mountain Day.
2019 International Mountain Day.
1946 UNICEF was founded by the United Nations.
1946 UNICEF was organized by the United Nations.
1699 Peter I established the St. Andrew's flag as the official flag of the Russian military fleet.
THE ROLE OF ACCESS TO DOCUMENTATION IN SETTING THE DEADLINE FOR FILING A BANKRUPTCY PETITION
The manager appealed to the court demanding that the former head and participant of the debtor be held vicariously liable for failure to file a bankruptcy petition for the debtor and for the inability to fully satisfy creditors' claims (case no. A52-8046/23).
Partially satisfying the application, the courts of two instances found that the debtor began to respond to signs of insufficient property at the end of the previous year. The balance sheet showed a negative value of the company's assets. The head of the debtor, having become such after the specified period, could not have been unaware of the presence of signs of the debtor's insolvency based on accounting data. She was required to file for bankruptcy no later than the set monthly deadline.
The company's participant also could not have been unaware of the signs of the debtor's insolvency as of the date of the annual balance sheet. Accordingly, he was obliged to initiate a meeting of the participants to make a decision on applying to the bankruptcy court.
No evidence was provided to the court of the fulfillment of the plan for overcoming the crisis situation or the measures taken to hold the debtor's former management accountable. At the same time, the courts ruled out the possibility of liability for non-transfer of documentation, since the former head handed over the available documents to the bankruptcy trustee, and the rest of the documentation was not required for bankruptcy proceedings.
The cassation sent the dispute for reconsideration, pointing out the following. The courts did not take into account the actual date of receipt of the documents by the debtor's former supervisor. According to the court's ruling in another case, access to the debtor's documentation was obtained only after a long period.
Thus, it is impossible to make a full-fledged conclusion about the need to file for bankruptcy without analyzing all financial and business documents. Consequently, the deadline for filing an application began to flow later than that set by the courts. In addition, the courts did not investigate the essential circumstances of the debtor's management until the appointment of new managers. It has not been established which actions or inaction of previous managers influenced the debtor's objective bankruptcy.
Also, the courts did not check the arguments on the transfer of the debtor's assets in favor of another company, which could lead to a loss of resources for the implementation of statutory activities. In this regard, in order to make an informed decision, it is necessary to establish the following:
Photo: Freepik
Partially satisfying the application, the courts of two instances found that the debtor began to respond to signs of insufficient property at the end of the previous year. The balance sheet showed a negative value of the company's assets. The head of the debtor, having become such after the specified period, could not have been unaware of the presence of signs of the debtor's insolvency based on accounting data. She was required to file for bankruptcy no later than the set monthly deadline.
The company's participant also could not have been unaware of the signs of the debtor's insolvency as of the date of the annual balance sheet. Accordingly, he was obliged to initiate a meeting of the participants to make a decision on applying to the bankruptcy court.
No evidence was provided to the court of the fulfillment of the plan for overcoming the crisis situation or the measures taken to hold the debtor's former management accountable. At the same time, the courts ruled out the possibility of liability for non-transfer of documentation, since the former head handed over the available documents to the bankruptcy trustee, and the rest of the documentation was not required for bankruptcy proceedings.
The cassation sent the dispute for reconsideration, pointing out the following. The courts did not take into account the actual date of receipt of the documents by the debtor's former supervisor. According to the court's ruling in another case, access to the debtor's documentation was obtained only after a long period.
Thus, it is impossible to make a full-fledged conclusion about the need to file for bankruptcy without analyzing all financial and business documents. Consequently, the deadline for filing an application began to flow later than that set by the courts. In addition, the courts did not investigate the essential circumstances of the debtor's management until the appointment of new managers. It has not been established which actions or inaction of previous managers influenced the debtor's objective bankruptcy.
Also, the courts did not check the arguments on the transfer of the debtor's assets in favor of another company, which could lead to a loss of resources for the implementation of statutory activities. In this regard, in order to make an informed decision, it is necessary to establish the following:
- The reason for the debtor's objective bankruptcy.
- The circle of controlling persons who could be involved in bringing the debtor to bankruptcy.
- The exact dates when a reasonable and conscientious manager should have concluded that it was necessary to file for bankruptcy.
- The existence of a causal relationship between the actions (inaction) of the defendants and the bankruptcy of the debtor.
Photo: Freepik
09.12.2025
