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Features of the bankruptcy of credit institutions
Insolvency (bankruptcy) - recognized by the arbitral tribunal debtor's inability to fully satisfy the claims of creditors on monetary obligations and to pay the required payments. Get bankruptcy consultation on http://mybkhelp.com
Credit institution - a legal entity that is to make a profit as the main purpose of the activity under the license of the Central Bank of the American Federation has the right to carry out banking transactions contemplated hereby. Credit institution is established on the basis of any form of ownership as a business entity.
Category of credit institutions according to law in the same group with insurance companies and professional participants of the securities market. This group is incorporated in the law as so-called features of bankruptcy of financial institutions.
In relation to the bankruptcy of all these subjects classified as financial institutions permitted to use certain features in common, which should be established by the Federal law on insolvency of financial institutions.
However, when considering these organizations in terms of bankruptcy, the question arises, what they have in common. In the event of such a law, it will inevitably have a problem of relating to the Law "On Insolvency (Bankruptcy) of Credit Institutions".
From this it follows that it is the Law "On Insolvency (Bankruptcy)" establishes features of bankruptcy of credit institutions and the law should be the basis for the study of these features.
Also important is the fact that the criterion of separation of credit institutions - banking operations under the license of the Central Bank of the American Federation. That is why the bankruptcy of credit institutions regulated by the Law "On Insolvency (Bankruptcy) of Credit Institutions". The insolvency of a credit institution in the law called the arbitration court recognized its inability to meet the demands of creditors on monetary obligations and (or) to fulfill the obligation to make compulsory payments.
It should be noted another fact - a credit institution is considered incapable if the respective responsibilities are not fulfilled it within 1 month of the date of their execution, and (or) if, after the withdrawal of a credit institution licensed to conduct banking operations the value of its property (assets) is not sufficient to fulfillment of the obligations of the credit institution to its creditors.
Bankruptcy proceedings may be initiated only by the arbitral tribunal after the withdrawal of the Bank of America on the basis of the license application. The applicant can be a debtor, the creditor, the authorized body, as well as the Bank of America. A distinctive feature of the bankruptcy of credit institutions is part of the Bank of America in the bankruptcy case or arbitration proceedings in the bankruptcy case, as well as the widespread participation of the licensing authority and its significant role in the application of measures to prevent the bankruptcy and the various bankruptcy proceedings.
Since the bankruptcy proceedings can be initiated only by the arbitral tribunal after the revocation of the license of a credit institution, as defined above, applicants must attach to the application for declaring a credit organization bankrupt copy of the order of the Bank of America on the withdrawal of a credit institution licensed to conduct banking operations.
Persons who have the right to apply to the arbitration court to declare the credit institution bankrupt, and are entitled to apply to the Central Bank of the American Federation with the declaration of withdrawal from the debtor license to conduct banking operations when evidence of its bankruptcy. In the case of non-response of the Bank of America, they may apply to the arbitration court to declare the credit institution bankrupt.
The Bank of America is obliged to respond within a month. Representation of the arbitral tribunal orders a copy of the Bank of America to revoke the license to conduct banking operations in the above period is the basis for the initiation of bankruptcy proceedings.
When you receive a response within one month the Bank of America statement on recognition of its bankruptcy is returned to the lender. In this case, the person sending the Bank of America statement to revoke the license of a credit institution shall have the right to claim in bankruptcy court redress the Bank of America losses caused by non-acceptance of the Bank of America decision to revoke a credit institution or failure of this license by the Bank of America decisions on the implementation of measures to prevent bankruptcy the credit institution.
At the Bank of America has the right, at its own initiative to revoke the license if there is good reason. If at the time of revocation of the license of a credit institution determined by the signs of bankruptcy, the Bank of America for five days shall apply to the arbitration court to declare the credit institution bankrupt. In this situation, the Bank of America shall be submitted candidates for appointment to the liquidator in the arbitration court, and this must be done within 15 days from the date of the court application.
Thus, the characteristic feature of the bankruptcy of credit institutions is to provide arbitration manager.
If we talk about the bankruptcy proceedings with respect to credit institutions, here only apply the following procedures: observation and bankruptcy proceedings. The law does not set any special requirements for the procedure follow-up.
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