Calculations with the creditors in the event of termination of business entities by the example of the reorganization

Authors

  • Євген Вікторович Петров National Aviation University
  • Юлія Миколаївна Белуга National Aviation University

DOI:

https://doi.org/10.18372/2307-9061.39.10643

Keywords:

grounds for termination of business entities, reorganization, liquidation, satisfaction of creditors' claims

Abstract

The article is devoted to the defence of rights and ensuring the creditors’ claims satisfaction to the company in reorganization process.
Defence of rights and ensuring the creditors’ claims satisfaction to the company in reorganization process is one of the most important problems of legal regulation and a guarantee of public economic order stability. The purpose of legislative regulation of such relations is to prevent restrictions of the contractors’ rights, as in practice the company is often ceased to avoid the full satisfaction of the contractors’ claims. The regulatory consolidation of the payment order between creditors and company in reorganization process should prevent such negative phenomena. In the article the payment order between creditors and company in reorganization process is analyzed. Apart, the authors noted that during reorganization of the company legislation does not constitutes the turn of satisfaction of the creditors’ claims, and it is a gap in legislation. The authors state that fixing the term of submission the creditors’ claims gives creditors additional guarantees, i.e. protect their interests, and in some way stabilize the debtor status giving the guarantees that claims will not be submitted the day before the end of reorganization. Also the end of such terms should not deprive the contractors their right to submit their claims. Accordingly, to the authors’ mind, the creditors should use part 6, article 112 of the Civil Code of Ukraine under law analogy if they missed deadline of submission the claims during reorganization.
Also the authors research the following questions: how long the company should satisfy the creditors’ claims to terminate civil relations; is it possible for company to agree with the counterparties not to submit the claims on early performance of obligations, and if yes, under which conditions? They concluded that such claims should be satisfied throughout the period of reorganization, and even after ceasing the company by its successors.

Author Biographies

Євген Вікторович Петров, National Aviation University

Professor at the Department of Civil Law and Process, Doctor of Law, Professor

Юлія Миколаївна Белуга, National Aviation University

Senior Lecturer at the Department of Civil Law and the Process

References

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Published

2016-07-05

How to Cite

Петров, Є. В., & Белуга, Ю. М. (2016). Calculations with the creditors in the event of termination of business entities by the example of the reorganization. Scientific Works of National Aviation University. Series: Law Journal "Air and Space Law", 2(39), 118–123. https://doi.org/10.18372/2307-9061.39.10643

Issue

Section

CIVIL LAW