Which transactions of an insolvent enterprise performed before the date of the issuance of a decision on the bankruptcy procedure initiation are considered to be invalid?
Should an insolvent enterprise perform the following transactions within 6 months prior to the date of issuance of a decision on the bankruptcy procedure initiation, the following transactions shall be considered invalid (or 18 months prior for transactions conducted with affiliated persons):
-
- Transactions involving the transfer of assets below market prices;
- Conversion of unsecured debts to secured or partially secured debts with the assets of the enterprise;
- Payment or deduction beneficial for one creditor regarding an outstanding debt or an amount greater than the amount due;
- Donations of assets;
- Transactions not for the purpose of the business operations of the enterprise;
- Other transactions for the purpose of disbursing the assets of the enterprise.
SUBSCRIBE