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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.

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