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14JURIDICAL SCIENCES
LEGAL ISSUES OF CONCLUSION OF AGREEMENT ON ENSURING THE OBLIGATIONS OF THE
DEBTOR IN JUDICIAL SANATION
Kalkanova Zh.
Associate Professor of the South Kazakhstan State University named after M. Auezov, Ph.D.
Okyulov O. Professor of the Tashkent State Law University, Doctor of Law Ruzinazarov Sh. Professor of the Tashkent State University of Law, Doctor of Law Burkhankhodjaeva Kh. Associate Professor of the Tashkent State Law University, Ph.D.
Ibratova F.
Associate Professor of the Tashkent State Law University, Ph.D.
ABSTRACT
The article discusses the issues of the debtor's fulfillment of obligations in accordance with the debt repayment schedule, measures to restore the debtor's solvency during judicial reorganization. It is concluded that the debtor's fulfillment of obligations in accordance with the debt repayment schedule cannot be secured by withholding, pledge or forfeit.
Keywords: judicial reorganization, pledge, retention of property, penalty, surety, plan of judicial reorganization.
When the debtor applies to the meeting of creditors with a petition to apply to the economic court for the introduction of judicial reorganization, the debtor's petition must be accompanied by a plan of judicial reorganization, indicating the preliminary deadline and schedule for repayment of the debt1. The following documents must be attached to the petition of the founders (participants) or the owner of the debtor's property for the introduction of judicial reorganization: the plan of judicial reorganization, the schedule of debt repayment, the minutes of the general meeting of the founders of the debtor indicating the list of its founders who voted to appeal to the meeting of creditors with a petition for the introduction of judicial reorganization, and documents on ensuring by these persons the execution by the debtor of the debt repayment schedule.
In order to provide creditors with the opportunity to familiarize themselves with all the documents, persons who have the right to apply to the meeting of creditors with a petition to apply to the economic court for the introduction of judicial reorganization are required to provide the petition and the documents attached thereto no later than two weeks before the date of the meeting of creditors2. According to IK Soliev, the submission of the petition and the documents attached to it later than the specified two-week period does not de-
prive the creditors of the opportunity to discuss this petition at the meeting of creditors. The meeting of creditors may be postponed to a later date if additional time is required to study the submitted documents and the petition3.
In accordance with part one of Article 77 of the Law of the Republic of Uzbekistan "On Bankruptcy", the fulfillment of obligations in accordance with the debt repayment schedule can be ensured by the methods provided for by law. According to IK Soliev, the Law of the Republic of Uzbekistan "On Bankruptcy" does not provide detailed regulation of these methods, since they are regulated in detail in Chapter 22 of the Civil Code of the Republic of Uzbekistan.
Indeed, part one of Article 259 of the Civil Code of the Republic of Uzbekistan establishes that the fulfillment of an obligation can be secured by a forfeit, pledge, retention of the debtor's property, surety, guarantee, deposit and other methods provided for by law or agreement. However, securing a forfeit and a deposit, as well as withholding, is not allowed, since a forfeit and a deposit provide for the performance at the expense of the debtor's property in case of default by
'Шишмарева Т. П. Санация несостоятельных должников в России и Германии //Актуальные проблемы российского права. - 2016. - №. 7. - С. 207-210.
2 Burkhankhodzhaeva H., Ibratova F. LEGAL ISSUES OF
BANKRUPTCY OF A CITY FORMING AND RELATED
ENTERPRISES //Norwegian Journal of Development of the International Science. - 2021. - №. 63-2. - С. 16-20. 3 Комментарий к Закону Республики Узбекистан «О банкротстве» / Авт. Коллектив: М.К.Азимов и др. - Ташкент: 2007. - С.238.
the debtor, and the retention is the securing of the fulfillment of obligations by withholding the property of the debtor himself4.
A pledge, surety, guarantee, as well as other methods provided by law and the contract, are allowed as a way to ensure the fulfillment of an obligation in accordance with the debt repayment schedule. Since these methods should not contradict the requirements of the law and the nature of the relations regulated by the legislation, it is proposed to supplement Article 77 of the Law of the Republic of Uzbekistan "On Bankruptcy" with the following parts:
"The performance of obligations by the debtor in accordance with the repayment schedule can be secured by a pledge (mortgage), surety and other methods provided for by legislation and the contract.
The debtor's performance of obligations in accordance with the debt repayment schedule cannot be secured with retention, pledge or forfeit".
The official (procedural) basis for the introduction of judicial rehabilitation in relation to the debtor-legal entity is the determination of the economic court, which, in turn, is adopted on the basis of the decision of the meeting of creditors5.
The material basis for the judicial resolution procedure may be circumstances and facts that allow the economic court to adopt a ruling on the introduction of this bankruptcy procedure. Such facts include the real possibility of collection from the debtor, as well as the presence of third parties or the ability of the debtor to make payment in accordance with the debtor's debt repayment schedule6.
When issuing a ruling on the introduction of judicial reorganization, the economic court considers the legality of the proposed transactions to ensure the fulfillment of obligations. If the proposed security violates the rights and legally protected interests of third parties or does not comply with the requirements of the law, the court is not entitled to issue a ruling on the introduction of judicial rehabilitation.
The rights and obligations of the persons who provided security arise not from the moment of the conclusion of the agreement, but from the date of the issuance by the economic court of a ruling on judicial reorganization. This is justified, since the security is provided for the purpose of introducing judicial rehabilitation.
According to part three of Article 77 of the Law of the Republic of Uzbekistan "On Bankruptcy", the agreement between the debtor and the persons providing security is concluded in writing, unless otherwise provided by law.
4 Ibratova F. Problems of a settlement in bankruptcy cases in economic courts //Norwegian Journal of Development of the International Science. - 2019. - №. 28-3.
5 Барышова, М. В., Белый, В. С., Глущенко, В. М., Ибра-това, Ф. Б., Новиков, А. Н., & Пронькин, Н. Н. (2019). Социальное предпринимательство: научные исследования и практика.
6Ibratova F., Esenbekova F. GENESIS AND EVOLUTION
OF LEGISLATION ON CONCEPTIONAL PROCEDURES
IN THE REPUBLIC OF UZBEKISTAN //Polish Journal of
Science. - 2021. - №. 38-2. - С. 20-24.
It should be noted that it is not allowed to draw up a written agreement after a ruling on the introduction of judicial rehabilitation has been issued7. Since, in accordance with part three of Article 75 and parts four and five of Article 76, one of the grounds for making a ruling on the introduction of judicial rehabilitation is a petition of a third party (or persons), subject to the provision of security for the performance of the debtor's obligations in accordance with the debt repayment schedule, the proof of which is the already signed agreement, it can be concluded that the agreement should be signed only before the adoption by the economic court of the ruling on the introduction of judicial reorganization.
The agreement is signed on the part of the creditors by a representative of the meeting (committee) of creditors. In the case when the judicial reorganization was introduced at the initiative of the economic court under part three of Article 75 of the Law of the Republic of Uzbekistan, the agreement is signed by the interim manager.
On the other hand, the agreement is signed by the providers of the collateral. The signing of the agreement by the debtor himself is not required8.
In this connection, part three of Article 77 of the Law of the Republic of Uzbekistan "On Bankruptcy" should be stated as follows: "The agreement on securing the obligations of the debtor in accordance with the debt repayment schedule is concluded in writing before the day the economic court adopts the ruling on the introduction of judicial reorganization and is signed by the person or by persons who provided security, as well as a temporary administrator in the interests of creditors".
It should be noted that the economic court, when considering a petition of a third party and other persons who have been granted such a right as filing a petition for the imposition of judicial rehabilitation of the debtor, is obliged to check the existence of a signed agreement on securing the fulfillment of the debtor's obligations9, and in the absence of such, refuse to satisfy the petition of these persons.
The amount of the provided security for the fulfillment of obligations must exceed the amount of the debtor's obligations, reflected in the balance sheet as of the last reporting date before the meeting of creditors on the introduction of judicial rehabilitation, by at least 20 percent.
As I.K. Soliev notes, since the persons who provided security do not vouch for their own actions, but for the fulfillment of the obligation by another person -the debtor, then they should not be responsible with all
7 Ибратова Ф. Б. Банкротство ликвидируемого субъекта предпринимательства: проблемы и решения //Norwegian Journal of Development of the International Science. - 2021. - №. 58-2.
8 Esenbekova, F. T., Okyulov, O., Sh, R., & Ibratova, F. B. (2021). Features of the approval of the world agreement by the economic court: practice and theory. International Journal of Professional Science, (5), 90-96.
9 Ibratova, F. B., Kirillova, E. A., Smolen, R., Bondarenko, N. G., Shebzuhova, T. A., & Vartumyan, A. A. (2017). Special features of modern legal systems: cases and collisions.
of their property, but only within the limits of their obligations, those. within the value of the property or property rights provided as security. The persons who provided security become the guarantors that as a result of the judicial reorganization the debtor's solvency will be restored, and all creditors' claims will be satisfied in accordance with the debt repayment schedule. If such results are not achieved, the specified persons will bear the responsibility established by the relevant agree-ment10.
According to the second part of Article 293 of the Civil Code of the Republic of Uzbekistan, the surety is liable to the creditor in the same amount as the debtor, including the payment of interest, reimbursement of legal costs for collecting the debt and other losses of the creditor caused by default or improper fulfillment of obligations by the debtor, unless otherwise provided by the contract sureties11. According to the third part of Article 293 of the Civil Code of the Republic of Uzbekistan, the persons who jointly gave the surety shall be jointly and severally liable to the creditor, unless otherwise provided by the surety agreement.
Failure by the principal to fulfill his obligations to the beneficiary gives the latter the right to present the guarantor with a demand for the payment of a monetary amount under a bank guarantee (Articles 299, 300, 305 of the Civil Code of the Republic of Uzbekistan).
In addition, the sanitizing manager, on the basis of Article 14 of the Civil Code of the Republic of Uzbekistan, has the right to present the person who provided security and did not fulfill his obligations, a claim for compensation for losses caused by such actions12.
According to I.K. Soliev, the rule according to which the person who provided security for the debtor's obligations in accordance with the debt repayment schedule is responsible for the debtor's failure to fulfill these obligations within the value of the property and property rights provided as security, in this case, apply
will not13.
The introduction of the judicial resolution procedure has two main goals: the first is to restore the debtor's solvency and repay debts to creditors in accordance with the debt repayment schedule14. The first goal of
10 Комментарий к Закону Республики Узбекистан «О банкротстве» / Авт. Коллектив: М.К.Азимов и др. - Ташкент: 2007. - С.245.
11 Ibratova, F. TERMS IN CIVIL LAw AND ThEIR APPLICATION IN LEGAL PROTECTION OF CITIZENS IN ThE REPUBLIC OF UZBEKISTAN.
12 Есенбекова, Ф. Т., Эсанова, З. Н., & Ибратова, Ф. Б. (2021). ПРАВОВЫЕ ОСОБЕННОСТИ УТВЕРЖДЕНИЯ МИРОВОГО СОГЛАШЕНИЯ ЭКОНОМИЧЕСКИМ СУДОМ В УЗБЕКИСТАНЕ. In НАУКА И СОВРЕМЕННОЕ ОБРАЗОВАНИЕ: АКТУАЛЬНЫЕ ВОПРОСЫ, ДОСТИЖЕНИЯ И ИННОВАЦИИ (pp. 156158).
13 Комментарий к Закону Республики Узбекистан «О банкротстве» / Авт. Коллектив: М.К.Азимов и др. - Ташкент: 2007. - С.246.
14 Ibratova F. TERMS IN CIVIL LAw AND ThEIR APPLICATION IN LEGAL PROTECTION OF CITIZENS IN ThE REPUBLIC OF UZBEKISTAN.
15Довлатова, Г. П., Ибратова, Ф. Б., Каращенко, В. В., Ма-
кеева, Е. И., Мирославская, М. Д., Пайкович, П. Р., &
this litigation procedure is typical for almost all collection procedures (fully consistent with the approach of the system of benefits for debtors in the Law of the Republic of Uzbekistan "On Bankruptcy"), while the second goal reflects the special nature of the litigation, which, in turn, brings it closer neutral bankruptcy law system15.
For these purposes, the main documents of the judicial resolution process are the judicial resolution plan, aimed at restoring the debtor's solvency, and the debt repayment schedule, which helps to ensure the repayment of creditors' debts16.
In accordance with Article 83 of the Law of the Republic of Uzbekistan "On Bankruptcy", the plan of judicial rehabilitation should provide for ways of obtaining funds necessary for the debtor in the course of judicial rehabilitation, in accordance with the debt repayment schedule. These requirements for the reorganization plan are aimed at achieving only one of the goals of the litigation in question - the goal of debt repayment17.
In our opinion, it is necessary to specify measures aimed at restoring the debtor's solvency, which is the main goal of the plan of judicial rehabilitation18.
According to B. Khudoybergenov, measures to restore the debtor's solvency during judicial reorganization include:
- reorganization (transfer of the debtor's business in whole or in part to one or several legal entities, sale of part or all of the debtor's property, application of forms of reorganization of legal entities);
- economic rehabilitation (conversion of production, closure of unprofitable production facilities);
- organizational rehabilitation (change of the head of the debtor, suspension of his activities, expansion of the functions of the rehabilitating manager)19;
- rehabilitation by legal means (collection of receivables, invalidation of transactions concluded against the interests of the debtor, ensuring the continuation of the debtor's contracts, refusal of the debtor's claim in favor of another, fulfillment of the debtor's obligations by third parties, placement of additional shares)20
Харлампенков, Е. И. (2021). Инновации, тенденции и проблемы в области экономики, управления и бизнеса.
16 Ibratova F. Legal Problems of the Concepts Legality, Justification and Justice by Judicial Acts //Middle European Scientific Bulletin. - 2021. - Т. 16.
17 Ibratova F., Narzullaev O. LEGAL NATURE OF LEGAL RELATIONSHIP IN BANKRUPTCY //Norwegian Journal of Development of the International Science. - 2021. - №. 64. - С. 24-26.
18 Ibratova F. Bankrotlik to 'g 'risidagi ishlarda prokuror ishtiroki.
19 Ибратова, Ф. Б. (2019). ПРАВОВЫЕ ПРОБЛЕМЫ МИРОВОГО СОГЛАШЕНИЯ ПРИ РАССМОТРЕНИИ ДЕЛ О БАНКРОТСТВЕ В ЭКОНОМИЧЕСКИХ СУДАХ РЕСПУБЛИКИ УЗБЕКИСТАН. In ПЕРСПЕКТИВЫ РАЗВИТИЯ НАУКИ В СОВРЕМЕННОМ МИРЕ (pp. 163170).
20 Худойбергенов Б.Б. Банкротлик таомили сифатида суд санациясини такомиллаштириш. Фалсафа доктори (Doctor of Philosophy) илмий даражасини олиш учун тайёрланган диссертацияси автореферати. - Т., - 2019. -Б.20.
In this case, we believe that the requirements for the external management plan specified in Article 106 of the Law of the Republic of Uzbekistan "On Bankruptcy" should be included in the plan of judicial rehabilitation, since one of the main goals of external management is the restoration of the debtor's solvency, as well as judicial resolution. Therefore, the measures to restore the debtor's solvency, listed in Article 109 of the Law of the Republic of Uzbekistan "On Bankruptcy", can also help in performing the functions of judicial rehabilitation. Thus, in the current Law of the Republic of Uzbekistan "On Bankruptcy" there are no norms regulating the procedure of judicial rehabilitation, and there are no reference norms in the Law of the Republic of Uzbekistan "On Bankruptcy", which provide for the possibility of applying a number of provisions on external management. We believe that the absence of such reference norms does not allow the implementation of the procedure of judicial rehabilitation and the effectiveness of its implementation will be very low.
References
1. Шишмарева Т. П. Санация несостоятельных должников в России и Германии //Актуальные проблемы российского права. - 2016. - №. 7. - С. 207210.
2. Burkhankhodzhaeva H., Ibratova F. LEGAL ISSUES OF BANKRUPTCY OF A CITY FORMING AND RELATED ENTERPRISES //Norwegian Journal of Development of the International Science. - 2021. -№. 63-2. - С. 16-20.
3. Комментарий к Закону Республики Узбекистан «О банкротстве» / Авт. Коллектив: М.К.Азимов и др. - Ташкент: 2007. - С.238.
4. Ibratova F. Problems of a settlement in bankruptcy cases in economic courts //Norwegian Journal of Development of the International Science. - 2019. - №. 28-3.
5. Барышова, М. В., Белый, В. С., Глущенко, В. М., Ибратова, Ф. Б., Новиков, А. Н., & Пронькин, Н. Н. (2019). Социальное предпринимательство: научные исследования и практика.
6. Ibratova F., Esenbekova F. GENESIS AND EVOLUTION OF LEGISLATION ON CONCEPTIONAL PROCEDURES IN THE REPUBLIC OF UZBEKISTAN //Polish Journal of Science. - 2021. - №. 38-2. - С. 20-24.
7. Ибратова Ф. Б. Банкротство ликвидируемого субъекта предпринимательства: проблемы и решения //Norwegian Journal of Development of the International Science. - 2021. - №. 58-2.
8. Esenbekova, F. T., Okyulov, O., Sh, R., & Ibratova, F. B. (2021). Features of the approval of the world
agreement by the economic court: practice and theory. International Journal of Professional Science, (5), 90-96.
9. Ibratova, F. B., Kirillova, E. A., Smolen, R., Bondarenko, N. G., Shebzuhova, T. A., & Vartumyan, A. A. (2017). Special features of modern legal systems: cases and collisions.
10. Комментарий к Закону Республики Узбекистан «О банкротстве» / Авт. Коллектив: М.К.Азимов и др. - Ташкент: 2007. - С.245.
11. Ibratova, F. TERMS IN CIVIL LAw AND ThEIR APPLICATION IN LEGAL PROTECTION OF CITIZENS IN ThE REPUBLIC OF UZBEKISTAN.
12. Есенбекова, Ф. Т., Эсанова, З. Н., & Ибратова, Ф. Б. (2021). ПРАВОВЫЕ ОСОБЕННОСТИ УТВЕРЖДЕНИЯ МИРОВОГО СОГЛАШЕНИЯ ЭКОНОМИЧЕСКИМ СУДОМ В УЗБЕКИСТАНЕ. In НАУКА И СОВРЕМЕННОЕ ОБРАЗОВАНИЕ: АКТУАЛЬНЫЕ ВОПРОСЫ, ДОСТИЖЕНИЯ И ИННОВАЦИИ (pp. 156-158).
13. Комментарий к Закону Республики Узбекистан «О банкротстве» / Авт. Коллектив: М.К.Азимов и др. - Ташкент: 2007. - С.246.
14. Ibratova F. TERMS IN CIVIL LAw AND ThEIR APPLICATION IN LEGAL PROTECTION OF CITIZENS IN ThE REPUBLIC OF UZBEKISTAN.
15. Довлатова, Г. П., Ибратова, Ф. Б., Кара-щенко, В. В., Макеева, Е. И., Мирославская, М. Д., Пайкович, П. Р., & Харлампенков, Е. И. (2021). Инновации, тенденции и проблемы в области экономики, управления и бизнеса.
16. Ibratova F. Legal Problems of the Concepts Legality, Justification and Justice by Judicial Acts //Middle European Scientific Bulletin. - 2021. - Т. 16.
17. Ibratova F., Narzullaev O. LEGAL NATURE OF LEGAL RELATIONSHIP IN BANKRUPTCY //Norwegian Journal of Development of the International Science. - 2021. - №. 64. - С. 24-26.
18. Ibratova F. Bankrotlik to 'g 'risidagi ishlarda prokuror ishtiroki.
19. Ибратова, Ф. Б. (2019). ПРАВОВЫЕ ПРОБЛЕМЫ МИРОВОГО СОГЛАШЕНИЯ ПРИ РАССМОТРЕНИИ ДЕЛ О БАНКРОТСТВЕ В ЭКОНОМИЧЕСКИХ СУДАХ РЕСПУБЛИКИ УЗБЕКИСТАН. In ПЕРСПЕКТИВЫ РАЗВИТИЯ НАУКИ В СОВРЕМЕННОМ МИРЕ (pp. 163-170).
20. Худойбергенов Б.Б. Банкротлик таомили сифатида суд санациясини такомиллаштириш. Фалсафа доктори (Doctor of Philosophy) илмий даражасини олиш учун тайёрланган диссертацияси автореферати. - Т., - 2019. - Б.20.
