Note for bankruptcy administrators

22/04/2020 Font

The Ministry of Justice would like to inform that there are a number of specifics prescribed for cases of expiry of the term of office of a bankruptcy administrator, including the following:

●      If a person has not attained the age of holding office for engaging in activities of thea bankruptcy administrator yet, but will attain it after 15 April 2020, the administrator may, at least one month before attaining the age for holding office, apply to the Minister of Justice to receive permission to engage in activities of the bankruptcy administrator for a term of up to five years, if he or she is participating in bankruptcy proceedings which have not completed; otherwise, the qualification of a bankruptcy administrator shall be terminated by virtue of point 2 of part 1 of Article 29.2 of the Law “On bankruptcy”.

●      In case a person has attained the age for holding office of the bankruptcy administrator after the amendments made to the Law “On bankruptcy” on 17 June 2016 or before 15 April 2020, by virtue of part 5 of Article 29 of the previous edition of the Law “On bankruptcy”, bankruptcy administrators whose activities have been extended by the Observer Board of the Self-Regulatory Organisation of Administrators for a period prescribed by the Board, shall be deemed to be bankruptcy administrators with permission to continue their activities.

●      In case a person had attained the age for holding office of the bankruptcy administrator prior to the entry into force of the amendments made to the Law “On bankruptcy” on 17 June 2016, taking into account the fact that the restrictions with respect to the age for holding office did not have retroactive force and had not extended to the relations having arisen in the past, the holding of office of those bankruptcy administrators was deemed to be extended until termination of the cases that are pending in their proceedings.

By virtue of part 3 of Article 29.2 of the Law “On bankruptcy” and sub-point 2 of point 6 of the Annex approved by Order of the Minister of Justice No 111-N of 13 March 2020, bankruptcy administrators having attained the age for holding office in all of the aforementioned cases may not participate in the drawing of lots for election of bankruptcy administrator and/or be appointed as a bankruptcy administrator.

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