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Recognition of Transactions as Void 299 5. Grounds for Voiding Transactions Concerning Allocation of a Portion (Share) of the Property of the Debtor in Connection with Exit from the Participants of the Debtor Company Transactions involving the allocation of a portion (share) of the property of a debtor-legal entity may also be found to be void. In accordance with the Federal Law “On Insolvency (Bankruptcy)”, a transaction made by a debtor- legal entity within six months prior to fi ling of the petition to recognize the debtor as insolvent and that is related to the allocation of a portion (share) of the property of the debtor in connection with an exit from the composition of the participants of the debtor may be voided at the petition of the external administrator or a creditor and all things received as the result of such transac- tion are returned to the debtor. This ground can only be applied to challenge transactions of an insolvent debtor that is organized in the administrative and legal form of a limited liability company. The inclusion of this provision in the bankruptcy legislation resulted from a special legal mechanism that mediates the relations of the participants
Review of Central and East European Law – Brill
Published: Jan 1, 2005
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