Creditors’ rights during the application of liquidation proceedings to the debtor

The article analyzes the rights of creditors during the application of the liquidation procedure to the debtor. It is proven that the lack of clear regulation of the rights of creditors can lead to an imbalance of interests between the parties, delaying the liquidation process and, in some cases, to the violation of the legal rights of creditors. It is determined that the liquidation of the debtor, as a mechanism for terminating the existence of the debtor, is aimed at the maximum possible satisfaction of creditors’ claims by selling the assets of the liquidation estate. The key aspects of the participation of creditors in the liquidation procedure are highlighted, in particular their rights and obligations, interaction with the arbitration manager, the ability to influence the decision to remove the liquidator and initiate actions aimed at identifying or returning the debtor’s property. It is emphasized that the implementation of creditors’ rights in the liquidation procedure depends on the active position of the creditors themselves. The following rights of the creditor in the liquidation procedure have been identified and analyzed: satisfaction of his claims, including through joint and several liability of the debtor’s manager or subsidiary liability of persons authorized to manage the debtor; for a secured creditor to redeem the bankrupt’s property in the event of circumstances indicating the absence of an auction; influence the procedure by appealing the actions of the arbitration manager and his removal; influence the debtor’s decision by participating in the creditors’ meeting or committee; exercise control over the debtor’s property; initiate the recognition of the debtor’s transactions as invalid in order to fill the liquidation estate; obtain complete information about the debtor’s property; refute the unfounded claims of other creditors against the debtor; influence the sale of the debtor’s property in the event of the discovery of circumstances of an illegal auction. It is emphasized that the rights of the creditor may be limited due to the insufficiency of the debtor’s assets, the priority of claims, and the presence of procedural deadlines. The focus is on problems related to the insufficiency of the debtor’s assets, the priority of certain categories of creditors and procedural deadlines. The need for amendments to the legislation that would strengthen the rights of current creditors, which are important for attracting investors and maintaining economic stability, is indicated.