Civil Code of the Russian Federation: Pts. 1, 2 & 3

Peter B. Maggs

• Publisher: Routledge
• Year: 2018
• ISBN:
  9781315498478
• Edition: 1
• Topic: History
• Subtopic: North American History
• Index: History

The Third Part of the Civil Code of the Russian Federation was adopted by the Russian Parliament on November 26, 2001, to take effect on March 1, 2002. It has two divisions: Inheritance Law and Private International Law. This translation of the Third Part of the Code by Peter B. Maggs includes an introduction by Professor Maggs as well as all amendments to the first two parts of the Code. Some of these amendments are of a purely technical nature, but some include substantive changes. This volume thus complements the first and second parts of the Civil Code of the Russian Federation, published in 1997 by M.E. Sharpe.

Civil Code of the Russian Federation

Amendments to the First and Second Parts

Article 64 as originally enacted

Article 64. Satisfaction of the Claims of Creditors

1. Upon the liquidation of a legal person, the claims of its creditors shall be satisfied in the following order:

in the first priority, claims of citizens to whom the entrepreneur is liable for causing of harm to life or health shall be satisfied by capitalization of the respective periodic payments;

in the second priority, settlements shall be made for the payment of severance allowances and payment for labor with persons working under a labor agreement, including contract-in-writing employment, and also for payment of compensation under publishing contracts;

in the third priority, claims of creditors secured by pledge of property of the legal person being liquidated shall be satisfied;

in the fourth priority, indebtedness for obligatory payments to the fisc and to off-budget funds shall be covered;

in the fifth priority, settlements shall be made with other creditors in accordance with a statute.

2. The claims of each priority shall be satisfied after the full satisfaction of the claims of the previous priority.

3. In case of insufficiency of the property of the legal person being liquidated, it shall be distributed among creditors of the respective priority proportionally to the amount of claims subject to satisfaction, unless otherwise established by a statute.

4. In case of refusal by the liquidation commission to satisfy the claims of a creditor or of avoidance of considering them, the creditor shall have the right, before the approval of the liquidation balance sheet, to bring a suit in court against the liquidation commission. By decision of the court the claim of the creditor may be satisfied at the expense of the remaining property of the legal person undergoing liquidation.

5. Claims of creditors presented after the period established by the liquidation commission for their presentation shall be satisfied from the property of the legal person undergoing liquidation that remains after the satisfaction of the claims of creditors presented on time.

6. The claims of creditors not satisfied because of the insufficiency of the property of the liquidated legal person shall be considered canceled. Creditors' claims not recognized by the liquidation commission shall be considered canceled if the creditor has not brought a suit in court, and also claims for which the creditor has been refused satisfaction by a decision of a court shall be considered canceled.

Article 64 as amended effective February 24, 1996, by the Federal Statute of February 20, 1996, No. 18–FZ

Article 64. Satisfaction of the Claims of Creditors

1. Upon the liquidation of a legal person, the claims of its creditors shall be satisfied in the following order:

in the first priority, claims of citizens to whom the entrepreneur is liable for causing of harm to life or health shall be satisfied by capitalization of the respective periodic payments;

in the second priority, settlements shall be made for the payment of severance allowances and payment for labor with persons working under a labor agreement, including contract-in-writing employment, and also for payment of compensation under publishing contracts;

in the third priority, claims of creditors secured by pledge of property of the legal person being liquidated shall be satisfied;

in the fourth priority, indebtedness for obligatory payments to the rise and to off-budget funds shall be covered;

in the fifth priority, settlements shall be made with other creditors in accordance with a statute.

In the liquidation of banks or other credit institutions attracting the funds of citizens, the claims of citizens who are creditors of banks or other credit institutions shall be satisfied in the first priority.

2. The claims of each priority shall be satisfied after the full satisfaction of the claims of the previous priority.

3. In case of insufficiency of the property of the legal person being liquidated, it shall be distributed among creditors of the respective priority proportionally to the amount of claims subject to satisfaction, unless otherwise established by a statute.

4. In case of refusal by the liquidation commission to satisfy the claims of a creditor or of avoidance of considering them, the creditor shall have the right, before the approval of the liquidation balance sheet, to bring a suit in court against the liquidation commission. By decision of the court the claim of the creditor may be satisfied at the expense of the remaining property of the legal person undergoing liquidation.

5. Claims of creditors presented after the period established by the liquidation commission for their presentation shall be satisfied from the property of the legal person undergoing liquidation that remains after the satisfaction of the claims of creditors presented on time.

6. The claims of creditors not satisfied because of the insufficiency of the property of the liquidated legal person shall be considered canceled. Creditors' claims not recognized by the liquidation commission shall be considered canceled if the creditor has not brought a suit in court, and also claims for which the creditor has been refused satisfaction by a decision of a court shall be considered canceled.

Article 87 as originally enacted

Article 87. Basic Provisions on the Limited Liability Company

1. A limited liability company is a company founded by one or several persons, the charter capital of which is divided into shares of amounts determined by the founding documents; the participants in a limited liability company are not liable for its obligations; they bear the risk of losses connected with the activity of the company within the limits of the value of the investments contributed by them.

Participants in the company who have not fully contributed their investments bear joint and several liability for its obligations within the limits of the value of the unpaid part of the investment of each of the participants.

2. The firm name of a limited liability company must contain the name of the company and the wo...

Table of contents

• Cover
• Half Title
• Title
• Copyright
• Contents
• Introductory Commentary to the Third Part of the Civil Code
• CIVIL CODE OF THE RUSSIAN FEDERATION THIRD PART
• ON PUTTING THE THIRD PART OF THE CIVIL CODE OF THE RUSSIAN FEDERATION INTO EFFECT
• CIVIL CODE OF THE RUSSIAN FEDERATION: AMENDMENTS TO THE FIRST AND SECOND PARTS