In the first half of 2016, President of the Republic of Azerbaijan established a new supervisory authority over financial markets, the Financial Markets Supervision Authority (FIMSA). FIMSA was established with the goal of improving licensing, regulation and supervision of securities market, investment funds, insurance, credit organizations (banks, non-bank credit organizations and postal operator) and payment systems operations.

By carrying out entrepreneurial activities, i.e. independent activities carried out at its own risk, aimed at systematic profit from the use of property, sale of goods, performance of works or provision of services, in conditions of market instability, exchange rate fluctuations and consumer demand, the company may experience signs of bankruptcy.

"Termination of the bankruptcy procedure is not the basis for termination of proceedings on the application for bringing to subsidiary liability of controlling persons of the debtor" - this is the conclusion reached by the Supreme court of the Russian Federation considering the complaint of the creditor-applicant in the bankruptcy case.

"17" November 2017 completed the procedure of bankruptcy proceedings of the debtor LLC "Novaport", case A40-70634/2016.

The existence of a legal entity can be compared with human life, i.e. establishment (birth), activities (human life) and liquidation (death). However, in each of the comparable phenomena above, from the point of view of law, there are significant differences. In the framework of this article, we focus on the consideration of the legal ‘death’ (liquidation) of legal entities, and study this issue in relation to certain types of corporations (business entities).

The Constitutional Court of the Russian Federation has obliged a tax authority to check the relevancy of the claim to recognize a debtor as a bankrupt in terms of prospects and economic feasibility of initiating such dispute.

The financial Director, who is the controlling person of the debtor, by virtue of the presumption established by law, withdrew from the current account of the debtor funds in the total amount of 1 500 000 rubles. These funds she spent by order of the Director in the period from 14.01.2015 to 13.01.2016.

GRATA, - 2020,

GRATA Monthly Summary, January-February 2020, Kyrgyzstan

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Table of content:

1 On clarification on the procedure for installing and , using equipment designed to accept payments using bank payment cards or electronic money

2 , On prohibition of activities related to geological

exploration for the purpose of prospecting, exploration

, , and development of uranium and thorium deposits in

the Kyrgyz Republic

3 " On adoption of the Law on the national budget of the

Presidential resolution “On measures to simplify the process of liquidation of business entities” was adopted.

In accordance with the Resolution, from January 1, 2020, permanently functioning territorial special commissions for the liquidation of enterprises that are not engaged in financial and economic activities and (or) have not formed their statutory funds within the time limits established by the legislation are abolished.

Since July 1, 2019, changes came into force that will affect customs regulation, licensing, public procurement, investor relations, corruption risk assessment and many different sectors.

Purchase from defaulter cannot be credited VAT

Buyers of goods (works, services) are not entitled to include VAT in offset if the supplier is not a payer of this tax. Information on taxpayer registration with tax authorities as VAT payers can be obtained on the STC website.

“One-stop-shop” is opened for investors

Starting from January 1, 2020, liquidation procedures will be simplified. In particular, the announcement of the liquidation of the enterprise no longer needs to be published in print media, liquidating business should post the announcement on the website of the State Services Agency. Amendment to the regulation will allow non-functioning enterprises to resume work. Initially, they will be transferred to an inactive mode for 3 years, which will be followed by the liquidation process in case of unsustainability.