Article 107. Consequences of Non-Fulfillment of Obligations by Persons Who Provided Security for Fulfillment of Obligations

In case of non-fulfillment of obligations by the persons who provided security for the fulfillment of obligations arising from the security provided, within the time period established by the court to satisfy the claims of creditors, and in the absence of grounds for introducing an external management procedure, the court shall adopt decision to declare the debtor bankrupt and initiate liquidation proceedings.

Failure to fulfill obligations by persons who provided security for the fulfillment of obligations arising from the security provided, within the period established in part one of this article, to satisfy the claims of creditors, shall entail joint and several or subsidiary liability of these persons for the obligations of the debtor to creditors in accordance with the legislation.

In this case, during the next insolvency procedure, the judicial manager shall have the right to apply to the court with a claim to the persons who provided the security.