Article 200. Special Considerations with Respect to Initiating and Considering Case on Declaring Natural Person Insolvent

Not later than five days from the date of receipt of an application for declaring a debtor, who is a natural person insolvent, the judge shall issue a ruling on accepting the application and initiating an insolvency case or on refusing to accept or return the application.

In the ruling on initiating a case on the insolvency of a natural person, the court shall impose on the debtor, who is a natural person, the obligation, within fifteen days from the date of receipt of the court ruling, to submit to the court a written opinion with the attachment of the documents provided for in Article 198 of this Law. This rule shall not apply if the application for insolvency is filed by the debtor who is a natural person.

Based on the results of consideration of the case on declaring a natural person insolvent, the court shall adopt one of the following judicial acts:

decision on the introduction of the procedure for restructuring the debt of a natural person;

decision on declaring a natural person bankrupt and initiating the procedure for selling the property of a natural person;

decision to reject the application.

Unless proven otherwise, a natural person shall be considered insolvent if at least one of the following circumstances exists:

in case of non-fulfillment of more than ten percent of the total amount of monetary obligations and (or) obligations to pay taxes and fees for more than one month from the date when such obligations must be fulfilled;

amount of debt of a natural person exceeds the value of their property;

availability of a decision to terminate enforcement proceedings due to the absence of property from a natural person.

If there is information about the opening of an inheritance in respect of a natural person, the court shall have the right to suspend proceedings on the insolvency case of a natural person until the issue of the inheritance is resolved.