Article 207. Procedure for Submitting Debt Restructuring Plan for Natural Person

In the process of restructuring the debt of a natural person, the debtor, who is a natural person and (or) the creditor, within ten days from the date of expiration of the period provided for in Article 143 of this Law, shall have the right to submit to the financial manager a plan for restructuring the debt of a natural person.

Information on the procedure and place for familiarization with the draft plan for restructuring the debt of a natural person and the documents attached to it shall be published in the manner prescribed by this Law.

If the financial manager receives draft plans for the restructuring of the debt of a natural person from two or more persons, provided for in part one of this article, they shall submit such drafts for consideration by the meeting of creditors.

If the financial manager of a natural person has not received any draft plan for restructuring the debt of a natural person within the period specified in this article, together with the debtor, who is a natural person, they shall take measures to develop a plan for restructuring the debt of a natural person. If the debtor, who is a natural person, prevents the development of such a plan, the financial manager of the debtor, who is a natural person, shall make a proposal to the meeting of creditors to declare the natural person bankrupt and introduce a procedure for selling their property.

The financial manager shall be obliged to submit for consideration by the first meeting of creditors a draft plan for restructuring the debt of a natural person, objections to the submitted plan and (or) proposals for its revision (if there are such objections), as well as a report on its activities, a register of creditors, information about the financial condition of the debtor, who is a natural person.

The draft plan for restructuring the debt of a natural person shall be considered by the meeting of creditors in the manner prescribed by this Law.

Not later than five days before the date of the trial on the insolvency case of a natural person, the financial manager of a natural person shall be obliged to submit to the court a report on their activities, information on the financial condition of a natural person, protocol of the meeting of creditors, which considered the draft plan for restructuring the debt of a natural person, with an attachment documents provided for in Article 16 of this Law.