Article 209. Content of Debt Restructuring Plan for Natural Person

The plan for restructuring the debt of a natural person must specify the claims of the natural personʼs creditors, as well as the procedure and terms for satisfying the claims.

The procedure for notifying creditors and the relevant authorized body of the presence of significant changes in the property status of a natural person shall be determined in terms of restructuring debt.

The term for implementing the debt restructuring plan of a natural person may not exceed three years.

The plan for restructuring the debt of a natural person should provide for the satisfaction of claims in full on the obligations of a natural person secured by a pledge at the expense of funds received from the sale of property secured by a pledge.

The claims of the debtor, who is a natural person for compensation for harm caused to the life or health of citizens, as well as the recovery of alimony, payments arising from labor and equivalent legal relations, claims for payment of remuneration to the author based on the results of intellectual activity, shall be included in the plan for restructuring the debt of a natural person.

A proportional satisfaction of the claims of creditors and the relevant authorized body included in the debt restructuring plan of a natural person shall be established.

With the separate consent of the creditor and (or) the relevant authorized body, the plan for restructuring the debt of a natural person may provide for partial compensation of the claim of the person who gave such consent.

In the cases provided for by this Law, the plan for restructuring the debt of a natural person may contain provisions on the procedure and terms for the sale of property that is the subject of pledge.