Article 222. Completion of Settlements with Creditors and Release of Natural Person from Obligations

After completion of settlements with creditors, the financial manager shall be obliged to submit to the court a report on the results of the sale of the property of a natural person, copies of documents confirming the sale of the property of a natural person and satisfaction of creditors' claims, as well as a register of creditors' claims, indicating the amount of satisfied creditors' claims.

Based on the results of consideration of the report on the results of the sale of the property of a natural person, the court shall issue a ruling on the completion of the procedure for the sale of the property of a natural person.

After the completion of settlements with creditors, a natural person shall be released from the obligation to fulfill unsatisfied claims of creditors due to the insufficiency of the property of a natural person, including claims of creditors that were not filed during the introduction of the debt restructuring procedure or declaring a natural person bankrupt and selling their property (hereinafter referred to as the release of a natural person from obligations).

The release of a natural person from obligations shall not apply to the circumstances provided for by paragraph five of this article, as well as the claims of creditors who are not aware or could be unaware of the initiation of insolvency proceedings against the natural person.

The release of a natural person from obligations shall not be allowed in cases where:

there is a judicial act that has entered into force on bringing a natural person to criminal or administrative liability for the deliberate creation of insolvency or concealment of insolvency after their illegal actions in the insolvency case;

evidence has been established that the natural person did not provide the necessary information or deliberately submitted false information to the court considering the insolvency of the natural person, and this evidence is confirmed by the relevant judicial act adopted upon considering the case on the insolvency of the natural person;

illegal actions of a natural person during the period of occurrence or execution of the claims of the creditor or the relevant authorized body are proved, including fraud, unreasonable evasion from payment of debts, evasion of taxes and fees, as well as the deliberate submission of false information to the creditor when obtaining a loan, concealment or deliberate destruction of property.