Article 225. Special Considerations with Respect to Proceedings in Case of Insolvency of Natural Person in Connection with Conclusion of Settlement Agreement

The conclusion of a settlement agreement shall be deemed the basis for terminating the proceedings on the insolvency of a natural person.

The settlement agreement concluded in the course of proceedings on the insolvency case of a natural person shall apply to the claims of the relevant authorized body and (or) creditors included in the register of creditors' claims as of the date of the meeting of creditors that decided to conclude the settlement agreement.

The settlement agreement shall be approved by the court.

If a settlement agreement is concluded, the execution of the plan for restructuring the debt of a natural person shall be terminated, as well as the moratorium on satisfaction of creditors' claims.

Upon termination of proceedings on the insolvency case of a natural person in connection with the conclusion of a settlement agreement:

powers of the financial manager of a natural person shall be terminated;

natural person or a third party participating in the settlement agreement shall proceed to repay the debt to creditors.

In case of resumption of proceedings in the case of insolvency due to violation of the terms of the settlement agreement, a procedure shall be introduced for declaring a natural person bankrupt and selling their property.