Article 228. Signs of Insolvency of Debtor Who is Individual Entrepreneur and Application for Declaring Insolvent

The impossibility of the debtor, who is an individual entrepreneur, to satisfy the claims of creditors for monetary obligations and (or) to fulfill their obligations for taxes and fees, if the corresponding obligations and (or) obligations for obligatory payments are not fulfilled by the debtor, who is an individual entrepreneur, within three months from the date of occurrence and the claim to the debtor, who is an individual entrepreneur, is at least two hundred times the size of the base calculation amount, shall be deemed signs of the insolvency of the debtor, who is an individual entrepreneur.

An application for recognizing a debtor, who is an individual entrepreneur, as insolvent may be filed with the court by a debtor, who is an individual entrepreneur, a creditor, as well as state tax authorities and other authorized bodies, with the exception of claims for compensation for damage to life or health, for the recovery of alimony, as well as creditors presenting other requirements of a personal nature.

When carrying out the procedure for declaring a debtor, who is an individual entrepreneur, insolvent, creditors shall have the right to present their claims on a claim for compensation for harm caused to life or health, for the recovery of alimony, as well as for other claims of a personal nature. The claims of these creditors shall remain valid even after the completion of the insolvency proceedings of an individual entrepreneur, if they were not presented during the application of the insolvency procedure.