Article 233. Consequences of Declaring Debtor, who is Individual Entrepreneur as Bankrupt

From the moment the court adopts decision on declaring the debtor, who is an individual entrepreneur, bankrupt and start liquidation proceedings:

deadlines for the fulfillment of the debtor's monetary obligations shall be considered to have come;

accrual of forfeits (fines, penalties), interest and other economic (financial) sanctions on all obligations of the debtor shall be terminated;

recovery from the debtor for all executive documents shall be terminated, with the exception of executive documents for claims for the recovery of alimony, as well as for claims for compensation for harm caused to life or health.

The decision on declaring a debtor, who is an individual entrepreneur, bankrupt and initiating liquidation proceedings shall be sent by the court to all known creditors with an indication of the period for the presentation of claims by creditors, which should not exceed one month. Distribution of this court decision shall be carried out at the expense of the debtor, who is an individual entrepreneur.

From the moment the court adopts the decision on declaring the debtor, who is an individual entrepreneur, bankrupt, the state registration as an individual entrepreneur shall become invalid, and the validity of the licenses issued to them to carry out certain types of activities shall also be terminated.

The court shall forward a copy of the decision on recognizing the debtor, who is an individual entrepreneur, as insolvent to the body that registered this person as an individual entrepreneur, and to the licensing authority.

The rules provided for by parts three and four of this article shall not apply when declaring a debtor, who is a natural person and who has lost the status of an individual entrepreneur as bankrupt.