Arbitration manager is an individual appointed by the economic court in the established order in the bankruptcy issue as a manager, managing readjustment or liquidator from among the persons who have received the appropriate certificate and listed in the Unified Register of arbitration managers (managers of the property, managing readjustment, liquidators) of Ukraine.
The right to operate the arbitration manager (property manager, managing readjustment, the liquidator) is given to the person receiving the corresponding certificate in accordance with this Act, and included in the Unified Register of arbitration managers (property manager, managing readjustment, the liquidator) of Ukraine.
Arbitrage managers are subjects for independent professional activity.
Implementation of the activities of the arbitration manager (property manager, managing readjustment, the liquidator) without a contract of insurance risks of its activity is prohibited.
Signing of professional liability insurance contract arbitration manager (property manager, managing readjustment, the liquidator) will be insured by a full package of risks:
- failure to comply with the conditions of the auction sale of the property (skip filing deadlines, incorrect registration of the application, etc.);
- violation of the debtor property sale procedure;
- mistake in determining the priority of creditors’ claims;
- abuse of authority at the signing of agreements on behalf of the debtor;
- disclosure of information about the financial position of third parties, which have become known to the Insurer (the person whose liability is insured) in connection with his professional activities;
- improper implementation of duties to ensure the safety / protection of property, documents and information of the debtor;
- other unintentional actions and mistakes happened from the rights and obligations of the insurer in accordance with the law and which are not exceptions to the insurance cases.
The insured sum is determined by agreement of the parties at the signing of the Treaty, but in accordance with Article 110 of the Law of Ukraine “On the reconstruction of the debtor’s solvency or declaring it bankrupt” the minimum amount of annual insurance amount should be 300 times the minimum wage set at the beginning of the year.
In accordance with the Law of Ukraine “On State Budget of Ukraine for 2017” (Article 8) – set the minimum size of the salary from 01.01.2017 – is 3200.00 UAH., so the minimum insurance amount shall be 365 400,00 UAH.
The circumstances that are essential for the assessment of insurance risk:
- Terms of the Insured of their professional activities;
- Qualification of Insurer (the person whose liability is insured);
- The amount of insurance coverage;
- Recognition of the Insured’s liability for damage to third parties caused by the events were similar to the risks taken by insurance, which occurred in the last five (5) years preceding the year of the conclusion of the insurance contract.
For the signing of the insurance agreement is only necessary to fill out an application for insurance and submit the following documents:
- passport (first, second page and the page with the indication of the place of residence);
- certificate granting individual tax number (TIN);
- certificate of the right to operate the arbitration manager, or the protocol of the Qualification Commission on passing the exam (on the activity of the arbitration managing director);