• What is the subsidiary responsibility of a member of the consumer credit cooperative

    Subsidiary liability is the civil additional liability of persons who, together with the debtor, are responsible to the creditor. This applies to cases specified in the contract or legislation. The situation arises if the sold property of the consumer credit cooperative in case of bankruptcy is not enough to pay off the debt. Responsibility arises within a share paid as a contribution.

    Features of secondary liability

    In essence, it represents a bankruptcy stage at which third parties are liable for debts if the debtor refuses to pay or has no income. Sometimes the procedure occurs not only in relation to the credit cooperative, but also the LLC, other legal entities.In this case, the prerequisite may be the wrong actions of participants in the organization, endowed with the ability to give instructions or orders.

    Express responsibility can:

    • damages;
    • undertaking obligations to pay obligatory payments.

    The head of the cooperative can be punished for failure to fulfill the obligations associated with the storage and use of documents of strict accountability.

    Shareholders (members of the credit cooperative), persons whose membership has been terminated within six months from the date of filing the application to the arbitration court, jointly and severally liable within the unpaid part or amount of savings. A specific subject may be found guilty of bankruptcy if his actions or decisions did not comply with:

    • principles of rationality and integrity;
    • business practices;
    • the charter of the cooperative.

    The procedure for bringing to subsidiary liability

    First filed an application to the court. As a result of the consideration of the case, a decision is made to initiate bankruptcy proceedings, to refuse to accept the application, or to leave the motion application.With a positive decision, the procedure begins, consisting of three stages. Observation takes place first, but the temporary administration begins to head the work of the cooperative. Following the results of a detailed report.

    At the stage of financial recovery, measures are being taken to restore the debtor’s solvency. At this stage may take up to two years. At the last stage, external control is exercised when the past leadership is completely excluded from the management of the cooperative. All decisions begin to take arbitration manager. It is from his actions that the possibility of bringing persons to subsidiary responsibility depends.

    The initiator may be the debtor himself or the creditor. Often the decision is made by the arbitral tribunal on the basis of the claim received from both the arbitration manager and the creditor.

    When filing a lawsuit to prosecute persons, the limitation period is an important criterion. He is three years old. The countdown starts from the moment the court makes a decision on declaring the debtor bankrupt.

    During the trial, the board of the cooperative,members of the audit committee may be found guilty of bankruptcy. This becomes the reason for bringing them to administrative or criminal liability. For this, actions or inaction are proved, which became the reason for the situation. If the fact is revealed that the SRO did not apply for the appointment of an interim administration, it is also brought to justice.

    Some nuances

    In January 2018, the CBR proposed to increase the responsibility of the participants. One of the areas of work in this area has been the restriction of the rights of members of cooperatives to withdraw savings and contributions when the financial situation of the CPC deteriorates. The right to return now arises only after the approval of the financial statements for the year. It is planned that the shareholder will be responsible for 6 months, and 12 after leaving the cooperative.

    The reason for such changes was the fact that the mechanism of joint liability for members of cooperatives does not work. When financial institutions deteriorate, participants write withdrawal statements and withdraw funds. From this point on, former shareholders are not responsible for further development.cooperative, which adversely affects the financial component. The new mechanism will help maintain the stability of the PDA. This will also protect the interests of the members, since in the bankruptcy process they lose more money than they need to make to change the situation in the CCP.

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