The monitoring procedure in the insolvency of the sole proprietor

In the article, the specific features of the monitoring procedure in the insolvency of the sole proprietor are viewed. The norms are analyzed of the current insolvency and monitoring procedure law: the background and the effect of its introduction, the characteristics of the monitoring procedure, the role of the insolvency officer, and the reasons for stopping the procedure. The author notes that special rules that regulate the sole proprietor insolvency, do not cancel the necessity to publish the information on the monitoring procedure introduction, on the order of the appointing the insolvency officer, on holding the meeting of the creditors etc. The article describes a number of particular features of the order of the sole proprietor assets distrain and removing the attachment, after the monitoring procedure is introduced. The attention is paid to the insolvency officer role and the scope of authority during the monitoring procedure in the sole proprietor insolvency process. The duties of the insolvency officer can be divided into the duty on providing the safety of the debtor’s property, on analyzing the finance status of the debtor and on the work with the creditors. For providing the safety of the debtor’s property, the insolvency officer organizes an independent evaluation of the debtor’s property. Besides, he has the right to claim for the invalidity of the deals, for implementing the consequences if the invalid deals, to ask the court to take additional measures on providing the safety of the debtor’s property and others. The analysis of the financial status of the debtor is of course different from that used for the legal persons. However, we need to emphasize its importance and necessity as referred to the debtors who are not sole proprietors. The author comes to the conclusion that the monitoring procedure can also be finished with a decree for a financial recovery or an external control introduction. Besides, the monitoring procedure can result in settlement agreement and stopping the insolvency case.