<Li> The third proceeding is the Schuldsanering . This proceeding is designed for individuals only and is the result of a court ruling . The judge appoints a monitor . The monitor is an independent third party who monitors the individual's ongoing business and decides about financial matters during the period of the "Schuldsanering". The individual can travel out of the country freely after the judge's decision on the case . </Li> <P> Federal Law No. 127 - FZ "On Insolvency (Bankruptcy)" dated 26 October 2002 (as amended) (the "Bankruptcy Act"), replacing the previous law in 1998, to better address the above problems and a broader failure of the action . Russian insolvency law is intended for a wide range of borrowers: individuals and companies of all sizes, with the exception of state - owned enterprises, government agencies, political parties and religious organizations . There are also special rules for insurance companies, professional participants of the securities market, agricultural organizations and other special laws for financial institutions and companies in the natural monopolies in the energy industry . Federal Law No. 40 - FZ "On Insolvency (Bankruptcy)" dated 25 February 1999 (as amended) (the "Insolvency Law of Credit Institutions") contains special provisions in relation to the opening of insolvency proceedings in relation to the credit company . Insolvency Provisions Act, credit organizations used in conjunction with the provisions of the Bankruptcy Act . </P> <P> Bankruptcy law provides for the following stages of insolvency proceedings: Monitoring procedure (nablyudeniye); The economic recovery (finansovoe ozdorovleniye); External control (vneshneye upravleniye); Liquidation (konkursnoye proizvodstvo) and Amicable Agreement (mirovoye soglasheniye). </P> <P> The main face of the bankruptcy process is the insolvency officer (trustee in bankruptcy, bankruptcy manager). At various stages of bankruptcy, he must be determined: the temporary officer in Monitoring procedure, external manager in External control, the receiver or administrative officer in The economic recovery, the liquidator . During the bankruptcy trustee in bankruptcy (insolvency officer) has a decisive influence on the movement of assets (property) of the debtor - the debtor and has a key influence on the economic and legal aspects of its operations . </P>

Which company has become the first to face bankruptcy proceedings under the new bankruptcy law