According to Article 414 of the Civil Code of the Russian Federation, novation is the replacement of the original obligation with another one, providing for a different subject or method of performance. It is interesting that in this procedure all parties are released from the previously arisen requirement, since a new one is formed.
Replacing one obligation with another
Innovation can only be resorted to if:
when replacing one circumstance overseas chinese in worldwide data with another, the parties shall indicate, among other conditions, the intention to terminate the original obligation. If such a clause has not been indicated, then the new requirement will not replace the previous one, but will simply exist in parallel with the original one;
both obligations will be valid. In a situation where the original obligation is declared invalid, the very possibility of concluding new agreements between the parties, which should have been based on the original ones, is eliminated;
the new obligation is determined in accordance with the primary one and provides for a different subject or method of performance. The previous and current requirements must be in a causal relationship, otherwise the parties are bound by two different agreements independent of each other;
the composition of the participants in the new obligation, which was established to replace the original one, must be the same as before. Neither adding participants nor excluding anyone is possible.
The substitution of one obligation for another cannot be carried out if the liability for compensation for damage caused to life or health is discussed, or if the issue concerns the payment of alimony.
Bankruptcy diagnostics and financial recovery of the enterprise can be very useful. The purpose of the event is only good - to finish with the existing debts and restore the solvency of the company.
Reasonable recovery measures will help in finding finances to close current liabilities. We are talking about assistance from participants, about creating a competent financial plan, about reorganization. The recovery procedure can last 24 months, no more. If no positive changes are outlined during this period, the court will be forced to start the stage of external management or bankruptcy proceedings.