Abstract
Reorganization of a legal entity entails significant risks for creditors. To reduce risks, the law (article 60 of the RF Сivil Сode) vests the lenders with special rights. When a legal entity makes the decision about its reorganization, the creditor has the right to demand early performance of obligations, and in case of impossibility of early performance – to require the termination of obligations and compensation for losses. The application of this general rule to the creditors, whose rights are based on the bill, faces a problem: the Regulation on bills and notes of 1937 (article 43) does not mention reorganization as grounds for early repayment of the bill. In the present paper, the author proves that the bill holders have the rights envisaged by article 60 of the RF Civil Сode. The author analyzes the problems in case of bill presentation for repayment.
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