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II. >MDD8F85=B A>>B=>H5=8O A>1AB25==KE 8 705<=KE A@54AB2 4. /2;O5BAO >4=>9 87 E0@0:B5@8AB8: D8=0=A>2>9 CAB>9G82>AB8 ?@54?@8OB8O 8 >?@545;O5BAO :0: >B=>H5=85 A>1AB25==KE A@54AB2 (8B>3 @0745;0 IV 10;0=A0) :> 2A59 AC<<5 >1O70B5;LAB2 ?> ?@82;5G5==K< 705<=K< A@54AB20< (HYPERLINK \l "sub_9590"8B>3 @0745;>2 V 8 HYPERLINK \l "sub_9690"VI 10;0=A0 70 2KG5B>< HYPERLINK \l "sub_9640"AB@>: 640 - 4>E>4K 1C4CI8E ?5@8>4>2, HYPERLINK \l "sub_9660"660 - @575@2K ?@54AB>OI8E @0AE>4>2 8 ?;0B5659;  EMBED Equation.3  (4) 1>@0G8205<>ABL @07=KE M;5<5=B>2 >1>@>B=KE 0:B82>2 8 :@548B>@A:>9 704>;65==>AB8 @0AAG8BK205BAO 2 4=OE 8AE>4O 87 >1J5<0 4=52=KE ?@>406 (>4=>4=52=>9 2K@CG:8 >B @50;870F88). 1J5< 4=52=KE ?@>406 @0AAG8BK205BAO 45;5=85< 2K@CG:8 >B @50;870F88 =0 G8A;> 4=59 2 ?5@8>45 (90, 180, 270 8;8 360). !@54=85 (70 ?5@8>4) 25;8G8=K >1>@>B=KE 0:B82>2 8 :@548B>@A:>9 704>;65==>AB8 @0AAG8BK20NBAO :0: AC<<K ?>;>28= 25;8G8= =0 =0G0;L=CN 8 :>=5G=CN 40BK ?5@8>40 8 ?>;=KE 25;8G8= =0 ?@><56CB>G=K5 40BK, 45;5==K5 =0 G8A;> A;0305<KE, C<5=LH5==>5 =0 1.  EMBED Equation.3  EMBED Equation.3  (5) 45: 0 - 1>@0G8205<>ABL >1>@>B=KE 0:B82>2: !@.AB.0 - A@54=OO AB>8<>ABL >1>@>B=KE 0:B82>2 (?> HYPERLINK \l "sub_9290"AB@.290 10;0=A0) V - >1J5< ?@>406  EMBED Equation.3  EMBED Equation.3  (6) 45: 47 - 1>@0G8205<>ABL 4518B>@A:>9 704>;65==>AB8 !@.AB. - A@54=OO AB>8<>ABL 4518B>@A:>9 704>;65==>AB8 (?> HYPERLINK \l "sub_9230"AB@.230 + HYPERLINK \l "sub_9240"240 10;0=A0) V - >1J5< ?@>406  EMBED Equation.3  EMBED Equation.3  (7) 45: 7 - 1>@0G8205<>ABL 70?0A>2 !@.AB. - A@54=OO AB>8<>ABL 70?0A>2 (?> AB@.210 10;0=A0) V - >1J5< ?@>406 =0;>38G=> ?@8 =5>1E>48<>AB8 <>3CB 1KBL @0AAG8B0=K ?>:070B5;8 >1>@0G8205<>AB8 4@C38E M;5<5=B>2 >1>@>B=KE 0:B82>2 (3>B>2>9 ?@>4C:F88 =57025@H5==>3> ?@>872>4AB20, AK@LO 8 <0B5@80;>2) 8 :@548B>@A:>9 704>;65==>AB8. >:070B5;8 @5=B015;L=>AB8 >?@545;ONBAO 2 ?@>F5=B0E 8;8 4>;OE. 5=B015;L=>ABL ?@>4C:F88 (8;8 @5=B015;L=>ABL ?@>406) K5:  EMBED Equation.3  ( 8) 45: !B@.050 D>@<K !2 BG5B > ?@81K;OE 8 C1KB:0E - ?@81K;L >B @50;870F88 !B@. 010 D>@<K !2 BG5B > ?@81K;OE 8 C1KB:0E - 2K@CG:0 >B @50;870F88 5=B015;L=>ABL 2;>65=89 2 ?@54?@8OB85:  EMBED Equation.3  ( 9) 45: !B@.140 D>@<K !2 BG5B > ?@81K;OE 8 C1KB:0E - ?@81K;L 4> =0;>3>>1;>65=8O !B@. 700 D>@<K !1 CE30;B5@A:89 10;0=A - 8B>3 10;0=A0 A=>2=K<8 >F5=>G=K<8 ?>:070B5;O<8 O2;ONBAO :>MDD8F85=BK 1, 2, 3, 4 8 5. @C385 ?>:070B5;8 >1>@0G8205<>AB8 8 @5=B015;L=>AB8 8A?>;L7CNBAO 4;O >1I59 E0@0:B5@8AB8:8 8 @0AA<0B@820NBAO :0: 4>?>;=8B5;L=K5 : ?5@2K< ?OB8 ?>:070B5;O<. 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N 395-I " 10=:0E 8 10=:>2A:>9 45OB5;L=>AB8" (A 87<. 8 4>?. >B 2 D52@0;O 2006 3.) //www.garant.ru 53;0<5=B ?@54>AB02;5=8O :@548B>2 N@848G5A:8< ;8F0< !15@10=:>< >AA88 8 53> D8;80;0<8 >B 8 45:01@O 1997 3. N 285-@ (CB2. ><8B5B>< !15@10=:0 $ ?> ?@54>AB02;5=8N :@548B>2 8 8=25AB8F89) (A 87<5=5=8O<8 >B 1 >:BO1@O 1998 3., 29 O=20@O 1999 3.) //www.garant.ru 5B>48G5A:85 C:070=8O ?> ?@>2545=8N 0=0;870 D8=0=A>2>3> A>AB>O=8O >@30=870F89 (CB2. @8:07>< $!$ !16 >B 23.01.2001 3.) //www.garant.ru CE>=>20!. . ><?;5:A=0O <5B>48:0 0=0;870 D8=0=A>2>9 CAB>9G82>AB8 ?@54?@8OB8O//-:>=><8G5A:89 0=0;87: B5>@8O 8 ?@0:B8:0, 2005, N 7, A. 8-15. 5@0A8<>20. . ><?;5:A=K9 0=0;87 :@548B>A?>A>1=>AB8 705<I8:0 //-:>=><8G5A:89 0=0;87: B5>@8O 8 ?@0:B8:0,2006,N 9, A. 43-51. >=G0@>2 .. !8AB5<0 8=48:0B>@>2 ?;0B565A?>A>1=>AB8 ?@54?@8OB8O // $8=0=AK,2005,6, A.22 >=G0@>2 ... F5=:0 ?;0B565A?>A>1=>AB8 ?@54?@8OB8O: ?@>1;5<0 MDD5:B82=>AB8 :@8B5@852 // -:>=><8G5A:89 0=0;87: B5>@8O 8 ?@0:B8:0 // 2006, ! 1, A.18 2A5520. .. 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solvency.boom.ru $8=0=A>2K9 <5=546<5=B: B5>@8O 8 ?@0:B8:0: #G51=8: / >4 @54.. !. !B>O=>2>9.  5-5 874., ?5@5@01. 8 4>?.  .: 74-2> 5@A?5:B820, 2005. -656 A. '5@=K9. .. @548B=K9 A:>@8=3: @>AA89A:89 20@80=B @0728B8O//0=:>2A:85 CA;C38,2006,N 4,A. 12-19. (5@5<5B, . 5B>48:0 D8=0=A>2>3> 0=0;870 45OB5;L=>AB8 :><<5@G5A:8E >@30=870F89. .: =D@0-,- 2006.- 237A (8H:8= . 0=:>2A:0O A8AB5<0 >AA88. 0AB>;L=0O :=830 10=:8@0. .: 5:0 !. 2006.  2032 A. )81>@I . =0;87 :@548B>A?>A>1=>AB8 705<I8:0.//  HYPERLINK "http://www.finanalis.ru" www.finanalis.ru  5G=8:>20 .., 0@:>20 .., !B0@>4C1F520 .. 0=:>2A:85 >?5@0F88: #G51=8:. .: $ #:$ -, 2005.  A.96  8. .1 >F5=:5 :@548B>A?>A>1=>AB8 705<I8:0 (@>AA89A:89 8 70@C156=K9 >?KB)/. . 8//5=L38 8 :@548B.-2005.-N 2.-!. 50-54.  02@CH8= .., 0<>=>20 .., 0;5=F520 .. 0=:>2A:>5 45;>. 74-2>: => CA, 2005.- !.222  8B>2A:8E .. $8=0=A>2K9 <5=546<5=B >=A?5:B ;5:F89. .: 2005 - 79 A  02@CH8=.. 0=:>2A:>5 45;>: A>2@5<5==0O A8AB5<0 :@548B>20=8O..: => CA-2006. 256 A.  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