In this complex stage of economic development, an increasing number of economic entities, due to both objective and subjective reasons, are unable to fulfil their obligations – repay their debts. It is natural that successful days are overshadowed by downturns, which must be overcome and move forward. It's important to make decisions responsibly, timely, and appropriately.
Therefore, it's important to know that bankruptcy law exists. In conducting a bankruptcy procedure, the norms of bankruptcy law regulate both the protection of creditors' and debtors' rights and interests.
Characteristics of bankruptcy: Insolvent company; Bankruptcy case filed in court; Creditors' conducted bankruptcy procedure not in a test order. A company's insolvency is associated with: Non-performance of the company's obligations; Delay in the company's performance of obligations exceeding half the value of the assets recorded on its balance sheet. A bankruptcy procedure can be initiated by: Creditor(s); The owner(s) of the company; The company's administration manager.
Characteristics of bankruptcy: - Insolvent company;
- Bankruptcy case filed in court;
- Creditors' conducted bankruptcy procedure not in a test order.
| A company's insolvency is associated with: - Non-fulfillment of the company's obligations;
- Delay in the company's fulfillment of obligations that exceeds half the value of the assets recorded on its balance sheet.
| A bankruptcy procedure can be initiated by: - Creditor(s); The owner(s) of the company;
- The manager of the company's administration.
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We draw your attention to the fact that the owners and managers of legal entities must assess the financial situation of their company. Seeing that the company is incapable of settling with creditors, they not only have the right, but also the obligation to initiate the bankruptcy process. If the owner or manager of the company does not make a decision to initiate the bankruptcy procedure in time, according to the provisions of the Bankruptcy Law, these subjects are liable for initiating the bankruptcy procedure. The latter, having been late in submitting an application to the court for the initiation of a bankruptcy case, are personally obliged to cover the damage caused to the creditors by such actions.
Specializes in company bankruptcy procedures. We assess the company's solvency and consult on company bankruptcy issues. We undertake all, even non-standard, legal means to initiate and conduct the bankruptcy procedure.
OFFERS THESE LEGAL SERVICES:
- Evaluation of the legality and reasonableness of initiated bankruptcy procedures;
- Assessment of the company's solvency;
- Legal administration of bankrupt companies;
- Debt recovery;
- Purchase of debtor's debts;
- Other legal services.
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