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BANKRUPTCY

BANKRUPTCY
INDIVIDUALS

Writing off any debts, including debts arising from credit obligations in a simplified manner through bankruptcy.

Additional services for individuals:

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  • Assistance in reducing loan payments.

  • Rendering   assistance in consolidating loans into one.

  • Rendering   assistance in restructuring.

  • Challenging the actions of banks and MFIs.

  • Challenging credit history.

  • Property protection.

  • Other.

BANKRUPTCY
LEGAL ENTITIES

If the company has excessive arrears and the founders do not find a way out of the financial crisis, they can initiate bankruptcy of the organization.

Services:

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  • Preparing for bankruptcy of the enterprise.

  • Protection from subsidiary liability.

  • Search for debtors' property.

  • Asset protection.

  • Work in foreign jurisdictions.

  • Other.

ARBITRATION GOVERNING SERVICES
(partners)

An arbitration manager is a person appointed by an arbitration court to conduct bankruptcy proceedings for an insolvent organization or citizen

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Services:

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  • Conducting bankruptcy cases of legal entities and individuals.

  • Placement of publications on bankruptcy.

  • Financial analysis and report preparation.

  • Meetings of creditors.

  • Sale of debtors' property at auction.

  • Other.

INFORMATION ON BANKRUPTCY OF LEGAL ENTITIES

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Who can start the bankruptcy procedure of a legal entity?
The initiators of the bankruptcy procedure under the current legislation may be:

Directly to the company's management

Founders and owners of the company

Creditors

Social funds

Public services and prosecutors;

Salaried personnel in the event of a significant wage delay.

Stages of bankruptcy of a legal entity:
The procedure of bankruptcy (recognition of insolvency) of a legal entity can be divided into several stages, each of which performs a certain set of important functions.

Observation - it is necessary to analyze and study the current negative financial situation in the organization;

Appointment of an arbitration manager who controls the conduct of all events and is responsible for the safety of property during the proceedings;

Recovery - this stage involves evaluating and taking the necessary measures to save the debtor's organization, through the introduction of effective management methods.

External management of the organization - the functions of the company's management are performed by a third-party manager appointed in court;

Bankruptcy proceedings-the stage provides for a complete inventory of material and technical values for subsequent sale and further repayment of debts.

INFORMATION ON THE BANKRUPTCY OF INDIVIDUALS

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Who can start the bankruptcy procedure of an individual?

the debtor himself;

the lender;

regulatory authorities, if there are arrears on mandatory contributions.

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List of debts (liabilities) that can be written off:

Loans. Loans from microfinance organizations and individuals.

Taxes and penalties for non-payment (late payment) of taxes.

Outstanding utility bills (electricity, water, gas, rent).

Administrative fines (for example, traffic police fines).

Debts incurred as a result of activity as an individual entrepreneur.

Other.

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