Members of our team are included in the list of existing assignees in bankruptcy and fiduciaries and as such can be appointed in insolvency/stabilization proceedings of a trader.
Insolvency proceedings have several phases which, as a rule, develop consecutively over time. Each phase is relatively independent procedure and is distinguished by its specifics:
Application for the opening of insolvency proceedings;
Lodging and accepting the creditors’ claims proceedings;
Recovery of the debtor’s undertaking /optional phase/ proceedings;
Debtor`s declaring bankruptcy proceedings;
Procedure for the liquidation of the debtor’s assets and its distribution among the creditors.
As lawyers, we provide legal protection and assistance in insolvency proceedings:
Analysis of the legal and financial situation of the trader;
Preparation and submission on behalf of the debtor/creditor of an application for opening of insolvency proceedings;
Submission of claims and submission of objections against accepted/ unaccepted claims;
Representation in Creditors’ Meeting/Creditors’ Committee;
Preparation of a healing plan/out-of-court settlement;
Full legal representation in all phases of the proceedings, including the filing of claims for replenishment of the bankruptcy mass.
The procedure for stabilization of a trader is an entirely new procedure, regulated in part “Five” of the Commercial Act, in force as of 01.07.2017.
The trader stabilisation procedure is intended to prevent the opening of insolvency proceedings by reaching an agreement between the trader and its creditors on how to fulfil the trader`s liabilities, leading to the continuation of the trader’s activities.
As lawyers, we provide legal protection and assistance in traders` stabilization proceedings:
Analysis of the legal and financial situation of the trader;
Preparation and submission on behalf of the trader of an application for stabilization;
Preparation of a stabilization plan;
Full legal representation in all phases of the proceedings.