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Supporting bankruptcy proceedings - there is always a way out!

Has your calm and measured life changed dramatically? Is there a series of failures, including financial ones? Loan burden has become unbearable. Start your life with a clean slate! Law & Wise firm specialize in supporting bankruptcy proceedings, saving clients from unbearable burden of financial debts!

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Insolvency proceedings of a person - we will help you become bankrupt legally!

Bankruptcy proceedings are not a conventional process, since each case is unique with its own individual characteristics. That is why it is important that professional lawyers support the bankruptcy proceedings. To protect the client’s interests, Law & Wise experts use only legal methods:

  • Debt restructuring Lawyers from Law & Wise will help arrange an installment plan to pay off the debt, stop charging penalties and fines for arrears, release the disdained property, and suspend the writs of execution.
  • Realization of property. We will help you choose an insolvency officer who will sell the debtor’s property.
  • The settlement agreement. Law & Wise employees will take all possible measures to reach an agreement between the lender and the debtor, aimed at resolving all financial issues related to the debt repayment.

 

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Law & Wise - we will help you to write off debts!

Law & Wise experts provide clients with legal services in the field of bankruptcy. We act in the interests of both individuals and legal entities who may become participants in the bankruptcy proceedings. Law & Wise experienced lawyers offer their clients the following services:

FOR DEBTOR:
  • an objective assessment of the financial situation, including legal audit;
  • development of a package of measures aimed at protecting the legal entity’s business assets ;
  • support in the beginning of bankruptcy proceedings and interaction with the insolvency officer;
  • stage-by-stage support of a legal entity / individual in the bankruptcy proceedings;
  • repayment of the client’s existing debts by means of selling the debtor's property;
  • the possibility of reestablishing debtor’s solvency in an external management and financial sanation procedures;
  • protection of client’s transactions as part of debt restructuring, including personal contacts with a financial manager, who may prohibit transactions.
FOR CREDITOR:
  • initiating the bankruptcy of the debtor, in order to protect the creditor’s interests;
  • interaction and control over the actions of the insolvency officer, and, if necessary, challenging his actions and sending complaints to the self-regulatory organization of arbitration managers;
  • revealing the ways to repay the debtor’s financial obligations to the creditor, which is an alternative to the bankruptcy of a legal entity / individual;
  • challenging in court the debtor’s transactions over the past 3 years in order to return the withdrawn assets to the bankruptcy estate;
  • imposing secondary liability to those controlling the debtor (for example, the general director, the chief accountant, the founders, the beneficiaries, etc.).

Judical practices and cases

QUESTION-ANSWER

From what moment will they suspend recovery on the basis of an enforcement document during the bankruptcy of an individual?

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Pecuniary sanctions against an individual will be suspended when the commercial court introduces one of the bankruptcy procedures: the sale of the debtor’s property or the restructuring of debts. However, the law provides for exceptional cases when enforcement proceedings are not suspended, for example, if there are enforcement documents for recovery of alimony or compensation for harm caused to life or health.

When can a citizen declare bankrupt?

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The law on bankruptcy defines the following signs of insolvency of an individual: the amount of debt exceeds 500 thousand rubles and the delay is more than 3 months.

What are the signs of bankruptcy of a legal entity?

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The law on bankruptcy defines the following signs of insolvency of a legal entity: the amount of debt exceeds 300 thousand rubles and the delay is more than 3 months.

How long does a commercial bankruptcy last?

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Each case is individual and the duration of a bankruptcy proceeding directly depends on many criteria: the size of the debt, the debtor’s property and assets, the number and aggressiveness of creditors, the chosen candidate for insolvency officer, etc. The court introduces the monitoring procedure for a period of 7 months, financial sanation for up to 2 years, external management for 18 months, and liquidation procedure for a period of 6 months, which is often extended. As practice shows, in most bankruptcy cases, liquidation often follows monitoring.

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What are the advantages of bankruptcy?

Law & Wise firm offer services to all categories of citizens. By signing our contract, you can be sure that you are declared bankrupt. Benefits of declaring a person insolvent are as follows:

BENEFITS FOR THE DEBTOR:

You will receive an installment plan to fulfill your obligations to the creditor legally and without adverse effects - after the commencement of the bankruptcy case, a moratorium on creditor claims is imposed

Your debt will cease to increase, since after the start of the procedure charging of fines and penalties stops

All restrictions imposed on the property will be lifted

It is prohibited by law to distress again, etc.

If a debt restructuring decision is made, the repayment terms will be revised to more acceptable and loyal to the debtor

BENEFITS FOR THE CREDITOR:

The initiation of the bankruptcy proceedings by the creditor allows to choose the candidacy of an insolvency officer and a particular SRO, increasing the chances of fulfilling the debtor’s requirements

The creditor has the opportunity to challenge the debtor’s transactions of property that was withdrawn from the bankruptcy estate before the person was declared bankrupt

As part of the bankruptcy proceedings, a person who is a director or owner of the company (legal entity) against which the bankruptcy is initiated may be brought to subsidiary liability for the company’s debts.

The bankruptcy case of a legal entity is public, which may adversely affect the reputation and image of the debtor (legal entity). For this reason, many debtors businessmen solve financial problems in a short time sighing a settlement agreement or paying off debt

The listed advantages of commercial and personal bankruptcy allow us to speak about the significance of bankruptcy support services, which you can order in the Law & Wise office.

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Our experts

Ilya Kirillov
Executive Partner
Denis Dubovik
Executive Partner
Ivan Kolsanov
Associate Partner, Insolvency Officer
Georgy Simonyan
Associate Partner, IMEX Expert, PhD in Law
Damir Nigmatulin
Senior Lawyer
Zhuravleva Olga
Senior Lawyer
Tokarskaya Daria
Assistant Manager
Aliev Elman
Lawyer
Law & Wise legal services in Moscow info@lwise.pro 2 Entuziastov Boulevard,
BC Golden Gate, 24th floor
Mo-Fr from 10 a.m. to 7 p.m.