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Commercial bankruptcy - say no to debts!

Commercial bankruptcy is a multi-step procedure, the only legal way to liquidate a loss-making business. Are you on the verge of bankruptcy? Law & Wise experts will help you “pay off” your debts and start a new chronicle in your company’s history.

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How is commercial bankruptcy proceeding?

Lawyers from Law & Wise run the bankruptcy proceedings in accordance with the norms of the Russian legislation (Federal Law "On Insolvency (Bankruptcy)" dated 10.26.2002 No. 127-FZ).

Step-by-step procedure for commercial bankruptcy:

  • Our experts will evaluate the possibility of carrying out a bankruptcy procedure, the prospects for liquidation / restoration of the business solvency, and choose the optimal solution. Legal advice and preliminary analysis of documents free of charge!
  • Filing a commercial bankruptcy petition to the commercial court.
  • Considering the application, appointing the insolvency officer and introducing the monitoring procedure.
  • The company’s financial analysis and assessment of the possibility to restore the debtor’s solvency.
  • The insolvency officer will collect information about your company's creditors and hold a meeting with them.
  • In case of a failure to reach a mutual decision between the debtor and the creditors, the insolvency officer will sell the company’s assets and repay the existing debts.
  • You will receive a liquidation certificate of record in the Uniform State Register of Legal Entities about the company new status.
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Is it possible to “revive” unprofitable debt-ridden company?

Do you want to avoid bankruptcy of your business? Ask Law & Wise experts for help - insolvency of a legal entity will cease to be a problem for your company. A bailout package developed by professionals will help avoid many problems:

FOR THE DEBTOR:
  • suspension of a debt recovery on the basis of enforcement documents
  • possibility to lift an attachment of property
  • termination of interest, penalties and failure penalties accrual
  • full / partial write-off of debts for assets and property to be sold
  • liquidation of the company in accordance with the law
FOR THE CREDITOR:
  • an effective alternative to a debt repayment through court
  • obtaining accurate information about the debtor’s financial standing
  • removal of the company head from his post
  • recovery of funds through the sale of the debtor’s property
  • bringing a director / founders to secondary liability for company debts.
  • challenging the company's transactions for the last 36 months

Judical practices and cases

At the request of the legal bureau lawyers, the court declared the creditor’s claims for the debtor’s insolvency (bankruptcy) well pleaded and opened the bankruptcy proceedings opened against the debtor.

2 August 2017

With the help from the legal bureau lawyers, the court declared the creditor’s claims for the debtor’s insolvency (bankruptcy) in the simplified procedure as well pleaded, and opened the bankruptcy proceedings.

27 June 2017

Protection of the temporary manager’s interests at the request of the creditor.

The temporary manager, assisted by lawyers from the legal bureau, convinced the court that there were no grounds for invalidating the analysis of the debtor’s financial standing and the possibility of opening bankruptcy proceedings.

5 October 2017

Recovery of a debt in the amount of 276,500 rubles and a penalty in the amount of 261,054.34 rubles under state contracts for the performance of contract work.

With the help from the legal bureau lawyers, the bankruptcy manager recovered in court from the city administration the amount of the debt, as well as the penalty on municipal contracts for land improvement works and major repairs. The reason for going to court was the failure of the city administration to fulfill obligations to pay for the work performed.

14 August 2015

With the help from the legal bureau lawyers, the bankruptcy manager challenged in court the debtor’s transactions of property. The court enforced implications of an invalidated transaction by returning the property transferred to the bankruptcy estate.

21 July 2017

QUESTION-ANSWER

Is it possible to bring the legal entity head to liability for the company's debts?

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Does the court dismiss the debtor’s company CEO during the monitoring procedure?

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The commercial court can remove the CEO from office based on a petition of a temporary manager. If the petition is granted, the court orders to dismiss the CEO or restrict his powers.

Who can appeal against the actions of the insolvency officer?

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Only persons participating in a bankruptcy case can appeal against actions / inactions of the insolvency officer by filing a claim to the commercial court. The court orders the discharge of the insolvency officer in the case of improper fulfillment of his duties.

How does the court appoint the temporary manager?

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The commercial court approves the temporary manager according to Art. 45 of Bankruptcy Law. Most often, the court approves the temporary administrator proposed by the creditor, who files the debtor insolvency and indicates the candidacy of the insolvency officer.

Is it possible to enter into settlement during bankruptcy proceedings?

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By virtue of Art. 150 of the Bankruptcy Law, a settlement agreement is approved by the commercial court and can be concluded at any stage of the bankruptcy proceedings on the initiative of the debtor, bankruptcy creditors and authorized bodies. The bankruptcy creditors and authorized bodies decide on settlement at the meeting of creditors.

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Law & Wise -
entrust your business recovery to professionals!

Experts from Law & Wise supervise the bankruptcy proceedings at the initiative of both the debtor and the creditor. What benefits can you get by contacting us for help?

BENEFITS FOR THE CREDITOR:

We will help you to recover debts from your client, as well as fines and penalties for past-due debt

Experts will help you to participate in the auction, in order to sell the property of the debtor to repay the debt

We will include your requirements in the register of creditors when due.

BENEFITS FOR THE DEBTOR:

Our experts focus on legal entities. This guarantees complete immersion in your problem and the search for the optimal way out in favor of your company.

Analyzing the situation, we will do whatever is required to restore the solvency of your company without initiating commercial bankruptcy.

During trial, we will apply all possible ways to reduce your expenses for repaying a debt, fines and penalties
Preliminary audit of documents
 
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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 +7 (495) 7-222-800 info@lwise.pro 2 Entuziastov Boulevard,
BC Golden Gate, 24th floor
Mo-Fr from 10 a.m. to 7 p.m.