Experts’ legal support for bankruptcy of legal entities from experts
The bankruptcy procedure in Ukraine is becoming more complicated from year to year and currently it is regulated not only by legislation but also by the case law of the Supreme Court. We keep our finger on the pulse of this practice and help clients comply with all the formalities which are necessary for the effective application of this mechanism.
PRAGNUM sees its key task in the maximum possible control over the bankruptcy procedure with the cessation of violations and abuses from the client’s opponents.
Accompanying the creditor in the bankruptcy procedure, we initiate the involvement of independent auditors and arbitration managers. A thorough analysis of the debtor's financial condition allows us to appeal the dubious transactions and identify signs of bankruptcy (Article 219 of the Criminal Code of Ukraine).
Acting in favor of the debtor enterprise, we do everything necessary to protect its owners and managers. Their safety is ensured by competent work with the assets and liabilities of the enterprise, as well as thoughtful interaction with creditors.
PRAGNUM Law Firm will help you to undergo the bankruptcy procedure, minimizing risks and protecting your company's interests. You are guaranteed to get professional support at every stage - from negotiations with creditors to the completion of the process.
Bankruptcy legal services – full support from professional lawyers
We understand that each bankruptcy case is unique, so we offer a full range of legal services, taking into account the individual needs of each client. Our team provides:
- Consulting on bankruptcy of legal entities and possible alternative solutions.
- Assistance in bankruptcy - action planning for each stage of the process.
- Support in negotiations with creditors and protection of the company's interests during legal proceedings.
- Drafting and applying documents necessary for the initiation of bankruptcy procedings and its successful completion.
Why should you choose us?
At PRAGNUM Law Firm, we understand that bankruptcy can be a stressful and difficult process for managers and owners. Our goal is to provide support and impeccable legal advice.
- Expertise and experience.
We have over 18 years of experience in supporting bankruptcies of legal entities. Our specialists understand all the intricacies of the process and can effectively protect your interests. - A team of independent bankruptcy specialists.
We have a professional and experienced team of lawyers, auditors, court experts and arbitration managers, whose participation is a guarantee of the client achieving important goals in the bankruptcy procedure. - An individual approach.
Each situation is unique, so we develop individual strategies that best meet the client's needs. Our team will help to choose the most optimal solution for your company. - Legal support at every stage.
We support clients at all stages, from drafting documents to completing legal proceedings, ensuring full compliance with the requirements of current legislation.
- Confidentiality.
We guarantee complete confidentiality and protect of our clients' information.
What problems can be solved through bankruptcy?
- Collection of problematic or “bad” debts. This is ensured by two instruments, access to which is provided by the bankruptcy procedure. 1) The possibility of holding the owner or manager of the debtor enterprise to subsidiary or joint liability for its debts. 2) Recognizing the debtor’s transactions as invalid and subsequent return of property or funds withdrawn from the enterprise.
- Liquidation of an enterprise that has debts. Bankruptcy is the only way to liquidate an enterprise which debts exceed the amount of its assets. For the debtor, the advantage of the bankruptcy procedure is that the result of the procedure is the write-off of all its debts.
- Settlement of corporate conflicts. By appointing an independent arbitration manager as the manager of the debtor enterprise, the creditor gains actual control over this enterprise with the possibility of access to information about the movement of funds in bank accounts and transactions made by the enterprise.
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What is bankruptcy of legal entities?
Corporate bankruptcy is a complex and in many cases necessary legal process that allows a company in financial crisis to review or settle its debt obligations. This procedure can be initiated by the company itself or by its creditors, in the event that the company is unable to meet its financial obligations.
Main advantages of bankruptcy procedure
- Stopping the debt accumulation: the accumulation of fines and penalties ceases, that can help stabilize the financial situation.
- Debt restructuring: launching a procedure that allows you to review the terms of debt obligations and, if possible, agree on a debt reduction or change in the terms of its payment.
- A new start for business: in some cases, this procedure allows the company to start its activities from scratch.
Stages of the bankruptcy process of legal entities
The bankruptcy process in Ukraine consists of several key stages. Each stage requires detailed attention and professional legal support.
- Assessment of the company's financial condition. At this stage, it is important to analyze the company's assets, liabilities, debt obligations and financial history. Our law firm provides services for a comprehensive assessment of the financial condition, which helps to determine the optimal course of further action.
- Settlement or restructuring. According to the law, before filing for bankruptcy, it is possible to negotiate with creditors for concluding a settlement agreement. Such an agreement allows to avoid the formal procedure and reach concert on reducing or deferring debt.
- Recognition as bankrupt. If restructuring or a settlement agreement are impossible, the case goes to court. At this stage, we ensure applying of all necessary documents, participation in appointment of an arbitration and court hearings. We provide full legal support of the process, representing the client's interests in court and ensuring compliance of all actions with the legislation of Ukraine.
- Liquidation or rehabilitation. Depending on the results of the bankruptcy case, the company may be liquidated or rehabilitated (reorganized). Liquidation means the complete closure of the enterprise and the sale of its assets to cover debts. Rehabilitation, in turn, involves restoring the company's solvency and continuing its activities.
Legal support for bankruptcy – detailed explanations, development of an action plan
Frequently Asked Questions (FAQ)
- What are the rights and obligations of a company that initiates bankruptcy? The debtor company is obliged to initiate this procedure if its manager identifies signs of insolvency. Starting this procedure allows to settle relations and obtain protection from creditors.
- How long does the bankruptcy procedure last? The duration of the procedure depends on the circumstances of the case, but on average it lasts from 12 to 18 months.
- Is it possible to avoid bankruptcy through debt restructuring? Yes, debt restructuring is possible at the stage of negotiations with creditors, which sometimes allows to avoid the formal procedure.
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Contact us for comprehensive legal support and professional support in bankruptcy of legal entities!