In the course of business activities for various reasons one may face financial difficulties. A company may have debt to creditors in an amount exceeding its assets. There are also cases, where as a result of default by the opposite party on its obligations, accounts receivable increase and the company loses the opportunity to use the funds that it was previously counted in.
As a result of crisis, caused by lack of ability to meet its financial obligations, companies sometimes have to go through bankruptcy proceedings and, if possible, restore solvency by means of their own income sources, or cease to exist.
Lawspells provides legal services relating to all stages of bankruptcy procedure. We protect the rights of our clients on the part of the debtor or the creditor. We also advise bankruptcy commissioners.
Our attorneys have experience in bankruptcy procedures for insurance companies, industrial, commercial, agricultural enterprises.
Protection of Debtor’s Rights
In some cases bankruptcy carried out in respect of the company is only aimed at grabbing the assets. We help business owners save and keep their assets and maintain livelihoods of the debtor, as well as come out of bankruptcy procedures with minimal losses.
We provide following legal services for protection of debtors rights:
- development and performance of debtor’s protection strategy in bankruptcy proceedings;
- getting ready with the action plan targeted to protect debtor's rights during the bankruptcy process;
- representation in arbitration courts of the debtors rights and interests;
- protection of rights of shareholders of debtor companies at creditors’ meetings.
Protection of Creditors’ Rights
Protecting the rights of the creditos, we provide the following services:
- preparation of bankruptcy petitions in relation to debtor companies;
- preparation of applications for registration in the list of creditors' claims;
- representation of individuals and legal entities at creditors’ meetings and arbitration proceedings;
- preparation of documents and support of holding meetings of creditors at the initiative of the creditor towards the debtor;
- supervision and analyses of bankruptcy commissioner's actions;
- appeal against actions (or absence of action) of bankruptcy commissioners;
- preparation of applications for annulment of decisions of creditors’ meeting.
Legal Advise for Bankruptcy Commissioners
We advise bankruptcy commissioners on any issues of bankruptcy procedures, as well as provide legal support in bankruptcy proceedings in relation to any categories of debtors, in particular:
- preparaing action analyses of bankruptcy commissioners to creditors’ claims;
- preparing information request on debtor's property to government authorities;
- audit of accounts receivable of debtor companies
- debt collection, arbitration procedures and impugnment of shady transactions;
- debtor’s financial status analysis and preparing opinion about presence or absence of signs of premeditated bankruptcy;
- assisting in holding meetings of creditors;
- protocol preparation for the creditors meetings;
- preparaing and holding auctions for debtor's property;
- preparing draft regulations on the procedure, conditions and terms for sale of debtor's property;
- preparation and procedures for auctions for sale of debtor's property;
- management and systematization of the running expenses in bankruptcy.
Lawspells treat each client individually. Excellent knowledge of bankruptcy practice and Russian specificity allows us to provide solutions of any complexity, both for the company-debtor and owners of its property and for creditors, for which the initiation of bankruptcy is sometimes the only legal way to collect the debt.
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