Bankruptcy and Restructuring
Bankruptcy – state of an insolvent enterprise where bankruptcy proceedings have been initiated against the enterprise in court or the creditors are performing extrajudicial bankruptcy procedures in the enterprise. This right is aimed at protecting the interests and rights of creditors and their debtors when the latter cannot or are unwilling to repay their debts.
Upon announcement of enterprise bankruptcy in the first instance all claims of your creditors would be suspended. Your company’s management and concurrently relationships with your creditors would be taken over by the administrator appointed by court.
Going bankrupt does not mean losing. Declaration of bankruptcy can relieve you and your company of the burden of debts for the whole life.
Bankruptcy – is not an end, it can always be a new start.
Being guided by such consideration, the administrators working for our Company:
- provide advise on arrangement of bankruptcy initiation proceecings,
- help to preserve the assets of an enterprise in bankruptcy or of a bankrupt enterprise,
- organise collection of assets from debtors and their sale,
- guarantee maximum satisfaction of creditor claims,
- organise sale of remaining assets,
- assess the existing situation and where appropriate consult on the possibility to continue business – restructuring.
Enterprise restructuring process – change of the type of economic activity, modernisation of production, improvement of work organisation, sale of all or part of assets of an enterprise, acceptance of assets of other enterprises through their merger or splitting, implementation of technical, economic and organisational measures aimed at restoration of solvency of an enterprise, change of the amount and terms of fulfilment of liabilities of an enterprise to its creditors.
