Liquidation through bankruptcy

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If the economic activity of the enterprise has become unprofitable and the legal entity cannot repay debts to creditors, formed on the basis of court decisions and enforcement proceedings, personally the founder or creditors can initiate bankruptcy proceedings.

This procedure is clearly regulated by law, has many nuances, requires specialized knowledge in the field of jurisprudence. To ensure that the bankruptcy procedure went smoothly, taking into account the requirements of the regulations, contact Legal Solutions.

In what cases is bankruptcy allowed?

If the firm's business is not going very well, the legal entity does not receive the desired profit - this is not a reason to start bankruptcy proceedings.

Initiate bankruptcy can be in the case when the business entity has become insolvent, ie, does not have the ability to repay debts incurred to creditors.

In such a case, liquidation of the company through bankruptcy is the best option. During the procedure, the order of repayment of debts will be determined. And if the assets are not enough for this, the debt will be considered discharged.

What services we offer?

Without the help of highly qualified lawyers in all the intricacies of bankruptcy founders and even in-house counsel LLC can not understand. We offer our clients comprehensive legal services, which include:

1. Legal consultations.
2. Drawing up an application and sending it to the economic court to open a case on bankruptcy.
3. Preparation of necessary documents.
4. Representation of interests in court and before creditors.
5. Assistance in selecting and appointing a trustee in insolvency.
6. Legal support of rehabilitation.
7. Appeal against the actions of the bankruptcy trustee and many others.

What gives the procedure of bankruptcy?

A legal entity, whose insolvency is established in the legal order receives the following advantages:

• regardless of the type and amount of debt, the accrual of penalties and forfeitures is stopped;
• the property is released from seizure;
• application of new restrictions and encumbrances is prohibited.

What documents are needed?

For the bankruptcy procedure, a large package of documents should be prepared, in particular:

• Passport and taxpayer registration card number of the founder, head.
• Extract from the Unified State Register.
• Certificate from the tax office on registration, statistics department.
• Financial and accounting documentation.
• List of creditors and debtors (with a detailed indication of the amount of debt and the basis of its occurrence).
• Statements of bank accounts on the availability of funds on the current date. 

Other documents confirming the insolvency of the business entity may be required. The package of documents also depends on the method of liquidation of the enterprise through bankruptcy on the general, simplified scheme or physical person-entrepreneur.

Comparatively recently in Ukraine came into force the Code on Bankruptcy, the norms of which are obligatory for execution by business entities when declaring insolvency.

Thanks to the experts of the law firm Legal Solutions you will be able to minimize the costs, time and effort to carry out the procedure of liquidation of the enterprise through bankruptcy. We guarantee compliance with the law and high professionalism.

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