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Representation of the debtor during the rehabilitation procedure

Representation of interests of the debtor in the course of monitoring procedures

Legal support in case of charges to the head in the course of bankruptcy proceedings or after its completion;

Advice for senior management - reduction scheme of state employees, taking into account the specifics of the procedure of bankruptcy;

Oral and written legal consultations of experts on all questions of procedure of bankruptcy of physical persons and legal entities: its procedure and consequences;

Monitoring procedure:

Observation is the first procedure in bankruptcy that is entered by arbitration court by results of consideration of statements for bankruptcy.

In the monitoring procedure approved by the court, the temporary Manager is obliged.

To take measures on maintenance of safety of property of the debtor.

To identify the debtor's creditors.

Maintain a register of requirements.

Conduct a General inspection by results of which to make a determination about the presence /absence of signs of deliberate (fictitious) bankruptcy.

To convene and hold the first creditors ' meeting, which should be reviewed report of the Manager, by results of meeting the report can be approved or not approved by General meeting of creditors.

Principal risks and errors in the bankruptcy process of the debtor:

Untimely execution of requirements of the interim Trustee and court may result in liability of the Manager.

Protection of the interests of the debtor to the creditors must be trusted lawyers, it is not always the interests of the provisional (liquidator) coincide with the interests of the debtor.

The distortion of the information submitted by the conflict between owners and management of the company.

Key stages of bankruptcy proceedings:

Step 1. Rehabilitation of the debtor prior to the commencement of the bankruptcy case (pre-reorganization).

We are talking about a system of measures to restore solvency of the debtor, which may be implemented by the founder (participant, shareholder) of the debtor, the owner of property (body authorized to manage property) of the debtor, the creditor, debtor and other persons to prevent the bankruptcy of the debtor through the adoption of organizational and economic, managerial, investment, technical, financial-economic, legal measures in accordance with the law prior to the commencement of the bankruptcy case.

The main components of the procedure, pre-trial rehabilitation are:

written consent of the owner of property (body authorized to manage property) of the debtor;

written consent of the lenders, total amount of claims which exceeds 50 % of accounts payable of the debtor according to its accounting records;

the rehabilitation plan which must be agreed in writing by all creditors and approved by the General meeting of the creditors of the debtor.

It is important that the validity of the procedure, pre-trial rehabilitation may not exceed 12 months from the date of approval by the court of an appropriate rehabilitation plan. Pre-trial reorganization envisaged by the legislator to the problem of bankruptcy can be addressed before the start of the trial in fact.

Step 2. The proceedings in the bankruptcy case.

Application for initiation of proceedings on bankruptcy submitted to the commercial court at the location of the debtor - legal entity or place of residence of the individual entrepreneur debtor or the creditor in written form. Creditors can be individuals, enterprises, institutions, organizations and bodies of income and fees and other governmental bodies that have documented requirements for monetary obligations to the debtor.

Within 5 days of receipt of the application for commencement of bankruptcy proceedings, the economic court has the right to:

Make a statement;

To refuse to accept the application;

To return the application without consideration.

Dependent on the category, activity and availability of the debtor's property, the economic court applies the General, special or simplified procedure for bankruptcy.

The General procedure involves the use of procedures disposition of property with a subsequent transition to procedures of reorganization, liquidation or settlement agreement.

The special procedure provides for involvement in additional participants, extending the period of readjustment, the matching procedures for the disposition of property and reorganization.

A simplified procedure is applied in the liquidation of the bankrupt without the use of procedures disposition of property and reorganization.

To identify all creditors is the official publication of announcements on initiation of bankruptcy proceedings on the official website of the Supreme economic court of Ukraine on the Internet.

Creditors are required to submit a written statement of claims to the debtor, as well as documents confirming them, within thirty days from the day of official publication of the notice about initiation of proceedings about bankruptcy.

Simultaneously with the issuance of the resolution on initiation of proceedings on bankruptcy, the court introduced the procedure of disposition of property or so-called external control procedure. This procedure involves the supervision and control of the management and disposal of property of the debtor to ensure the safety and effective use of the debtor's property and analysing its financial position and determining the next optimal procedure (reorganization, settlement agreement or liquidation) to creditors.

The law of Ukraine "on restoring debtor's solvency or recognizing it bankrupt" has the term procedures disposition of property of the debtor is entered - one hundred and fifteen calendar days, which may be extended by the court upon a reasoned petition, but not more than two months.

The property Manager is an independent person who is appointed by the decision of the commercial court. Its functions are to:

processing of statements of creditors on monetary claims against the debtor;

the register of requirements of creditors;

the message of the creditors on the results of consideration of their claims;

measures for the protection of property of the debtor;

analysis of financial

economic activity, investment provisions of the debtor and its position in the markets etc.

The purpose of this procedure is the ability of the debtor to satisfy the claims of all creditors in accordance with the register is wholly or partly the same for all proportion to the requirements of each lender (with the consent of the creditors ' Committee and the property Manager). The carrying out such calculations indicates the recovery of the debtor's solvency and the economic court terminates production on business about bankruptcy.

In all other cases, the bankruptcy procedure continues.

Step 4. The reorganization of the debtor.

The creditors Committee of the debtor has the right to sue the petition introduction of the rehabilitation procedure for a period of not more than eighteen months.

Rehabilitation – the system of measures which are undertaken during the proceedings on bankruptcy with the aim of preventing recognition of the debtor bankrupt and its liquidation, aimed at improving the financial and economic condition of the debtor, and also the satisfaction in full or in part of creditors through restructuring of enterprise, debts and assets and / or changes of the legal form of the debtor.

Recovery administrator is appointed by the economic court from among the Trustees in bankruptcy who are licensed to carry out activities of arbitration Manager, wydano State Department on bankruptcy issues.

The introduction of the rehabilitation procedure shall be made public through publication on the official website of the Supreme economic court of Ukraine on the Internet.

Among the main responsibilities of the rehabilitation Manager:

to take note of the economic management of the debtor's property and arranging its inventory;

the opening of a special account for the readjustment of and settlements with creditors;

development and submission to the court of a plan of reorganization, which, taking into account the priority needs

to provide for the repayment of creditors;

the recovery in favor of the debtor of the receivable;

independent evaluation of the alienation of property in the process of rehabilitation in the manner established by the legislation etc.

The main methods of restoration of solvency of the debtor in the course of rehabilitation may be:

the increase in share capital of the debtor;

the alienation of the debtor's property by replacing assets.

the sale of the debtor's property;

If the result of the special court of bankruptcy was not restored the solvency of the debtor and not the calculations for its debts, the commercial court acknowledges the debtor bankrupt and opens the liquidation procedure for a period of twelve months.

Step 5. The recognition of the debtor bankrupt.

Bankrupt – a debtor, who is unable to meet its cash obligations as established commercial court.

To the debtor's Declaration of bankruptcy has the following effects:

the period of performance for all monetary obligations of the bankrupt is deemed to have occurred;

from that bankrupt there are no additional obligations (including for payment of taxes and duties, except for expenses related to the implementation of the liquidation procedure;

the accrual of penalties (fines, penalties), interest and other sanctions for all the debts of the bankrupt;

information about the financial situation of the bankrupt ceases to be confidential or to constitute a trade secret;

canceled the arrest on property of the debtor, declared bankrupt, or other restrictions on the disposal of property of the debtor. Imposing of new arrests or other restrictions on the disposition of property of a bankrupt is not allowed;

The liquidation procedure in the bankruptcy proceedings - a procedure, the main purpose of which is to eliminate a recognized court of the debt of the bankrupt by way of sale of the bankruptcy estate and the settlement of its debts.

It is important to remember that bankruptcy is a complex, multi-step and lengthy procedure which requires a huge expense of forces, time and nerves and, unfortunately, money.

Our law firm provides professional and comprehensive approach to the liquidation of the company. We try to make it easier for your customer this complicated process in a very short amount of time and money.