With the insolvency of the company and the formation of large debts, there is only one way out - bankruptcy. After the recent global crisis, practice has shown that a modern Russian businessman has only superficial knowledge about this procedure. In this regard, the legal support of bankruptcy is of particular relevance today.
The whole process is clearly spelled out in the legislation, but a competent lawyer or consulting firm will help to come out with a good plus, no matter how difficult bankruptcy is. Legal services in this area are provided in full range on the current market, but it should be remembered that the price and prestige of the company does not always play a decisive role.
It is important to note that the support of bankruptcy proceedings can be of several types: integrated, accounting, legal. The implementation of the entire procedure can occur at the request of both the debtor, the creditor, and another interested person.
It is also necessary to say about the five main stages. Legal support for bankruptcy always begins and follows according to the following plan:
1) Supervision - a procedure that begins after the initiation of an arbitration case is applied to the debtor. The goal is to ensure the safety of property, conduct financial analysis, draw up a register of creditor claims and hold the first meeting.
2) Financial recovery - is used to restore the solvency of the debtor and pay off debts. It should be noted that the legal support of bankruptcy at this stage includes the next step.
3) External management - the management of the company is transferred to the bankruptcy trustee, whose purpose is the maximum repayment of debts. That is why
external management and
financial recovery are so closely connected and in fact turn out to be one.
4) Bankruptcy proceedings - is the last step in the whole procedure. This stage is aimed at equal satisfaction of claims of creditors.
5) Amicable agreement - is considered a separate element and can occur at any of the four stages listed above. Legal support for bankruptcy often leads precisely to the world. The procedure is suspended when there is agreement between the debtor and the creditor in resolving this problem.
According to the scientific definition, bankruptcy is the totality and sequence of stages prescribed in the Federal Law “On Insolvency (Bankruptcy)”. It should be noted that the legal support of bankruptcy allows you to find opportunities using special procedures that can not only reduce the overall time of the whole process, but also save you from some stages. In any case, bankruptcy is a complex process, having many nuances and subtleties, depending on the type of activity of your company. Almost every law office provides legal support for bankruptcy, so save time and money by contacting professionals.