Bankruptcy is a powerful tool in all sectors of the economy, at all levels, from individual entrepreneurs to multinational giant companies. The effect achieved with implementing the bankruptcy procedures, for both the debtor and the creditor, depends on the promptness and professionalism of the legal actions taken to achieve the desired result.
The bankruptcy of the debtor to the creditor should not be seen as a tool documenting reasons for debt allowance only. When properly proceeded it creates the possibility for the creditor to obtain the amount of the debt and the penalty, and be reimbursed with all costs of the bankruptcy process. The debtor, in his turn is able to legally stop the imposition of a penalty fee for default on an obligation and to restore its financial position. Otherwise the debtor will have the legitimate allowance of his debts as a result of the bankruptcy process.
With bankruptcy law being complex and constantly evolving, this process and its related procedures require the participation of professionals having the knowledge and understanding of the relevant trends and issues. It is important to take an active position at each stage of the process, monitoring the activities of the arbitration manager, participating in the creditors meetings and assuring the accuracy of the auction. What’s important is that a proper specialist is able to recognize a premeditated bankruptcy and to take proper actions. One should be able to empower the legislation and procedures with every opportunity whenever favourable to the client.
PRESIDENT CONSULT has extensive experience in the legal support of bankruptcy processes, combined with the expertise and valuation of the professionals regarding the legal and financial state of the debtor- an approach our specialists take when participating in the bankruptcy trials. Below is an unexceptional list of measures administered by specialists of PRESIDENT CONSULT to protect the interests of our clients in bankruptcy process:
- Drafting and submission of the documents for the bankruptcy trial;
- Monitoring the creditors meetings ensuring the accuracy; participation in the meetings;
- Conducting negotiations with creditors on behalf of the debtor and the creditor;
- Cooperation with arbitration managers;
- Identifying fraudulent conveyance deals of the debtor, applying to the court to contest these deals;
- Analysis of the debtor’s activities to identify the grounds for filing in to the law-enforcement authorities for incrimination.