Bankruptcy of the company in Russia

Bankruptcy procedure of legal entity, OOO, company: Services of interim manager in Voronezh

The concept of bankruptcy means that the debtor is unable to pay the debt obligations assigned to him, including loans, taxes and the work of employees. It involves both corporate structures and natural entities. The procedure for bankruptcy of a legal entity in Voronezh begins with the filing of an application by the debtor or creditor.

What are the advantages of filing of an application on bankruptcy of a legal entity by a creditor in Voronezh?

• Filing an application for declaring the debtor bankrupt will enable the creditor to independently choose an arbitral receiver who will conduct the bankruptcy procedure. This will allow the creditor to control the procedure and to be sure that all the debtor's property will be found and sold according to its value.
• The creditor with the chosen arbitral receiver will have the opportunity to exclude bad faith /sham creditors from the register of claims, so it gives the opportunity to receive most of the debtor's property.
• The creditor will be able to know about transactions made by the debtor on the eve of bankruptcy, which will allow challenge transactions for the alienation of property, replenish the insolvency estate and satisfy the claims against the debtor.
• Schemes for concealment of property by bad faith debtors are constantly being improved, and delaying the procedure allows for such debtor to safely withdraw his assets. An application from the creditor that is declaring the debtor as bankrupt will be a surprise for him and the creditor will have the opportunity to recover the debts.

Why is bankruptcy? Indeed, the enforcement proceeding is cheaper

The bankruptcy law gives to the creditor the unique opportunities to receive funds from the debtor. And it is not available during the enforcement proceedings:

• According to the legislation, the founder (participant) of the Company does not assume the obligations of the company, and the company, in turn, is not related to the debts of the founder. Of course, this creates certain difficulties for the creditor. At the same time, the bankruptcy procedure of a legal entity in Voronezh gives both an opportunity to prosecute both a legal entity and a natural entity.
• The possibility of obtaining hidden assets by challenging transactions on special grounds. This is relevant for the following cases:
  • Transaction on non-market terms, it means that the sale of valuable assets at an intentionally undervalued value, the transfer of a large amount of property as a debt, the acquisition of illiquid property at an inflated price, etc.
  • Transaction with the purpose of defrauding other creditors. This may include the transfer of assets against a fictitious debt obligation.
  • A transaction that indicates the priority of one of the creditors to others (for example, in case of wage arrears, the debtor first of all repays the debt to the secured creditor).

The procedure of bankruptcy of legal entities in Voronezh allows the creditor to verify the true situation regarding the finances, assets and solvency of the debtor.

What are the cases when the creditor can apply on the bankruptcy of a legal entity in Voronezh?

Any creditor can apply on the bankruptcy of a company (legal entity) in Voronezh, pin case if the current debt is at least 300,000 rubles. A mandatory condition is the approval of the debt by the court. If the debt obligation is not repaid within three months, the creditor has the right to initiate bankruptcy proceedings. Some situations suggest the possibility of starting a process without a relevant act. It requires the evidence of insolvency. Thus, a credit institution can apply on bankruptcy based on a loan agreement. It is necessary to indicate this intention and file an application 15 days after publication.

The notification of the intention to apply to the court with an application on the bankruptcy of a company

According to the legislation, the right to apply to the court with an application on the bankruptcy for a creditor, debtor, employee / former employee of the debtor can be in case of the publication of a notice of intent to file such an application. The notification is published in the Unified Federal Register of legally significant information about the facts of the activities of legal entities, individual entrepreneurs and other business entities. It is briefly Federal resource. It must be published at least 15 calendar days before the actual applying of the application to the court.

The creditor of the debtor, who applied the application on the bankruptcy, has the right to choose an arbitral receiver for bankruptcy proceedings. The arbitral receiver is the person who actually manages the bankruptcy procedure. This opportunity is a very significant privilege.

It is important to remember that if the minimum 15-day period for applying is not observed, as well as if an application is not applied to the court within 30 days, the application is returned to the creditor. This does not deprive him of the right to reapply, but the opportunity to appoint his manager may be irreversibly lost.

What should you do if the debtor has already applied the application on the recognition of himself as a bankrupt?

The lawyers of the Tsentralny Okrug Law Firm have a vast experience of working with arbitral receivers and debtors in the commercial court. So it gives the opportunity to recognize various schemes of bad faith debtors and managers. With the help of our specialists in Voronezh, even when applying on the bankruptcy by another person, you will be able to:

• join the register of claims of creditors
• Independently challenge the debtor's suspicious transactions
• Challenge the actions of the arbitral receiver, file a complaint against him, and in some cases change the bad faith / incompetent arbitral receiver
• Prosecute the people who control the debtor

Bankruptcy of a legal entity in Voronezh is a complex procedure that requires the special knowledge and experience of conducting cases in commercial court. Without a thorough analysis of the situation, it may cause a lot of problems. Therefore, it is especially important to tackle the issue right and timely. The Tsentralny Okrug Law Firm has a vast geography of providing bankruptcy services. Today we accompany projects on bankruptcy in Voronezh, Lipetsk, Kursk, Belgorod, Tambov, Moscow and are ready to cooperate with creditors in any regions of the Russian Federation. Are you looking for a lawyer in the commercial court? You can book a service of the Tsentralny Okrug Law Firm and get help from qualified specialists! The author is Stanislav Valezhnikov

Author is Stanislav Valezhnikov