Bankruptcy is a court declared inability for a legal entity or person to cover their debts. The according declaration can be filed by a legal entity to a court in the Russian Federation if the debt consists of over 300 thousand rubles and is overdue for longer than 3 months. Debtors often view bankruptcy as a way to free themselves of bad debt. Such views are correct, because any debts left uncovered during various bankruptcy procedures, are written off.
However, there's another side to this "medal": possible subsidiary and criminal liability for persons in control of the legal entity. To avoid such liabilities, legal entities in debt should enlist the support of competent attorneys, who can negate all potential risks for the persons controlling the entity and their chief accountant. To protect the rights of debtors in bankruptcy, our Attorney office offers the following services:
1. Full legal support of the bankruptcy procedure for legal entities, including the services of a liquidator (liquidation commission).
2. Nomination of an arbitration manager.
3. Full legal support of bankruptcy procedures for person.
4. Nomination of a financial manager.
5. Preparation of all the documents necessary to submit a declaration of bankruptcy to court.
6. We offset the risks associated with owners and managers being brought to subsidiary liability.