Bankruptcy of individuals and legal entities

Bankruptcy of individuals and legal entities

In the current crisis conditions, the possibility of conducting bankruptcy procedure for legal entities and individuals, as well as for interested creditors to initiate bankruptcy procedure against the debtor, has become relevant.

The bankruptcy procedure can become a convenient mechanism that will allow you to resolve many issues.

The initiator of the bankruptcy procedure of the legal entity can be both the debtor and the creditor. All that is required is to apply to the commercial court at the location of the legal entity with the relevant application and appendices to it.

It should be noted that the Bankruptcy Code of Ukraine significantly simplified the requirements for initiating bankruptcy procedures at the request of the creditor.

From now on, the amount of the debtor’s debt to the creditor does not matter, as well as the presence of the court decision on debt collection, on the basis of which enforcement proceedings are initiated.

Therefore, it is sufficient to have only the existence of outstanding, recognized and undisputed obligations of the debtor to the creditor.

Before the adoption of the Bankruptcy Code of Ukraine, only legal entities and individual entrepreneurs had the opportunity to become bankrupts, but since October 21, 2019, the introduction of the bankruptcy procedure of individuals took place.

In general, the procedure for declaring an individual bankrupt is similar to the bankruptcy procedure of the legal entity, but it has a number of features.

So, only at the stage of filing an application to the court, you need to prepare a certain list of appendices, including: draft debt restructuring plan, declaration of the debtor and his family members on the property status, submitted by the debtor for three years, the list of other documents is defined by Article 116 of the Code and has at least 14 other positions.

Regardless of which hand you take part in the bankruptcy procedure or just decided to start it, the qualified support of professionals will be too important, because the process requires special knowledge of bankruptcy issues and their subtleties, and therefore the key to success will be competent, professional and reliable representation of your own interests.

The Law Firm "Kravets & Partners" is ready to provide the following services in this field:

The Law Firm “Kravets & Partners” is always ready to provide professional support to the client and offer you the most convenient and profitable solution to the bankruptcy procedure at the expense of the qualified and experienced staff of the lawyers and attorneys, who have many years of experience and practice in the field of bankruptcy procedure support. 

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