Bankruptcy means that the company is declared insolvent by the court. It is essential to know that bankruptcy proceedings do not always mean terminating the company. Reorganising the company is also possible (overcoming the payment difficulties), as a result of which the company’s activity carries on.
The main stages of bankruptcy proceedings are the following:
- compiling the bankruptcy application and submitting it to the court;
- the court shall publish a note in the publication Ametlikud Teadaanded regarding the submission of bankruptcy application and appoint a trustee in bankruptcy;
- court’s pre-trial;
- the court examines the bankruptcy application;
- court’s decision on bankruptcy;
- notifying the commercial register about declared bankruptcy.
We resolve insolvency-related issues, helping to find the best solution in situations related to payment difficulties.
Bankruptcy proceedings do not always mean terminating the company, but in case of short-term cessation of economic activity also providing a solution to creditors similarly to reorganisation proceedings.
We provide legal assistance for bankruptcy proceedings and offer the following services:
- the legal and economic analysis of a legal or natural person to prevent insolvency or evaluate the situation;
- compiling a bankruptcy petition and required annexes;
- submitting objections to a bankruptcy petition;
- compiling a proof of claim in bankruptcy proceedings;
- compiling a rehabilitation or compromise plan;
- protecting the rights of a private person who is a debtor in the bankruptcy proceedings and representing him in the court;
- representing a creditor in bankruptcy proceedings and in court;
- protecting the rights of a legal person’s management body.