Legal support of bankruptcy - saving your company

With the insolvency of the firm and the formation of large debts, there is only one way out - bankruptcy. After the recent global crisis, practice has shown that a modern Russian businessman has only superficial knowledge about this procedure. In this regard, legal support for bankruptcy is becoming particularly relevant today.

The legislation clearly spelled out the entire process, but a competent lawyer or consulting firm will help to come out with a good plus, no matter how difficult bankruptcy. Legal services in this area are provided in full range in today's market, but remember that the price and prestige of the company does not always play a decisive role.

It is important to note that the bankruptcy procedure can be accompanied by several types: complex, accounting, legal. Implementation of the entire procedure can occur at the request of both the debtor, the lender, and another interested person.

It is also necessary to say about five main stages. Legal support of bankruptcy always begins and follows according to the following plan:

1) Surveillance - a procedure that starts after the initiation of an arbitration case, is applied in relation to the debtor. The goal is to ensure the preservation of property, financial analysis, compiling a register of creditor claims and holding the first meeting.

2) Financial recovery - is used to restore the debtor's solvency and repayment of debts. It should be noted that legal support for bankruptcy at this stage includes the next step.

3) External management - the management of the firm is transferred to the bankruptcy trustee, whose goal is to maximize debt repayment. That is why external management and financial recovery are so closely linked and in fact are one.

4) Bidding is the last step in the entire procedure. This stage is aimed at equal satisfaction of claims of creditors.

5) The settlement agreement is considered a separate element and can occur at any of the four above stages. Legal support for bankruptcy often leads to peace. The procedure is suspended when an agreement appears between the debtor and the creditor in resolving the problem.

According to the scientific definition, bankruptcy is the aggregate and sequence of stages prescribed in the Federal Law "On Insolvency (Bankruptcy)." It should be noted that legal support for bankruptcy allows you to find opportunities using special procedures that can not only reduce the total time of the whole process, but also save some stages. In any case, bankruptcy is a complex process, with many nuances and subtleties depending on the nature of your company's activities. Legal support of bankruptcy today is provided by almost every law firm, so save time and money by contacting professionals.