FOUR LEGAL provides legal assistance in insolvency proceedings:
- consultations on issues regarding insolvency proceedings of natural and legal persons at any stage of proceedings;
- submission of an application to court for the initiation and declaration of insolvency proceedings;
- representation of creditors’ interests, preparation of creditors’ applications, representation at creditors’ meetings, etc.
Pursuant to Section 5 of the Insolvency Law, insolvency proceedings of a natural person are an aggregate of measures of legal nature the objective of which is to satisfy the claims of creditors as much as possible from the property of a debtor and provide the opportunity for a debtor whose property and income is insufficient to cover the entire obligations to be released from the obligations which have not been honoured and to restore solvency. Insolvency proceedings of a natural person are commenced from the day when a court has proclaimed insolvency proceedings by a ruling and take place until the day when a court takes a decision to terminate insolvency proceedings.
Insolvency proceedings of a natural person comprise the following:
- Bankruptcy procedure within the scope of which all the debtor’s property is sold and the funds acquired are transferred for settling the claims of creditors; and
- Procedure of extinguishing obligations within the scope of which the debtor’s monthly income in the amount prescribed by law are shifted for settling the claims of creditors, and after expiry of the time period for the procedure for extinguishing obligations a court decides on the extinguishing of obligations not covered within the procedure.
Insolvency proceedings are the proceedings that have their own peculiarities and nuances, therefore assistance provided by a qualified lawyer is necessary.