Bankruptcy of absent or liquidated debtor and simplified bankruptcy procedures

In order to quickly exclude property of companies which actually stopped working from economic turnover so-called simplified bankruptcy procedures are applied. They also can be applied to remove assets of company which undergoes liquidation procedure or whose location cannot be determined. 

To simplify the process of declaring a company insolvent, reduced duration of its conduction is applied. This ensures more favorable conditions for the parties of bankruptcy relationship.

Legal entity’s bankruptcy in simplified manner has following advantages:

  • there is only one stage – bankruptcy proceeding;
  • reduced terms: from 6 to 9 months, whereas the normal bankruptcy process usually takes more than a year;
  • deadline for closing register of creditors’ claims is 1 month instead of two in normal bankruptcy procedure;
  • economy of money.

Thus, simplified bankruptcy procedure can be applied in two following case: when debtor is at the stage of liquidation and when debtor is not present at all, so it is impossible to determine its location. Such procedure helps to get rid of accumulated debts in relatively short period and with minimal costs. 

VALEN specialists are highly experienced in the field of conducting bankruptcy procedure and can provide following services:

  • determine whether simplified bankruptcy procedure is suitable for you as a debtor;
  • conduct all activities under simplified bankruptcy;
  • provide consultation to creditor on issues related to insolvency of absent or liquidated debtor and draw up a debt repayment plan.

Leading Lawyers

Kirill Chemlaev
Senior Lawyer
Roman Matyushekov
Lawyer
Maxim Verbov
Lawyer
Ignat Shevchenko
Lawyer
Kirill Chemlaev
Senior Lawyer

Law degree in Kutafin Moscow State Law University (MSAL)

Foreign Languages: English

Since 2018 – Lawyer at VALEN

Our specialists
Roman Matyushekov
Lawyer
Our specialists
Maxim Verbov
Lawyer

Russian Foreign Trade Academy, Faculty – international law

Foreign Languages: English, French

Since 2020 – Lawyer at VALEN

Our specialists
Ignat Shevchenko
Lawyer
Our specialists

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