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.

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Leading Lawyers

Thomas Relja
Valentina Khlavich
Managing Partner
Dmitry Kofanov
Thomas Relja

Economics Degree

Foreign Languages: Croatian, English

5+ years as a head of Accounting and Finance in European Companies

2+ years as a SAP consultant for companies in Germany (Munich) and UAE (Dubai)

Partner at VALEN

Our specialists
Valentina Khlavich
Managing Partner

Law degree in the Russian Federation

Studied at the University of Passau, Germany

Foreign Languages: English, German

Since 2007 a lawyer in Beiten Burkhardt lawfirm

Since 2012 founder and managing partner at VALEN

Our specialists
Dmitry Kofanov

Certified Lawyer in the Russian Federation

Experience since 2003 – in Russian and foreign law firms

Since 2021 – partner at VALEN

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