Bankruptcy of legal entity

Liquidation of legal entity because of insolvency is possible if the company is not able to pay off debts of 300 000 rubles or more and consists of the following procedures:

  • supervision procedure;
  • financial sanation;
  • external management;
  • bankruptcy proceeding;
  • settlement agreement.

Practically only supervision and bankruptcy proceeding are applied in most cases.

However, company’s activity before the first procedure is introduced is very important for subsequent proceedings as well as company’s activity after notification of its intention to file for bankruptcy.

If signs of insolvency are obvious, then creditor’s application is satisfied, and supervision procedure is introduced.

At the supervision stage, debtor’s financial condition is analyzed, creditors’ claims are established, and their first meeting is held. This stage must be completed within 7 months from the date of filing the claim. At the same time, after this procedure is introduced, penalties, fines and other sanctions are not accrued for non-compliance with monetary obligations and payments, except for current ones, payment of dividends, income as well as profit distribution between the founders are not allowed, and other consequences take place.

Having examined financial standing of the company, court most often concludes that company is insolvent and introduces bankruptcy proceedings. The main task of this stage is to satisfy creditors’ claims as much as possible. It is introduced for 6 months but can last for years. This often occurs due to unfair actions committed by participants of the process.

At this stage inventory and assessment of debtor’s property is carried out as well as its’ auctioning.

VALEN is highly experienced in the field of comprehensive support of business liquidation both on the side of debtor and on the side of creditor. Our specialists provide bankruptcy management services, starting from development of risk minimization concept and ending with representation in court.

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Leading Lawyers

Tatyana Sarycheva
Senior Lawyer
Timofey Moshkov
Senior Lawyer
Kirill Chemlaev
Senior Lawyer
Roman Matyushekov
Lawyer
Maxim Verbov
Lawyer
Ignat Shevchenko
Lawyer
Tatyana Sarycheva
Senior Lawyer
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Timofey Moshkov
Senior Lawyer

In 2008 graduated with honors from Moscow State Law Academy.

In 2011 finished postgraduate school of the Moscow State Law Academy and received a PhD in Law.

Since 2015 works as attorney.

More than 5 years of experience as an attorney – arbitration and bankruptcy litigation.

6 years of experience as an inhouse lawyer with specialization in Labor, Contract and IT law.

4 years of experience in the field of international relations (working with international organizations such as the UN, IAEA).

Foreign Languages: English

Senior Lawyer at VALEN Group

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Kirill Chemlaev
Senior Lawyer

Law degree in Kutafin Moscow State Law University (MSAL)

Foreign Languages: English

Lawyer at VALEN

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Roman Matyushekov
Lawyer

Higher School of Economics (Bachelor’s degree), 2018 – Faculty of Law

Higher School of Economics (Master’s program), 2020 – Lawyer in activities in justice and law enforcement

Over 3 years of experience as a lawyer in foreign law firms

Foreign languages: English

Our specialists
Maxim Verbov
Lawyer

Russian Foreign Trade Academy, Faculty – international law

Foreign Languages: English, French

Lawyer at VALEN

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Ignat Shevchenko
Lawyer

Lomonosov Moscow State University, Law faculty

Foreign languages: English

Lawyer at VALEN Group

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