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.
Two degrees in Lomonosov Moscow State University. Faculties of Law and Philology.
1996 – obtained status of attorney
Foreign Languages: English
Specialist in the field of legal representation, corporate conflict resolution, structuring and support of transactions for the acquisition of business, as well as defense / representation in the framework of criminal prosecution
Since 1994 – more than 150 publications in the Russian newspapers and magazines
Since 2019 – senior lawyer at VALENВсе специалисты
Law degree in Lomonosov Moscow State University, 2014
Postgraduate education diploma in Institute of Legislation and Comparative Law under the Government of the Russian Federation, 2017
Foreign Languages: English, German, Spanish, Portuguese
Since 2014 – practice in obtaining and collecting of low liquid debts, in bankruptcy procedures of legal entities and litigation in commercial and regular courts
Since 2020 – lawyer at VALENВсе специалисты
Law degrees in the Institute of International Trade and Law; Russian Foreign Trade Academy
Foreign languages: English, Spanish.
Since 2010 – legal experience in public authorities (Moscow tax office, Intellectual Property Court), Moscow notary office, Russian law firms.
Since 2019 – Lawyer at VALENВсе специалисты
Russian Foreign Trade Academy (LLB), 2017 Faculty – international law
University of Westminster (LLM), 2018 Faculty – corporate finance law
Foreign Languages: English, Spanish
Internships in public authorities (District Court, Russian Financial Intelligence Unit; English and Swiss law firms (Diacle Ltd, Froriep LLP)
Since 2019 – lawyer at VALENВсе специалисты