Bankruptcy in a new way

Ukraine has adopted a new Code of Bankruptcy Procedures, which clearly regulates the procedure for recognizing the financial insolvency of an individual entrepreneur or legal entity. 

The lawyers of RegService have successful experience in the field of commercial law and have already managed to thoroughly understand all the intricacies of the bankruptcy process in a new way. 

We offer our services to clients from Kyiv, Kharkiv, Zhytomyr, Dnipro, as well as other cities of Ukraine. By contacting our company, you will receive not only professional legal advice but also practical assistance. 

Basically, the adoption of the law in 2019 defined a new bankruptcy procedure to protect creditors. To avoid understanding all the legal intricacies of the procedure for establishing the insolvency of a business entity on your own, please contact us. 

Bankruptcy in a new way: services of RegService 

The services of our company include: 

1. Debt restructuring. 
2. Recognition of an individual as a bankrupt. 
3. Analysis of debts and property of the debtor. 
4. Risk assessment of bankruptcy proceedings. 
5. Implementation of the necessary measures related to pre-trial preparation. 
6. Collection of a package of documents. 
7. Sanation.
8. Appealing to the court (only this judicial authority is authorized to consider cases of this category and declare bankruptcy by its decision).
9. Peculiarities of declaring an individual insolvent 

The New Code provides for the following grounds for declaring a person insolvent 

• the amount of debt on obligations to creditors is not less than 30 minimum wages; 
• the debtor fails to fulfill 50% or more of its financial obligations within two months; 
• the court establishes that the debtor does not have the necessary property for foreclosure; 
• an insolvency officer is required to participate in the case; 
• a debt restructuring procedure is underway; 
• a moratorium on debt accrual is imposed for 120 days in order to develop a debt restructuring plan; 
• the court has the right to seize the individual's property or prohibit travel outside Ukraine until the end of the proceedings. 

When the decision is made, the individual is considered bankrupt, and accordingly, all of his or her debts are recognized as repaid. In this case, for the next 5 years, creditors have no right to demand fulfillment of obligations again and open proceedings in the case. 

Some obligations are also imposed on a bankrupt individual. When entering into property agreements - pledge, surety, loan, credit, loan, it is imperative to inform the creditor of the existence of a court decision on the establishment of financial insolvency. 

It is difficult for most people to understand all the intricacies of the bankruptcy procedure in a new way on their own.Minimize financial risks, find the best solution together with the specialists of the Registration Service Company.

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