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Liquidation of an Enterprise (business entity) due to insolvency (bankruptcy)
Fee for assistance in liquidation procedure includes:
- advice on all matters regarding the liquidation of an enterprise;
- development of an ideal strategy which will save most of your assets with minimum expenses.
- preparation of all papers required for liquidation of an enterprise;
- notary services
- all state ditties (compulsory payments);
- legal representation in court proceedings;
- services of a bankruptcy commissioner
Bankruptcy is a special liquidation procedure which requires corresponding court decision. Liquidation due to bankruptcy is considered to be one the legal ways to terminate debts of the enterprise without paying them to contractors and creditors.
There are following forms of liquidation of an enterprise due to bankruptcy
- Common bankruptcy procedure
It is initiated by a creditor (s) who has(have) indisputable claims to the debtor that are not less than 300 minimum wages (USD 100 *300) and are not paid within three months after the deadline. The indisputably of the claims is confirmed by the court orders.
The creditor initiates procedure of bankruptcy by filling an application to the commercial court.
The procedure lasts up to six months.
- bankruptcy procedure by owner’s decision
The owner’s decision on liquidation is necessary for initiation of bankruptcy procedure. In case of deficiency of the property owned by the enterprise at the moment of liquidation for payment enterprise’s’ debts then owner shall initiate a bankruptcy procedure within a month.
There are no legal requirements regarding payable debts in case of liquidation due to owner’s decision. Also, license of a bankruptcy commissioner is no required.
The liquidation is made by owner of the enterprise.
bankruptcy procedure due to absence of a debtor at its location.
The creditor must prove the absence of the debtor at its location. It is the most popular type of liquidation as far as it does not requirethe tax audit, expenses on the bankruptcy commissioner. Also, there are no minimum legal requirements concerning indisputable debts.
Thus, the creditor initiates the bankruptcy by filling an application to the commercial court.
How to bankrupt an enterprise?
The bankruptcy procedure is a compacted and long process, it includes following stages:
preparation of all necessary documents based on the information provided by the client;
initiation of the bankruptcy procedure of a legal entity and appointment of property manager (bankruptcy commissioner) prior to the meeting of creditors;
readjustment and appointment of a readjustment manager (bankruptcy commissioner);
declaration the company bankrupt, the beginning of its liquidation if the readjustment of the legal entity has failed;
appointment of a legal entity’s liquidator;
receiving the extract from the State Register of Enterprises confirming delisting of the enterprise.
Following documents are required for liquidation of an enterprise
extract from the State Register indicating state registration;
certificate (extract) from the statitics authorities;
articles of association;
extract indicating registration with the Pension Fund;
documents indication the origin of debts.
You will receive after liquidation
extract with information on liquidation from of the enterprise the State Register ;
receipt indicating destruction of the stamp.
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