Bankruptcy and restructuring law
Representation in bankruptcy and restructuring procedures.
We have advised our customers on different issues concerning enterprise bankruptcy and restructuring, drawn up related legal documents, and represented creditors at the meetings or before the courts already for many years. Besides, we advise companies intending to undergo restructuring. We provide advice on the issues concerning bankruptcy of natural entities, draw up procedural documents.
The services rendered by us include:
- drawing up of notices concerning the intention to address the court for institution of bankruptcy proceedings;
- drawing up of applications for the court concerning instituting of bankruptcy or restructuring proceedings or other procedural documents;
- representation of enterprises, creditors, debtors, shareholders, managers of enterprises, management bodies and other parties concerned in enterprise bankruptcy and restructuring proceedings (before court, at the meetings of members of enterprises, meetings or committee of creditors);
- bringing of actions for declaration of the transactions which are in conflict with the objectives of activities of an enterprise in bankruptcy or restructuring and/or which could have an impact on the enterprise’s inability to settle accounts with its creditors null and void;
- issues concerning criminal liability of a member of a legal entity (initiation of a pre-trial investigation in case of discovery of actus reus of the criminal act in the debtor’s activities, i.e. criminal bankruptcy, fraudulent management of accounts etc.).
Experience:
- We advised our customer on the issues concerning establishment of insolvency of a natural entity, bankruptcy proceedings against the natural entity, drawing up of a draft plan.
- We successfully represented an enterprise in bankruptcy before the former manager of the enterprise for award of the losses caused to the enterprise due to improperly organised activities of the enterprise, failure to transfer the enterprise’s assets to the bankruptcy administrator, use of the enterprise’s assets not to the interests of the enterprise. The amount of the dispute was around LTL 300 thous.
- We drew up procedural documents, conducted the enterprise bankruptcy proceedings against the former manager of the company for contesting the transaction violating the creditors’ right, application of restitution by enforcing the creditors’ recovery to the monetary funds received by the manager according to the transaction in court. The amount of the dispute was LTL 215 thous.
- We successfully represented our customer in judicial proceedings against the former manager of the debtor for the award of losses. The amount of the dispute was approximately LTL 25 thous.
- We provided advice to a metal processing production company on personal liability of the debtor’s manager who has missed the time limit for instituting bankruptcy proceedings against the company.
- We filed actions for instituting bankruptcy proceedings against insolvent debtors, appointment of the bankruptcy administrator. Actions for indemnification of damage incurred by creditors against the administration managers of debtors were brought and successfully upheld in criminal proceedings.
