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Liquidation of the legal person in bankruptcy procedures is one of stages of life of the legal person which not always means the termination of its existence. It’s always a hard step to do. But sometimes it’s just necessary to do it.
The bankrupt is the enterprise which money resources and property it is not enough for repayment of all its debts. The creditors may force such an enterprise to file for the bankruptcy.
Bankruptcy procedures are difficult both with legal and from the economic point of view. In many cases it’s quite difficult for the enterprise to solve all the questions about filing for bankruptcy. As in different states there are different law peculiarities. Only skilled experts will be able to defend the interests of the creditor. They will be able to help to return debts which in many cases difficult to return. And when filing for the bankruptcy people should consult a professional bankruptcy attorney.
In bankruptcy there are two basic parties they are a debtor and a creditor (creditors) whose interests naturally do not coincide.
What opportunities the bankruptcy will give to the debtor?
– To extinguish creditor debts with essential discount;
– To replace administration;
– To “clear” the enterprise of doubtful debts;
– To avoid the criminal liability for malicious evasion from payment of debts;
– To liquidate the enterprise with debts in the unique lawful way.
What opportunities the bankruptcy will give to the creditor?
– Frequently bankruptcy procedure is unique possibility of collecting of the debt from “the dying” enterprise;
– Possibility to get the enterprise-debtor under the price, below the market;
– Possibility lawfully to write off enterprise-debtor debts as impossible to collecting;
– Change of an “objectionable” management of the company-debtor.
Sometimes people try to do it themselves. But sometimes it is too difficult for the debtor or for the creditor to realize all the peculiarities of the laws and use them the better way. In this case it’s better to find a good specialist.
So when hiring a professional attorney you may count on his or her experience but we will give you some information in what questions they will be able to help you.
So they are here
Estimation of risk of bankruptcy;
– Counteraction to bankruptcy initiation;
– Working out of the plan of external management;
– An estimation of market cost of the enterprises (business, actions, the real estate and other actives);
– Representation of interests of debtors;
– Representation of interests of creditors;
– Legal support of activity of arbitration managing directors;
– Working out of the agreement of lawsuit and assistance to its conclusion;
– Within the limits of a stage of financial improvement they can develop the plan of financial improvement and the schedule of repayment of debts;
– Participation performed by a judgment in service of court enforcement officers.
So if you have such problems it is better to consult with a professional attorney and receive a good advice.
Practically all of us remember the times when one could easily buy something even if one had not enough money. Credit was a simple way out. It is little wonder that now many of those who applied for a credit, are looking around for how to avoid bankruptcy.
Those people who managed to get into the situation when they owe more money than they have, definitely must search for ways to avoid bankruptcy.
If facing such difficulties it is wise to use any ways to get over it. Use such wonderful chance as the web technologies. Using them at full capacity can give great results. Working with search engines, forums, social networks,web sites one can find many tips to avoid bankruptcy and a great deal of other important info. Also subscribing to RSS on this blog will help to keep track of new publications and tips on the topic.
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