Bankruptcy proceedings are court procedures aimed at the fair distribution of an insolvent debtor’s assets among creditors when financial obligations can no longer be met.
Who can initiate bankruptcy proceedings
Bankruptcy proceedings may be initiated by:
- the debtor when unable to meet financial obligations;
- a creditor with a monetary claim against the debtor.
Role of the bankruptcy trustee
Once bankruptcy is declared, the court appoints a trustee who identifies assets, reviews creditors’ claims, organises meetings and distributes proceeds.
Rights of creditors and debtors
Bankruptcy proceedings allow creditors to recover funds and enable honest debtors to seek discharge of obligations and restart their economic life.
Our support in bankruptcy proceedings
We support clients throughout bankruptcy proceedings by preparing claims, representing interests in court and advising on the protection of legal rights.