Bankruptcy (insolvency) of legal entities is always a result of their severe economic problems. When the economy falters and government policy is aimed at replenishing the state budget, companies increasingly find themselves in a situation where they are unable to cope with financial problems.

From a legal point of view, bankruptcy is a complex set of measures, and the more insolvency legislation develops, the more difficult it is to get through without professional advice from a lawyer.

Associates of CLS have proven experience in advising clients and providing legal support at the pre-bankruptcy stage, in debt restructuring, in bankruptcy both for creditors and for debtors and their controlling persons. Bankruptcy of credit institutions, including protection of guarantors’ rights is of particular interest in our practice. Our understanding is that

• Bankruptcy is a universal tool for resolving problems of a company;
• It is the only legal way to close down a company in debt;
• It is a way to recover debt;
• It is a way to protect assets.

And we can offer our clients comprehensive support in all matters related to bankruptcy.

Engagement of bankruptcy experts form CLS allows you to quickly deal with issues aimed at protecting interests of a creditor and other parties of the process.

Our services on bankruptcy of individuals and legal entities:

• Full support for bankruptcy procedure representing a debtor or a creditor;
• Assessment of grounds for challenging bankruptcy proceedings (suspicious transactions, transactions with preemptive satisfaction, protection for transactions);
• Identification of a debtor's assets that can be foreclosed on;
• Identification of controlling persons, determination of grounds for subsidiary liability, lodging subsidiary liability claims;
• Protecting interests of company management from subsidiary liability;
• Developing and introducing system/regulations for adjusting business processes in order to exclude/minimize the respective risks of  management being held liable;
• Interaction with the receiver at all stages of the bankruptcy, participation in creditor meetings;
• Challenging claims of other creditors on inclusion in the creditor claims register;
• Challenging actions of bankruptcy receiver;
• Coordination of procedures, monitoring the progress of the case, other procedural and organizational issues, etc.