In December 2014 the Federal Law “On Insolvency (Bankruptcy)” was changed dramatically. New provisions concerning personal bankruptcy were introduced. Since 10/01/2015 it became possible to declare bankrupt not only a legal entity or a private entrepreneur, but also an individual.
Our partners Svetlana Tarnopolskaya and Julia Maranz consult on personal bankruptcy.
Personal bankruptcy is a new phenomenon in the Russian law, so there’s little case law in this area, as well as little explanations from the authorities on the issue in question. The new legislation is yet to stand the test of time and the case law is yet to be shaped. However, the question already concerns the personal responsibility when the person is liable for the full extent of its assets, on the one hand, and on the other hand – the possibility to write off the debt. So, the professional legal help in personal bankruptcy, both from debtor’s and creditor’s side, requires special qualification and experience. When you turn to our team for help, you are sure to get the help of such lawyers, coupling a long-term experience of working with insolvency issues and deep knowledge of Bankruptcy law.
- complex analysis of the debtor’s financial state and collecting documents that support the claim; providing the legal opinion representing the results of the analysis;
- full-scale legal support of debt restructuring process, liquidation sale or legal settlement;
- court document preparation: personal bankruptcy application, application to put the demands on the list of creditors, complaints of the actions of court-appointed manager, etc.
- working on a plan to restructure the personal debt;
- working on the settlement;
- organizing how to sell the debtor’s promice:
- providing full-range legal support to a client; working in all the court instances, at the creditors’ meetings, or with enforcement officers, as well as with tax and other authorities;
- consulting the client on all the relevant issues