Jurvneshservice attorneys have significant experience in representing creditors at any bankruptcy procedure and due to their knowledge, experience, and perfect orientation in the law and practice, they will assist in recovering a debt from the bankrupt company.
Jurvneshservice is located in Kyiv and provides bankruptcy services for residents and foreigners throughout the whole of Ukraine. Don’t hesitate to get in touch with us to discuss your options and alternatives to receive the recovery.
Pretrial Financial Rehabilitation Agreement
The newly adopted Bankruptcy Code allows a debtor and its unsecured creditors to enter into a pretrial financial rehabilitation agreement equated to a reorganization (sanation). The main aim of the reorganization is to restore the debtor’s solvency to avoid its bankruptcy. Entering into a rehabilitation agreement shall have more benefits for the creditor than the debtor’s liquidation. If the creditor did not vote or vote against the approval of the reorganization plan, the terms and conditions of his claims recovery shall be no worse than those creditors who voted in favor of the approval of the reorganization plan. Claims that were not changed or restructured, as well as secured creditors’ claims, are not included into the reorganization plan. All creditors to be involved in reorganization have to be invited to a creditors meeting personally irrespective to the requirement on their official notification through the website of the court authorities.
The reorganization plan approved by the creditors has to be confirmed by a commercial court at the debtor’s location within one months. A court hearing to nominate a reorganization manager, if necessary, to introduce moratorium and security measures to consider each creditor position is appointed within five days since acceptance of the documents as to reorganization plan. If the court fails to approve the reorganization plan within 60 days, moratorium on satisfaction of secured creditors’ claims is canceled. The period provided for the pretrial rehabilitation procedure is up to 12 months. If reorganization procedure is terminated, creditors’ claims are restored in full volume. Performed reorganization plan has to be approved by the court as well. Initiation of any bankruptcy case against the debtor is not allowed within the performance of the Rehabilitation Agreement.
Management of the debtor’s property procedure
The debtor is under an obligation to address the court within one month and file an application on instituting bankruptcy proceedings if settling claims of one or a few creditors will make it impossible for the debtor to settle monetary liabilities to the creditors in full; or during the debtor liquidation procedure not connected with the bankruptcy, the debtor’s incapacity to satisfy the creditors’ claims in full is established. As creditor’s claims shall be submitted within 30 working days since official publication on the bankruptcy procedure, Jurvneshservice attorneys’ assistance is necessary to follow all the requirements to accept the claims.