Insolvency Process
Obligations must be fulfilled and debts paid. Yet there are times when excessive debt threatens lives and enterprises.
A Process Demanding Precision
Insolvency Process
Bullet attorneys have handled solvency and restructuring matters for over 15 years, seeking bespoke solutions for financial recovery.
Insolvency does not inevitably mean bankruptcy or liquidation. By finding optimal legal avenues, we transform insolvency into restored solvency.
For Businesses and Individuals
In corporate insolvency, we protect creditor rights, defend debtors, and execute out-of-court debt and business restructuring.
In individual bankruptcy, we guide clients through statutory filing, prepare required documentation, and secure discharge of debts.
In legal protection proceedings (TAP), we structure turnaround plans and represent enterprises in courts and creditor negotiations.
In the field of insolvency we provide:
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Corporate Insolvency Process
Initiation of Case
The court decides on initiating insolvency proceedings based on debtor application or creditor petition.
If a creditor files for insolvency, this is the crucial moment to contest claims and fight for business continuity.
Declaration of Proceedings
If granted, the court declares insolvency and appoints an administrator who assumes management control.
Creditor Claims Filing
Within statutory deadlines (1 month, up to 6 months), creditors must submit claims against the debtor to the administrator.
Administrator's Activities
The administrator takes control of assets, files recovery actions, sells property, and distributes proceeds to creditors over 6 months to several years.
This may involve director liability lawsuits, voiding preferential transactions, and criminal referrals to recover assets.
Finally, the administrator submits a petition to conclude the insolvency proceedings.
Legal Protection Process
Initiation of Case
The court initiates TAP proceedings solely upon the company's own application.
Initiation grants a moratorium protecting the business from creditor enforcement, tax garnishments, and insolvency filings.
Drafting TAP Action Plan
The company formulates a turnaround plan outlining operational adjustments and debt settlement schedules.
The plan must be approved by qualifying creditors within court-set deadlines (typically up to four months).
Implementation of TAP Plan
Upon majority creditor approval, the plan is submitted to the court for formal sanction.
Depending on complexity, the TAP plan execution spans from 6 months up to four years.
Individual Insolvency Process
Declaration of Proceedings
The court initiates individual insolvency proceedings solely upon the debtor's own application.
If the court grants the petition, it declares insolvency and appoints an administrator.
Creditor Claims Filing
Within statutory deadlines (1 month, up to 6 months), creditors must submit claims against the individual debtor.
Administrator's Activities
The administrator gathers claims, realizes non-exempt assets, and distributes recovered funds to creditors.
The administrator petitions the court to conclude bankruptcy and transition to the debt discharge procedure.
Debt Discharge Procedure
During debt discharge, the individual makes monthly plan payments towards remaining debts over a statutory period.
The debt discharge procedure lasts between one and three years, depending on debt volume.
