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«Everyone who cooperates with us frees himself from onerous loans. We process bankruptcy "on a turnkey basis" throughout Ukraine!»
Assistant lawyer
Specialist in bankruptcy of individuals and legal entities. Provides legal support in bankruptcy procedures for individuals, private limited liability companies, legal entities, as well as closing executive proceedings, concluding restructuring and settlement agreements with financial institutions
Case: The plan for the restructuring of problematic loans within the framework of the bankruptcy procedure of an individual was approved
Service: Restructuring of loans
10.11.2023, client Artem contacted us with problematic debts in microfinance organizations and banks.
We conducted a detailed consultation and found that the client has total current debt in the amount of UAH 846,273.86, the total number of financial institutions is 24.
We agreed on a work plan: the client wanted to write off part of the interest and defer loan payments for several years.
For this, it was necessary to collect the necessary documents, prepare a statement on the insolvency of an individual, declarations of property status and a draft restructuring plan for the court, and protect the client’s interests in the legal process.
After that, we prepared and submitted an insolvency application with all attachments to the commercial court, waiting for the court to check it for compliance with the current legislation.
The client is registered in the Dnipropetrovsk region, so the jurisdiction of this case belongs to the Commercial Court of the Dnipropetrovsk region, which, from our experience of supporting cases, opens bankruptcy cases of natural persons reluctantly, constantly leaving applications without movement and demanding to eliminate shortcomings, so we had to work out many nuances in order to achieve opening of proceedings in the case.
After using all possible resources on our part, we managed to achieve the opening of proceedings in the case, the decision to open provided for the introduction of a moratorium on the demands of creditors, which meant the actual suspension of executive and judicial proceedings and the imposition of fines, and an arbitration administrator was appointed, whose candidacy was submitted from our law firm.
According to Article 45 of the Code of Ukraine on Bankruptcy Procedures, creditors were given a period of 30 calendar days to declare their monetary claims against the debtor by submitting statements of monetary claims to the commercial court.
During the set period, 2 banking institutions, namely JSC “UKRSIBBANK” and JSC “SENS BANK” declared monetary claims for the total amount of UAH 69,439.35. These claims were subsequently considered by the arbitration administrator and the court, on the basis of which the register of creditors’ claims was approved. Other creditors, with the expiration of the statutory term, lost the opportunity to declare their monetary claims against the client.
In the process, together with the arbitration manager, we conducted an analysis of the client’s property status and established his monthly income and expenses for ensuring his own needs. Based on these data, we prepared and sent to the creditors a restructuring plan with our own proposals for the terms and order of repayment of the debt, as required by the procedure, namely:
- the amount of the amount that will be allocated every month to repay creditors’ claims – UAH 1,158.3;
- the execution period of the debtor’s debt restructuring plan is 60 months.
At a meeting of creditors held by the receiver, the creditors agreed to the proposed terms and approved the restructuring plan.
In the future, according to the requirements of the current legislation, the arbitration administrator is obliged to send a petition for its approval to the court within 3 days after the approval of the plan by creditors, which he did.
After considering the petition, the court scheduled a final meeting for June 13, 2024 to consider and approve this plan. According to the results of the meeting, the decision of the Economic Court of Dnipropetrovsk region dated 13.06.2024 in case No. 904/228/24 approved the restructuring plan, the client is required to submit to the court a report with evidence of the implementation of the restructuring plan within 5 days after the implementation of the restructuring plan, after which the court will consider plan, will make a decision to close the proceedings with exemption from all debts.
Photo confirmation of the results of this case:
We congratulate Artem on the successful approval of the restructuring plan and thank you for your trust in “Prykhodko and Partners”!
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