Write-off of debt by a bank on a loan – bankruptcy procedure in Ukraine

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Write-off of debt by a bank on a loan – bankruptcy procedure in Ukraine

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In Ukraine, the procedure for writing off a loan from a bank has become a hot topic for wealthy citizens and businesses due to the economic difficulties that arise in the minds of active military operations in the country. A significant number of people are in a situation where loan payments cannot be made through various life arrangements and they are wondering about the possibility of adjusting their financial situation. One of these opportunities is the bankruptcy procedure for both individuals and legal entities, which allows you to try to renew your financial capacity, and also often write off debts under a loan agreement. What is the relevance of the consideration of this topic. And in this article we will look at how a financial institution can write off a loan through a bankruptcy procedure in Ukraine.

What is bankruptcy?

Bankruptcy – this is a legally defined situation in which the state court makes a decision about the impossibility of a debtor to renew his employment before the financial claims, for additional procedures of reorganization and restructuring, and to pay penny benefits to creditors otherwise, without stopping the liquidation procedure.

In the case of bankruptcy protection, a legal entity, including a sole proprietor, or an individual who cannot properly discharge his or her financial obligations to the creditor, the term forfeiting any instructions, can be a legal entity.

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How to write off debts on a loan through bankruptcy for legal entities?

To establish a legal entity as a debtor, you will need to go to the State Court with an application for a bankruptcy certificate and the necessary package of documents, at the same time you can create a financial settlement with the creditor. After considering the application, the court decides to revoke the legal action, and also immediately introduces a moratorium on the satisfaction of creditors who will act until the end of the consideration of the legal case, which includes the settlement of hundreds of millions of dollars and the cessation of capital. penalties. Then the procedure begins for reviewing the requirements of the arbitration case and following the three main stages:

  • order of the lane;
  • sanitation;
  • liquidation procedure.

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Thus, the court will try to improve the financial capacity of the contractor through the implementation of the rehabilitation plan, and then only move on to the liquidation of the enterprise.

At the next stage, if the liquidation of a legal entity is carried out, there will often be a write-off of the debtor’s debts and the satisfaction of creditors (subject to a lesser obligation, but not their rights).

How to write off debts on a loan through bankruptcy for individuals?

An individual who wishes to initiate a bankruptcy procedure can exercise this right by filing an application to the State Court immediately due to the efforts of such minds:

  • that the individual has decided to settle her obligations to the creditor to pay the monthly payments amounting to more than 50% or to repay the loan in general;
  • the presence of other important circumstances, which confirms the fact that it is impossible for an individual to settle his claims to the creditor or to make ongoing payments.

Warto note that penalties (fines, penalties) and other penalties may not be applied to the penny warehouse.

Important! The financial institution in the person of the creditor does not have the right to initiate the bankruptcy procedure, especially or through his representative, in such cases if there is no dispute. The bourgeois is deprived of this right.

As a result, if an individual is found to be bankrupt on the right, the court will liquidate all of his claims to the creditor.

If you want to write off your debt through the bankruptcy procedure in Ukraine, then contact the Prikhodko and Partners law office. Our team specializes in reviewing such inquiries, and we can clearly advise you and assist you with the most appropriate nutritional supplements. Roll around!

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