Shakhovets Anastasia

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Lawyer in the practice of bankruptcy of individuals and individual entrepreneurs. Specializes in write-off of bank and MFI loans through the bankruptcy procedure.

File for bankruptcy

Bankruptcy is not only a legal mechanism, but also a complex economic process that can become both a financial rescue tool for the debtor and a way to protect the rights of creditors. In modern realities, economic instability, increasing debt burdens and business crises often lead to situations where individuals or legal entities cannot fulfill their financial obligations.

In Ukraine, the bankruptcy procedure is regulated at the legislative level, ensuring a balance of interests of all parties to the process. It is determined by the norms of the Code of Ukraine on Bankruptcy Procedures, which establishes clear conditions for initiating, considering and completing bankruptcy cases. It also outlines possible ways out of the crisis situation – from debt restructuring to liquidation of the enterprise or writing off the debts of an individual.

In this article, we will consider in detail the procedure for filing for bankruptcy in court, the main stages of the procedure, the rights and obligations of the participants, as well as options for getting out of the debt crisis.

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Initiation of bankruptcy proceedings

For legal entities, the basis for initiating a case is the submission of a written application from any interested party: the debtor, creditor, tax or other regulatory authority, since the bankruptcy procedure for such a person can be initiated both on the initiative of the debtor himself and at the request of the creditor. The application is submitted if there are signs of insolvency or the inability to fulfill financial obligations.

For individuals and individual entrepreneurs, the procedure has its own characteristics. The legislation stipulates that the process of declaring an individual bankrupt can be initiated exclusively by the debtor himself. Creditors do not have the right to file an application for declaring the debtor bankrupt, even if the debts are undisputed. You can learn more about the bankruptcy procedure for an individual on the portal of the Ministry of Justice of Ukraine.

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Filing an application to open a case

An application to open a bankruptcy case is filed with the commercial court at the debtor’s location. It must contain the following information:

Name and details of the court.
Information about the debtor (name, legal address, identification code).
Information about the creditor (full name or title, address, registration details).
Description of the grounds for the application.
List of documents attached to the application.

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Documents attached to the application

The main package of documents includes:

a receipt for payment of the court fee;
a power of attorney for the representative (if necessary);
confirmation of the advance payment to the arbitration manager;
evidence of sending a copy of the application to the debtor.

The main stages of the bankruptcy procedure

Opening of proceedings where the court accepts the application for consideration and makes a decision to open proceedings. At this stage, an arbitration manager is appointed, who manages the debtor’s assets and controls the process.
After the case is opened, creditors submit applications to the court for recognition of their claims. All declared debt obligations are included in the register of creditors’ claims, which determines the order and priority of their repayment.
From the moment of opening the proceedings, the court imposes a moratorium on debt payment. This means the suspension of penalties and the cessation of forced debt collection.
Next, the financial condition is analyzed by the arbitration manager. Depending on the results of the assessment, restructuring or liquidation procedures may be applied.

It will also be useful: Bankruptcy of a legal entity

Possible options for completing the bankruptcy procedure

The following mechanisms may be used in the proceedings:

Debt restructuring

If the debtor has a chance to restore his solvency, he may be offered a restructuring plan, which is approved by creditors and the court. This allows changing the terms of debt obligations and gradually restoring financial stability.

Liquidation

If the debtor’s financial condition does not allow restoring his solvency, liquidation is carried out. The liquidator carries out an inventory of assets, sells property and makes payments to creditors in accordance with the priority established by law.

Completion of proceedings

After implementing the restructuring plan or completing the liquidation procedure, the court adopts a decision to close the proceedings.

Legal support in bankruptcy cases

The bankruptcy procedure is complex and requires detailed compliance with legislative norms. It involves several stages, starting from the opening of a case, analysis of the debtor’s financial condition, consideration of creditors’ claims, and possible implementation of restructuring or liquidation measures.

Turning to qualified lawyers allows you to minimize risks and ensure the most effective solution to the insolvency problem. Specialists of “Prykhodko and Partners” are ready to provide professional legal assistance at all stages of the bankruptcy procedure: from preparing the application to the final completion of the legal process.

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Bankruptcy certificate for legal entities

Legal support of the bankruptcy procedure

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Bankruptcy of an individual entrepreneur

Credit restructuring in a bank/microfinance organization

Restructuring of foreign currency loan

Bankruptcy of an individual

Liquidation of the company under the bankruptcy procedure

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Bankruptcy

Agreement on the assignment of the right of claim An appeal against a court decision on debt collection Anti-collector Application for initiation of bankruptcy proceedings Assignment of the right of claim under the credit agreement Bankruptcy certificate for legal entities Bankruptcy of a legal entity Bankruptcy of a utility company Bankruptcy of an individual Bankruptcy of an individual entrepreneur Bankruptcy of individuals Certificate from the Unified Register of Enterprises in respect of which bankruptcy proceedings have been initiated Challenging the executive inscription of the notary on the loan Checking the availability of loans for an individual Collect the debt from the guarantor Consultation of a lawyer regarding credit debts Consultation on bankruptcy of an individual Corporate Bankruptcy (Company Bankruptcy) Credit debt collection Credit lawyer Credit restructuring in a bank/microfinance organization Debt cancellation Debt collection for housing and communal services Debt collection under a credit agreement Debt collection under the factoring contract Debt collection under the loan agreement Debt restructuring for housing and communal services Debt restructuring under a credit agreement Debt write-off for credit / microloans Debt write-off in bankruptcy Declaration of bankruptcy Development of a contract of assignment of the right of claim Development of a debt receipt Development of a loan agreement between individuals EBRD lending Executive proceedings for communal services Fictitious bankruptcy File for bankruptcy Financial rehabilitation and bankruptcy of enterprises Forced collection of debt Forced collection of debt under a credit agreement Gas debt restructuring How to get a certificate of bankruptcy / no bankruptcy? Individual Bankruptcy Lawyer Judicial debt restructuring outside of bankruptcy proceedings Lawyer for credits and microloans (MFI) Lawyer under Art. 200 of the Criminal Code – Illegal actions with transfer documents, payment cards and other means of access to bank accounts, electronic money Lawyer under Article 302 of the Criminal Code – Creation or maintenance of places of debauchery and solicitation Legal advice on loans Legal analysis of credit agreements Legal assistance with microcredits (MFIs) Legal support of the assignment of the right of claim Legal support of the bankruptcy procedure Liquidation of a company through bankruptcy proceedings Liquidation of a legal entity Liquidation of LLC with debts Liquidation of the company under the bankruptcy procedure Mortgage write-off under the bankruptcy procedure Obtaining a certificate of absence of bankruptcy Opening of bankruptcy proceedings Protection of creditors’ rights during the liquidation of a legal entity Protection of creditors’ rights in bankruptcy Protection of the rights of consumers of banking services Recognizing a natural person as bankrupt Removal of seizure from the account for payment of wages Removal of seizure from the debtor’s accounts Restructuring debt on a mortgage loan in foreign currency Restructuring of electricity debt Restructuring of foreign currency loan Restructuring of foreign currency loan Privatbank Restructuring of foreign currency mortgage Restructuring of heating debt Restructuring of the debtor’s debts Sanitation of the debtor in bankruptcy cases Sanitation of the enterprise Statement of claim for collection of debt for utility services Statement of claim for debt collection Statement of claim for debt collection under a credit agreement Statement on insolvency of a natural person Support of creditor in the bankruptcy procedure Support of creditors in the debt collection procedure Support of creditors in the restructuring procedure Support of the bankruptcy procedure of a legal entity Support of the bankruptcy procedure of an individual The bankruptcy procedure of an individual Voluntary liquidation of a legal entity through the bankruptcy procedure Write off a loan for a mortgage (housing) Write off a mortgage loan Write-off of accounts payable Write-off of Borgs for utility services Write-off of loan debt for the guarantor