The scope of services in the field of insolvency depends on who our client is — a debtor or a creditor. A bankruptcy fort collins attorney prepares all the necessary papers for voluntary going through the procedure. Consultations are held for the management and employees of the company. The accompaniment includes participation in court hearings, preparation of the necessary motions, and challenges.
If a creditor contacts us, a bankruptcy lawyer makes every effort to recover the debt. The transactions of the liquidated company are analyzed for possible asset stripping. Experts will identify fraudulent activities by management. If there are grounds, appeals are prepared to the regulatory authorities and the court to bring violators to subsidiary liability for the obligations of a legal entity.
Rules of procedure
According to the law, both he himself and any creditor or authorized regulatory bodies have the right to initiate the recognition of the debtor as insolvent. The likelihood of accepting a claim and making a positive decision depends on the compliance of the company’s actual financial condition with the established criteria for insolvency. While accompanying the bankruptcy of LLC and other business entities, our lawyers assess the prospects of the case in advance.
The recognition of insolvency takes place in several stages:
1. Submission of an application and accompanying documents to the court.
2. Observation. Provides for monitoring the situation and ensuring the safety of the debtor’s property by special measures.
3. Financial recovery. Can be appointed by the conclusion of the arbitration or the petition of interested parties. The goal is to restore normal solvency.
4. External management. An independent official representative of the court actually takes over the management of the enterprise, protects its interests, and tries to preserve assets as much as possible.
If bankruptcy is declared, the property of the LLC is sold at auction. Creditors’ claims are repaid in order of priority from the proceeds.