Bankruptcy is the insolvency of a debtor declared by a court ruling. From a creditor’s perspective, the bankruptcy petition raises several questions – how to substantiate the debtor’s insolvency, whether and how to finance the bankruptcy proceedings to avoid abatement of the proceedings, how to notify of the claims against the debtor, also, whether the payments from the bankruptcy estate have been calculated properly. The bankruptcy proceedings are performed by trustee and court. In our firm Urmas Võimre acts as a trustee.
Reorganisation provides legal protection against bankruptcy to overcome economic difficulties. Most common reorganisation measures comprise reduction of the amount of debt and extension of terms for the performance of obligations. In certain cases, reorganisation plan can be approved without the support of creditors’ majority upon which the court shall appoint experts to assess reorganisation plan. In reorganisation proceedings, vital role is played by the company, reorganisation adviser and court.
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