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Services of the Trustee in Bankruptcy

Legal Garant LLC provides the services of the trustee in bankruptcy to support the company bankruptcy from both the debtor’s and the creditor’s side. 

The services of the trustee in bankruptcy may be provided to the debtor’s owners in order to stop the company bankruptcy procedure and retain the business or liquidate the company in failing to restore the solvency. As regards the debtor’s creditors, the services are provided for debt collection and service of their interests in the course of the debtor's bankruptcy procedure.

The services of the trustee in bankruptcy (asset manager, reorganization manager, receiver) are available both in the complex, and on the individual stages of the bankruptcy procedure, as follows:

  • advice on the preparation and holding of the bankruptcy procedure; 
  • formation of a package of documents required for the initiation of the bankruptcy procedure; 
  • preparation and submission of an application to initiate a bankruptcy case to the commercial court; 
  • participation in the court sessions; 
  • filing of announcements to the media about the opening of bankruptcy procedure;  
  • listing of creditors; 
  • attending or holding of a meeting of creditors; 
  • auditing the debtor; 
  • carrying out the debtor’s liquidation procedure; 
  • taking of steps to find a property, property rights and assets of the debtor; 
  • opening of the liquidation account, closing of the debtor’s accounts in banks and other financial establishments; 
  • inventory of assets; 
  • assessment of the property; 
  • sale of the property at the public bidding; 
  • drawing up of the liquidation balance sheet; 
  • writing of the liquidator’s report; 
  • destruction of the sealing and transfer of the constituent, financial and business documents to the archives. 
  • obtaining of an extract from the Uniform State Registry of Legal Entities and Individual Entrepreneurs with a record on legal entity status as terminated

The cost of services of the trustee in bankruptcy depends on the complexity of the bankruptcy procedure, availability and types of the debtor's property, the presence of collateral, arrests, restrictions on property assignment, accounts payable and receivable, and is determined individually in each case.