Restructuring and Insolvency
Basic (minimum) scale of the formal restructuring
- PREPARING ASSESSMENT RESTRUCTURING
Company appoints a person from a list of managers to develop “a restructuring opinion.” In it, the administrator determines the current status of the borrower and recommend / not recommend restructuring
Deadline: 10 – 30 days after signing the contract
- INITIATION OF THE RESTRUCTURING
Based on the report and recommendations submitted restructuring administrators court decides to initiate / rejection of the restructuring proceedings publication of the decision in the Commercial Journal
Deadline: 15 days from the submission of a restructuring by the competent court
- PERMISSION OF RESTRUCTURING
After checking formalities by a restructuring of its economic merits the court decides on the authorization of restructuring proceedings, the disclosure in the Commercial Bulletin.
Deadline: 30 days from the commencement of restructuring published in the Commercial Journal.
- CUSTOMER CLAIMS
Creditors file their claims against the debtor by the administrator at specific form and in a specified form within the period provided for logging claims.
Deadline: 30 days from the authorization of restructuring published in the Commercial Journal.
- THE FINDING CONTESTATION AND THE FINAL LIST OF CLAIMS
Administrator reviewed within a specified period of due care correctness and justification of filed claims and accepts her / partially deny her / it completely denies and present a final list of claims court.
Deadline: 30 days from the end login claims.
- CREDITORS’ MEETING
All registered creditors have the opportunity to attend the meeting of creditors, which presents the current status of a statutory body of the company and then elect a creditors’ committee. Three-, or five-membered creditors’ committee elected by the creditors of the registered overseeing the exercise of the rights of all creditors.
Deadline: 2-7 days after the deadline for denial of claims.
- THE RESTRUCTURING PLAN
The Borrower shall submit to the creditors’ committee proposes a restructuring plan detailing the design to satisfy creditors. The creditors’ committee may decide on the proposal to approve / reject / rework and keep it in a period no longer than 15 days.
Deadline: 90 days from the authorization of restructuring with the possibility of extending the deadline for submission of the plan by 60 days.
- THE APPROVED PLAN – THE CREDITORS’ COMMITTEE
If a creditors’ committee approves the draft restructuring plan and subsequently recommend to all creditors vote on approval meeting for approval of the plan.
Deadline: 15 days after approval of the restructuring plan for approval meeting
- THE APPROVED PLAN – THE APPROVAL MEETING
After approval of the restructuring plan approved by the creditors’ committee restructuring plan, all creditors meeting convened for the approval administrators published in the Business Journal.
Deadline: 30 days after approval of the restructuring plan, the creditors’ committee.
- PLAN CONFIRMATION OF COURT
The court will examine whether the restructuring plan complies with the applicable requirements and verify its veracity. Subsequently confirmed the validity of the notice published in the Commercial Bulletin. It exits the restructuring proceedings.
Deadline: 15 days after approval of the restructuring plan for approval meeting.