Best Bankruptcy Lawyers in Kyiv

About Bankruptcy Law in Kyiv, Ukraine

Bankruptcy law in Kyiv, and in Ukraine more generally, is a part of the national civil legislation that deals with the insolvency of individuals and legal entities. This law provides mechanisms for resolving insolvency issues, which can include liquidating assets to pay back creditors or creating a structured repayment plan. Bankruptcy procedures are regulated by the Economic Procedural Code of Ukraine and the Law of Ukraine on Restoration of Debtor Solvency or Recognition as Bankrupt.

Why You May Need a Lawyer

Bankruptcy proceedings can be complicated and require a deep understanding of complex legal concepts and procedures. Here are some common situations where people may require legal help in bankruptcy: if you're unable to pay off debts and creditors are threatening legal action; if you want to file for bankruptcy but are uncertain about the implications and process; if you've already filed for bankruptcy but need help handling the process and are not sure how to proceed. A bankruptcy lawyer can guide you through each step of the process and represent your interests in court.

Local Laws Overview

Ukraine’s bankruptcy law takes into account the interests of both creditors and debtors. The law provides mechanisms for returning the debtor to solvency, while protecting the rights and lawful interests of creditors. An important aspect to note is that according to the local law in Kyiv, a debtor acknowledged as bankrupt can be discharged only after the liquidation of property and payment of creditors. Another important legislative feature is that the process of bankruptcy proceedings can only be initiated through court proceedings.

Frequently Asked Questions

1. Who can file for bankruptcy in Kyiv?

Both legal entities and individuals, including entrepreneurs can file for bankruptcy if they are unable to meet their financial obligations.

2. What are the different types of bankruptcy proceedings?

The bankruptcy process may be carried out through liquidation, rehabilitation, or restructuring depending on the situation of the debtor.

3. What does it mean to be discharged in a bankruptcy?

A discharge in bankruptcy means you are freed from most of your debts that were included in the bankruptcy.

4. How long does a bankruptcy proceeding usually last?

It varies depending on the complexity of a case but generally, bankruptcy proceedings can last from six months to several years.

5. Can bankruptcy lead to jail in Kyiv?

No, filing for bankruptcy is a legal procedure for resolving inability to pay off debts and does not involve criminal penalties. However, fraudulent activities related to bankruptcy can lead to criminal charges.

Additional Resources

For additional help, consider reaching out to the Legal Aid Coordination Centre or the Ministry of Justice of Ukraine, both of which provide legal aid services related to bankruptcy. Further, various online discussion forums and websites on Ukrainian law offer a wealth of information and guidance on bankruptcy.

Next Steps

If you need legal assistance, start researching for a reputable bankruptcy lawyer in Kyiv, who specializes in bankruptcy law and has a good track record. Prepare a list of questions and relevant documents before you meet with a lawyer, this will help you get the most out of your consultation. Remember to clearly communicate your concerns and expectations so the lawyer can better help you navigate the bankruptcy process.