Rules on Corporate RehabilitationAdmin
Creditors cannot exercise their rights individually. Once reorganization proceedings have commenced, the individual exercise of creditors` rights, such as attachment, injunction, enforcement and enforcement of security rights, is stayed or prohibited in order to provide the debtor with respite. Management retains control of the company. Section 74 of the Debtors Reorganization and Insolvency Act introduced a system whereby the debtor`s management becomes the depositary, on the grounds that management can actively use the business reorganization procedure as well as the management`s expertise to increase the efficiency of the debtor process itself. However, management cannot retain control in the event of financial ruin resulting from misuse of company assets, mismanagement or at the request of the creditor for reasonable reasons. A reorganization plan and a reorganization plan can be implemented if they are approved by a legal majority of creditors and confirmed by the court, unlike out-of-court restructurings where the unanimous consent of the creditors involved in the proceedings is required. ■ Restructuring, reorganization and insolvency■ Out-of-court restructuring■ Bankruptcy and special liquidation■ M&A/DIP financing in difficulty■ Cross-border insolvency Repayment of instalments over 10 years, suspension of recovery efforts and, in some cases, cancellation of debts. Our firm provides professional legal services in a timely, appropriate and fair manner and makes every effort to preserve the debtor`s business value in civil rehabilitation and corporate recovery proceedings, relying on the experience and know-how of its lawyers in handling numerous cases. With the permission of the court, wage claims and commercial debts can be paid preferentially in order to prevent labor disputes and bankruptcy of small and medium-sized suppliers.