Projects

Successful reorganization procedure and solvency restoration of a public enterprise

Law firm Globus acted as a legal advisor during the bankruptcy procedure of a public enterprise. Upon the results of the financial analysis carried out by the administrator to repay accounts payable, which were included into the register of creditors’ claims, and to further full restoration of solvency of the public enterprise, the experts of law firm Globus suggested to introduce a reorganization procedure at the enterprise, to appoint the director of the enterprise as reorganization manager, and to appoint the leading expert in solvency restoration of law firm Globus as the administrator for the reorganization period.

After the development and due legal approval of the reorganization plan the latter was fulfilled in full, accounts payable, which were included into the register of creditors’ claims, were repaid, the solvency of the public enterprise was restored, the report of the reorganization manager was approved by the Economic court, and legal proceedings were terminated.