Bankruptcy law in Croatia covers legal procedures related to the liquidity and insolvency of both individuals and legal entities, i.e., debtors. Our law firm provides comprehensive legal assistance in bankruptcy proceedings, including filing requests to initiate bankruptcy proceedings, submitting claims, and providing advice during pre-bankruptcy settlements. We support both debtors and creditors to ensure a fair outcome in accordance with applicable legislation, whether it’s consumer bankruptcy or corporate bankruptcy.
Bankruptcy Law
Vaic Law OfficeIntroduction
Bankruptcy Proceedings
Filing a request to initiate a bankruptcy proceeding: We assist in submitting requests to initiate bankruptcy proceedings, whether it concerns consumer bankruptcy or corporate bankruptcy, ensuring that all necessary documents are properly prepared and submitted to the competent court.
Opening bankruptcy proceedings: We advise on the conditions and procedures for opening bankruptcy proceedings and represent clients throughout the process after the initiation of bankruptcy proceedings.
Pre-bankruptcy settlement and restructuring
Pre-bankruptcy settlement: We advise and represent clients in negotiations for a pre-bankruptcy settlement, aiming to reach an agreement between debtors and creditors to avoid bankruptcy and enable business recovery.
Restructuring plan: We assist in the creation and implementation of restructuring plans for companies in financial distress, with the goal of maintaining business operations and avoiding bankruptcy.
Filing claims and creditor rights
Filing claims: We provide legal assistance to creditors in filing their claims within the bankruptcy proceedings to ensure their claims are recognized and adequately addressed.
Creditors’ assembly: We represent creditors at creditors’ assemblies, where key decisions regarding the next steps in the bankruptcy proceedings are made.
Seperate creditors and creditors with right of separation: We ensure representation and legal support for seperate creditors and creditors with right of separation who have specific rights to collect from certain assets of the debtor or the right to exclude certain assets from the bankruptcy estate.
Bankruptcy administrator
Bankruptcy administrator: We assist in all phases of the process, including cooperation with the bankruptcy administrator, who is responsible for managing the process and distributing the bankruptcy estate.
Bankruptcy plan: We advise debtors and creditors on the contents of the bankruptcy plan, which outlines how the bankruptcy estate will be distributed to satisfy the obligations to creditors.
Discharge of remaining debts
Consumer bankruptcy: We provide advice on the possibilities and procedures for consumer bankruptcy, which may result in the debtor being discharged from remaining debts after the completion of the proceedings.
Conclusion
Bankruptcy law covers a broad range of procedures related to the insolvency and restructuring of debtors. Our law firm offers support to both debtors and creditors through all stages of the bankruptcy process, from filing petitions for bankruptcy to submitting claims and restructuring. We provide legal assistance to ensure a lawful outcome, whether it concerns consumer or corporate bankruptcy.
Frequently asked questions
What is a pre-bankruptcy settlement?
A pre-bankruptcy settlement is an enforceable document, by law, for all creditors whose claims are established within it.
What is the bankruptcy estate?
The bankruptcy estate includes all of the debtor’s assets at the time of the opening of the bankruptcy proceedings, as well as any assets acquired during the bankruptcy proceedings.
Who can file a request to initiate bankruptcy proceedings?
A request to initiate bankruptcy proceedings can be filed by a creditor who can substantiate the likelihood of their claim and the existence of a bankruptcy reason, or by the debtor. A secured creditor is entitled to file a request for the initiation of bankruptcy proceedings if they can make it probable that their claim will not be fully satisfied from the object related to their secured right.
What is consumer bankruptcy?
A consumer, in the context of the Consumer bankruptcy Act, is any natural person who enters into a legal transaction or acts in the market outside of their commercial, business, craft, or professional activities. Consumer bankruptcy is initiated when a consumer becomes unable to pay.
