Bankruptcy filings are legal procedures initiated when an individual or company is unable to meet their financial obligations. VALC handles all aspects of bankruptcy procedures comprehensively, including:
- Financial Assessment through conducting financial analyses to evaluate the debtor’s ability to repay debts. This involves collaboration with specialized firms to explore alternative solutions, such as negotiating with creditors or restructuring debt, before resorting to bankruptcy filings.
- Selecting the Appropriate Bankruptcy Procedure as per determining whether the debtor’s situation requires financial reorganization or liquidation, based on their circumstances.
- Providing Consultations and Guidance by offering clear advice to clients on all steps required in court, including:
Application Filing: Explaining the procedure for filing a bankruptcy application, preparing all necessary documents, submitting the application to the court, and covering any fees, if applicable.
Court Review: Following up with the court to ensure the appointment of a bankruptcy trustee, verifying the completeness and accuracy of the submitted documents, and addressing any concerns.
Bankruptcy Management: Upon acceptance of the bankruptcy application, the court will issue a ruling and oversee asset management, which may include debt restructuring or the sale of assets to settle outstanding obligations.
VALC provides detailed guidance on the procedures to be followed, supports the debtor in meeting with creditors to finalize the bankruptcy process, and explains all implications and outcomes associated with bankruptcy to ensure complete clarity for the client.
