Procedures of insolvency as per the new Insolvency Law of Natural Persons

Hello,

The Insolvency Law for Natural Persons #19 is a new law and came into effect this month.

Generally speaking, you are required to file an application with the court. Once it is submitted, the court will appoint an expert to assist them during the proceedings.

It should then take approximately 22 days for the experts to devise a plan as to how they may propose for the courts to help the debtor restructure their obligations.

Then, there will be a meeting at the court with the expert and the judge and between the debtor and the creditor for them to go over the plan together.

All of that has to be done under court supervision from the beginning until the end.

Should you require further tailored substantive legal advice, kindly contact my firm by email or phone.

Regards,

Ludmila