The client contacted the KORGAN law firm to liquidate the company without initiating bankruptcy proceedings in accordance with the provisions of the Law of the Republic of Kazakhstan dated March 7, 2014 No. 176-V “On Rehabilitation and Bankruptcy”. According to Chapter 7 of this law, liquidation of a debtor without initiating bankruptcy proceedings is possible if the debtor is absent or if a set of circumstances stipulated by law are provided for in relation to him.
Our specialists filed an application for liquidation with the court, however, during the execution of the task, the application for liquidation was left without consideration, due to the fact that the parties entered into a settlement agreement at the execution stage, which we submitted for approval by the court.
Difficulties and features of providing company liquidation services
The main difficulty was in changing the direction of the case. At the initial stage, KORGAN initiated the liquidation process in accordance with the requirements of Article 113 of the Law. However, there was a need for flexible adaptation and prompt response to changes in the situation. Reconciliation of the parties at the execution stage became possible due to the active actions of our specialists aimed at achieving mutual understanding between the debtor and the creditor.
The essence of the problem arose in the conflict between the debtor and the creditor regarding dividends and penalties for payment, which led to the filing of a claim for the liquidation of the company. However, the parties were able to reach an agreement and resolve the dispute peacefully by approving a settlement agreement. Thanks to this, it was possible to save time. If the agreement had not been reached, the company would most likely have faced lengthy litigation.
This approach made it possible to avoid litigation, a protracted process and associated costs for the client.
Remember: timely appeal to professionals often helps to prevent serious problems in the future. Trust your legal issues to the experts of the KORGAN law firm – focus on what is really important to you.
Contact us right now to get advice and trust the experience of professionals in working with KORGAN! Contact our specialists by phone +7 700 50 00 553 or click on the “order a call” button below.
Author of the article: Berdysheva A.K.