22. 10. 2024.
Bankruptcy is a legal process initiated when a company is unable to pay its debts to creditors.
Below is a detailed guide through the steps of bankruptcy.
1. REQUEST FOR INITIATING BANKRUPTCY
The request for initiating bankruptcy is submitted to the Commercial Court of Montenegro. This request can be submitted by the founder of the company or a creditor (supplier, government agency, employee). Accompanying documentation must be attached to the application.
2. DECISION OF THE COMMERCIAL COURT
Upon receiving the request, the Commercial Court issues a decision to open bankruptcy and informs all creditors about the start of the procedure. The decision specifies the deadline for creditors to submit their claims. It is important to note that the notification to creditors is carried out exclusively through the Official Gazette of Montenegro and the notice board of the Commercial Court, which is standard procedure in such cases.
3. APPLICATION OF CREDITOR CLAIMS
Creditors are required to submit their claims within the deadline published in the Official Gazette. The claim must be accompanied by evidence (invoices, cards, court judgments, etc.) proving the company's debts to creditors. If a creditor does not report their claim on time, the report is rejected as untimely.
4. BANKRUPTCY ASSET OF THE COMPANY
The bankruptcy asset represents the total assets of the company used to settle the debts of creditors. The assets may include:
IF THE COMPANY HAS ANY ASSETS, THESE ASSETS WILL BE SEIZED BY THE COMMERCIAL COURT, EVALUATED, AND SOLD TO SETTLE CREDITOR CLAIMS.
Payment to creditors is made exclusively from the bankruptcy asset.
5. DURATION OF THE BANKRUPTCY PROCEDURE
The bankruptcy procedure can last from two months to several years, depending on the complexity of the case, the value of the company's assets, and the current workload of the Commercial Court with bankruptcy cases. If the company has significant assets, the evaluation and sale of these assets may significantly prolong the process.
The bankruptcy procedure is crucial for closing a company that can no longer meet its obligations. Although the process is often lengthy, its goal is to properly distribute the company's assets to satisfy creditors.
Due to the complexity and potential duration of this process, it is essential to have a professional team to guide you through the procedure and ease it.
Perfectum Agency, with experience in over 500 bankruptcy proceedings, offers expertise and support at every step of this process, ensuring that the closure of your company is as efficient and stress-free as possible.
