A vast experience in support, initiation of rehabilitation and bankruptcy procedures both on the side of Creditors and Debtor allows our team to find the most optimal solution of the problem.
One of our team’s cases was representing a Kazakhstan LLP with 100% foreign participation represented by the British company “Hawleyhead Towing Company” in bankruptcy proceedings.
The amount of company’s debt was more than 700 000 000 million tenge. After more than a year of litigation and drafting complaints, we managed to declare the company bankrupt, after which the entire amount of debt was written off and the company was liquidated. We collected and submitted evidence both to court and bankruptcy trustee; in addition we worked with authorized bodies including the Department of Economic Investigations, the Office and the Department of State Revenues. After collecting and analyzing both primary accounting documents and numerous contracts with counterparties, we proved the innocence of both the founders and the director in driving the company into insolvency.
An indication of a positive result, apart from the liquidation of the company, is also the justification of the legality of actions of the executive body during the period of activity, despite the fact that in the end the company ended up being insolvent.
Another interesting case was the case when we assisted the founder of a company in a court proceeding on holding the latter liable side by side in bankruptcy proceedings against the company due to indications of deliberate bankruptcy.
We were approached by the client, who was sued by a bankruptcy trustee for subsidiary liability and recovery of more than 100 million tenge.
At the stage of the proceeding we provided evidence of the legality of the Principal’s actions and its non-involvement in the transactions that led to the company’s insolvency. In bankruptcy proceedings it is necessary to understand in the period of whose management and foundation certain transactions (actions) resulting in insolvency were committed, or it is necessary to prove legality of actions which the opponent’s party considers as having signs of deliberate or false bankruptcy.
As a result of these proceedings a person was found and prosecuted, during whose management period all the unlawful actions were committed.
The result of our work was that our client’s actions were found to be legitimate and he was released from subsidiary liability.
