Discharge of Debts

“In a newly-born market economy country bankruptcy proceedings can be one of a generally used and efficient mode for attracting investment into financially unstable enterprises. While liquidation is not the primary intention of the bankruptcy procedure, in most bankruptcy cases the main aim of both creditors and investors is to recover a company’s financial solvency. This fact is evidenced by the number of much publicized bankruptcy cases regarding some construction, electricity-generating and oil-producing Ukrainian companies during 2007”, Maria Gordienko, lawyer with Vronskiy, Vronskaya & Partners law firm, has said.

Vasil Kisil & Partners has extensive practice of bankruptcy on behalf of Ukrainian and foreign creditors as well as domestic debtors. Oleksandr Khomenko offers professional consultations in bankruptcy-related matters.

Vronskiy, Vronskaya & Partners provides its clients with a wide range of legal services in bankruptcy and enforcement proceedings. It also represents the interest of creditors and debtors at all stages of the bankruptcy procedure. The lawyers of Vronskiy, Vronskaya & Partners have been involved in a number of bankruptcy cases against oil, construction and agricultural companies. Anna Vronskaya and Alexey Vronskiy were mentioned as excellent and highly recommended leading bankruptcy experts.

Gramatskiy & Partners attorneys at law are known in the market due to the provision of qualified legal services on issues regarding bankruptcy and insolvency beginning from the analysis of current legislation on bankruptcy relative either to Ukraine or to a number of foreign countries and ending with the preparation of experts` opinions about the mechanisms of implementation of the bankruptcy procedure of a certain company. The firm’s specialists have great experience of representing business interests while exer cising the bankruptcy procedure both from the side of debtors and from the side of creditors, rendering the services of a property manager, sanation manager or liquidator. Recent successful projects handled by the firm in this regard include comprehensive legal support of the bankruptcy procedure for companies like Stroyeksim, Ukrtehnokom, Dontrust, Darna which exceeds USD 100 million. Alexander Kebkal was named as the key specialist in the field of bankruptcy and insolvency.

Volkov & Partners and their specialists Oleksiy Volkov, managing partner, and Zhanna Krekoten, attorney at law, have advised a major Russian industrial group in the process of bankruptcy of a Ukrainian machine-building plant owned by the group.

The Jurvneshservice law firm is a highly respected specialist in the bankruptcy field. Michael Shkabry, partner at Jurvneshservice, heads the bankruptcy department at the firm, which consists of five lawyers rendering legal consultation on bankruptcy procedure. Dmitry Salatiuk and Michael Shkabry are among well known and active persons in the market who are licensed bankruptcy trustees and can be appointed by a creditor within a bankruptcy procedure. At present the firm’s lawyers are handling more than a dozen bankruptcy procedures in various regions of Ukraine. In 2007 Anna Tsirat, partner of the firm, was requested to act as an expert on Ukrainian bankruptcy and energy law in an arbitration case against a Ukrainian company which is handled by the Arbitration Institute of the Stockholm Chamber of Commerce.

Attorneys of Arzinger & Partners prepare bankruptcy applications, supplements to it and other documents, prepare references to an application by a creditor on the bankruptcy of a debtor, challenge the deeds of arbitration executives in bankruptcy matters, dispute the results of examinations, etc. The firm also offers professional services in preparing an application to declare a debtor bankrupt (initiating bankruptcy procedure), preparation of negation of the creditor to the application of his bankruptcy, as well as other services. Sergey Shklyar, Oleksandr Matrosov, Anton Moskalenko all received points for their wide experience in servicing creditors and debtors.

Lavrynovych & Partners also handles different issues in the bankruptcy field. The firm has great experience of representing clients’ interests as either creditors or debtors. Maksym Lavrynovych and Iryna Marushko were reported to be the key lawyers in this sphere.

Pravochin attorneys at law are the right specialist to choose when a bankruptcy procedure looms. The firm’s lawyers were deeply involved in the bankruptcy procedure of Khors Airline, LLC Charosvit. Oleksandr Paschenko is reported to be a leading specialist of the firm on bankruptcy.

Integrites offers advice and representation in insolvency law. The firm’s team is currently focusing on securing and enforcing creditor’s rights, cross-border insolvencies, insolvency protection and post-insolvency acquisition. This practice area of the firm is headed by Viktoriya Chugayevska and includes enforcement of creditor’s claims, reorganization and restructuring of companies, legal advice in bankruptcy avoidance; insolvency proceedings and settlements, debt restructuring.

The Salkom law firm has extensive practice of bankruptcy and was also recommended for qualified legal advice in bankruptcy matters. The firm’s services include initiation of judicial proceedings and representation of client interests as a creditor during the bankruptcy process – disposal of a debtor’s property, reorganization of a debtor, liquidation of a bankrupt, amicable agreement, namely: drafting and filing applications to institute bankruptcy proceedings with a commercial court; taking part in the procedure for appointment of a receiver (property manager, trustee, liquidator); initiating of convocation of creditors meeting; taking part in a creditors meeting, in the activities of the creditors committee and in the debtor’s reorganization and liquidation, challenge of actions of the receiver (property manager, trustee, liquidator), etc. Andrey Kuznetsov and Olga Prosyanyuk are the main specialists handling with bankruptcy.

A newly established Kiev office of CMC Cameron McKenna LLC, which is part of the CMS Alliance, was ranked highly for its bankruptcy practice. The firm’s leading specialists in this area are partners Oleksiy Levenets and Adam Mycyk.

Representatives of the firm B & B law office recently participated in the bankruptcy procedure of the public enterprise Cherasmorput on the total sum about USD 3 million.

Spenser & Kauffmann was mentioned during the poll on bankruptcy for its bright specialists, namely partner Yuriy Petrenko and lawyer Maxim Zubets.

The ANK law firm handles bankruptcy matters through the practice of specialists like attorney-at-law Andrey Selyutin and lawyer Artyom Volkov.

The key specialists at the ARCA law firm are partner Aleksey Brusov and lawyer Elena Kozlova, both of whom are known for their knowledge and solution-oriented approach.

The Legal Alliance Company was involved in beginning the bankruptcy procedure of OJSC Centre of Fashion Development against LLC KievRus. The lawyers of Legal Alliance Company and, especially Eugen Scheglov, offer guidance and good understanding of the market.

AstapovLawyers renders services in liquidation, search for investor and readjustment of the subsidiary enterprise State Agricultural Complex Bread of Ukraine and West Crimean elevator. Senior lawyer Anatoliy Kosovan covers the entire spectrum of experience and responsiveness in handling bankruptcy matters.