TLT Legal’s business bankruptcy services: safe legal solutions to minimize risks for enterprises

In the course of business operations, not all enterprises can overcome prolonged financial difficulties. When facing continuous negative cash flow, inability to pay debts when due, or pressure from multiple creditors simultaneously, the business bankruptcy procedure becomes the final legal solution to terminate operations legitimately, avoiding undue legal liabilities for managers and owners. At TLT Legal, our consultancy and bankruptcy execution services are designed to support clients through this complex phase, ensuring full compliance with the law and protecting the legitimate rights of all parties involved.

Assessing the situation and choosing the appropriate legal option

A common mistake among many enterprises facing financial hardship is confusing the dissolution procedure with bankruptcy, leading to errors in execution, unnecessary costs, and risks. Unlike dissolution, which is an administrative procedure only applicable when an enterprise can pay off all its debts, bankruptcy is a judicial procedure handled by the competent Court, applied when an enterprise is unable to pay its debts when due for three months, as stipulated by the Law on Bankruptcy 2014.

TLT Legal’s team of specialized lawyers will begin by comprehensively assessing the enterprise’s financial situation, clearly identifying the conditions for applying the bankruptcy procedure, and simultaneously advising on alternative options such as business recovery or negotiating debt extensions with creditors if feasible. If bankruptcy is the optimal choice, we will clearly guide clients on the rights and obligations of the parties, the Court’s jurisdiction, and the procedural steps required, avoiding any legal loopholes that could harm our clients’ interests.

Comprehensive business bankruptcy service contents at TLT Legal

TLT Legal’s services are designed to be comprehensive, accompanying the enterprise throughout the bankruptcy procedure, helping clients save time, effort, and minimize potential risks. The main contents of the service include:

• Detailed consultation on bankruptcy regulations, cases for filing an application to open the procedure, the rights and responsibilities of the applicant, as well as financial and tax obligations that the enterprise must fulfill before and during the bankruptcy process.
• Assistance in completing all legal documentation: drafting the application for opening the bankruptcy procedure, compiling creditor lists, enterprise asset lists, necessary financial statements, and other legal documents as required by the Court.
• Representing clients in dealings with the competent Court, coordinating with the Judge and the asset manager throughout the case resolution process, and participating in creditors’ meetings to protect the enterprise’s legitimate rights.
• Assistance in asset liquidation procedures, distributing payments to creditors according to the legal priority order, and completing the final obligations for the Court to issue a valid bankruptcy declaration.

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