Personal bankruptcy

Amendments adopted in December 2014 introduced personal bankruptcy into the Federal Law on Insolvency (Bankruptcy). From 1 October 2015, individuals could be declared bankrupt alongside legal entities and individual entrepreneurs.

When the procedure was introduced, judicial practice and guidance were still developing. Personal bankruptcy involves both an individual's liability with their assets and the possibility of debt discharge. Advising debtors and creditors therefore requires specialist knowledge and experience.

Our attorneys and lawyers draw on many years of experience in insolvency proceedings and knowledge of bankruptcy law.

Our services include:

• Analysis of the debtor's financial position and documents supporting creditors' claims, followed by a legal opinion.
• Full legal support for debt restructuring, asset realisation and settlement agreements.
• Preparation of bankruptcy petitions, applications for inclusion in the register of creditors' claims, responses, complaints about the financial administrator's acts or omissions, appeals and other procedural documents.
• Preparation of debt restructuring plans.
• Drafting settlement agreements.
• Support for the sale of the debtor's assets.
• Representation at all court levels, creditors' meetings and in dealings with bailiffs, tax authorities and other bodies.
• Advice on related questions and other legal services requested by the client.