Bankruptcy and liquidation

Legal persons often face financial difficulties in the course of their business and, in the event of insolvency, the legal person is required by law to file for bankruptcy.

The bankruptcy debtor is considered insolvent if unable to meet their payment obligations for a period of 30 consecutive days. The bankruptcy procedure is handled by the court in the jurisdiction of the legal person’s registered office.

Liquidation is required in the following cases: 1. The competent state authority imposes a permanent cessation of business order on the legal person; 2. The registration entry in the court register or the founding of the legal person is cancelled by a final decision of the court; and 3. Any circumstances that require liquidation according to the Companies Act.

Law Office Rašid Haračić provides the following services:

  • Drafting petitions for bankruptcy and liquidation;
  • Representation of local and foreign legal persons in bankruptcy and liquidation proceedings before the competent courts in the territory of Bosnia and Herzegovina;
  • Development and implementation of pre-bankruptcy settlements;
  • Representation in disputes;
  • Filing appeals against decisions of the bankruptcy court;
  • Representation of secured and unsecured creditors in bankruptcy proceedings;
  • Representation of clients in the capacity of liquidator in liquidation proceedings;
  • Representation of creditors in contesting legal actions of the bankruptcy debtor;

Bankruptcy proceedings may involve persons entitled to removal of assets that do not belong to the bankruptcy debtor from the bankruptcy estate, as well as proper creditors – persons entitled to separate settlement of their principal claim, interest and costs from the bankruptcy estate. Our law office represents both types of creditors with the aim of settling their claims from the bankruptcy debtor as quickly as possible.

We provide representation services to creditors of the bankruptcy debtor in contesting the legal actions of the bankruptcy debtor. Legal actions taken before the start of bankruptcy proceedings that disrupt equitable settlement of creditors’ claims (damaging to creditors) or favour individual creditors (favouring of creditors) may be contested.