If the bankruptcy debtor is a legal entity, the body authorized to represent it is, in the event of insolvency, obliged, without delay, to submit a proposal for the opening of bankruptcy proceedings. The proposal must be submitted within 30 days from the date insolvency occurred.
The proposal to open bankruptcy proceedings must be submitted within the legally prescribed deadlines, noting that foreign founders must pay special attention to timely filing due to the fact that insolvency has a direct impact on the position of the legal representative and founder in Bosnia and Herzegovina.
The conclusion of bankruptcy proceedings after reporting the insufficiency of the bankruptcy estate is the most common way of terminating the bankruptcy proceedings. Upon the finality of the decision on the conclusion of the bankruptcy procedure, the bankruptcy judge orders the removal of the bankruptcy debtor from the register, and upon the suspension of the bankruptcy procedure, the bankruptcy judge orders the removal of the registration record.
In the case in which this office successfully represented the founder of the bankruptcy debtor from the Federal Republic of Germany in bankruptcy proceedings 65 0 St 914421 21 St, and on Bankruptcy proceedings the Municipal Court in Sarajevo, case number 65 0 St 914421 21 St, reached a Decision on 1 September 2021, opening bankruptcy proceedings against the bankruptcy debtor, noting that the said bankruptcy proceedings due to the lack of property were immediately concluded.
We additionally successfully represented the founder of the bankruptcy debtor from the Kingdom of Bahrain in case number 65 0 St 870473 20 St.
On 24 February 2022, the Municipal Court in Sarajevo issued a Decision opening bankruptcy proceeding against the bankruptcy debtor, noting that the said bankruptcy proceedings were immediately concluded due to the lack of property.
If you need counseling on Bankruptcy proceedings as a company, company member, director or founder or you need a corporate law attorney for your company or for your business idea, then you are in the right place with us and you can contact our corporate law attorneys directly by phone (+387 62 342 463), WhatsApp, Viber or e-mail (rasid@haracic.ba).
