Insolvency and Bankruptcy
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Insolvency and bankruptcy are specialized areas of law focused on the legal management of crisis situations. NOMOS Georgia provides effective and fair protection of the interests of both companies experiencing financial difficulties and creditors throughout rehabilitation and bankruptcy proceedings.
What Are Insolvency and Bankruptcy?
Insolvency law regulates the process in which a debtor company is unable to meet its due financial obligations. Georgian legislation (the “Law on Rehabilitation and the Collective Satisfaction of Creditors’ Claims”) focuses on saving and rehabilitating businesses, while where recovery is impossible, it provides for bankruptcy and the gradual satisfaction of creditors’ claims.
Who Is the Insolvency and Bankruptcy Service For?
The service is intended for companies and their managers experiencing financial difficulties who wish to restructure or liquidate their business, as well as creditors (banks, suppliers) seeking to recover the maximum amount owed to them by the debtor.
What Does NOMOS Georgia’s Insolvency and Bankruptcy Service Include?
Our lawyers provide comprehensive legal support at every stage of insolvency proceedings:
- Analyzing the company’s financial and legal condition to identify signs of insolvency;
- Developing and submitting a rehabilitation plan to the court to save the business;
- Preparing bankruptcy applications and managing court proceedings;
- Protecting creditors’ interests, registering claims, and participating in creditors’ meetings;
- Protecting directors and managers against liability risks and providing legal representation.
Why Choose NOMOS Georgia for Insolvency and Bankruptcy?
We understand the sensitivity of crisis situations and the need for prompt action. The NOMOS Georgia team has extensive experience working with courts and insolvency practitioners. We seek to make maximum use of rehabilitation mechanisms to save businesses, while in bankruptcy proceedings, we ensure that the process is conducted transparently, efficiently, and with minimal harm to the client.
Highly qualified attorneys providing reliable, compliant, and strategic legal solutions.
Streamlined digital processes allowing you to manage your legal affairs from anywhere.
Clear, upfront costs with absolutely no hidden fees, ensuring full financial predictability.
What Will You Receive from NOMOS Georgia’s Service?
You will receive a clear legal strategy for overcoming the crisis, protected creditor claims, mitigation of managers’ liability risks, and full legal control over the proceedings.
Frequently Asked Questions
What Is the Difference Between Rehabilitation and Bankruptcy?
Rehabilitation aims to restore the company’s solvency and allow it to continue operating, while bankruptcy involves the realization of assets to satisfy creditors’ claims.
Are Directors Personally Liable for Delaying the Filing of an Insolvency Application?
Yes, under the law, a director is required to apply to the court in a timely manner; otherwise, they may incur personal financial liability.
Our legal experts are ready to guide you through establishing your corporate presence in Georgia with turnkey support.