Due to a variety of circumstances, enterprises may face economic difficulties, such as falling into business slumps and facing financial crises. Enterprises have many stakeholders, including employees, financial institutions, and business partners, which have a significant impact not only on the lives of business owners but also on the lives of many others. As a result, more than a few business owners are unable to start a business revitalization process despite being aware of the signs of a business slump and continue their business as it is. This attitude may lead to significant losses in business value. As a result, this in turn narrows the possibilities for business revitalization. This may also increase the damage to stakeholders and even hinder the business owner getting' a second chance.
We provide various forms of support to business owners seeking business revitalization based on the status of the enterprise's financial position, assets, and the cause of its financial difficulties.
Some example means of business revitalization:
1.) Principle-based private liquidation procedure to reconstruct business through negotiations with financial institutions.
2.) Approval of all creditors by a majority vote of creditors under the supervision of a supervisor appointed by the court.
3.) Legal arrangement proceedings to reconstruct the business based on a rehabilitation plan approved by the court.
Each process has advantages and disadvantages. We can propose and implement processes that are suitable for your situation.
If it is difficult for the consulted company to rehabilitate its business, we can promptly carry out appropriate liquidation procedures, such as bankruptcy proceedings, to satisfy the interests of all creditors and the speedy rehabilitation of the business owner's financial condition. Many entrepreneurs hesitate to start liquidation proceedings for their creditors. However, discontinuing the business at an appropriate time and preserving the assets of the enterprise will minimize the damage suffered by stakeholders and will also help them repay as much as possible to their creditors.
In addition, some business owners have become joint and several guarantors of corporations in relation to financial institutions and may be reluctant to go through liquidation procedures for fear of their liability for guarantee. Relying on the Guarantee Guidelines for Business Owners, it is now possible for business owners to retain more personal assets through special conciliation proceedings with creditors than in bankruptcy proceedings on the condition that they disclose their assets in a timely and appropriate manner. We will use this scheme and work together to realize the revitalization of the day-to-day lives of business owners.
Copyright © 2017- Olympia Law Office All Rights Reserved.