Bankruptcy is a formal legal status of an individual, a company, or an organization which has declared a total and general inability to repay the debts owed to its creditors. In most of the countries all across the world, the term 'bankruptcy' is applied broadly to the formal insolvency proceedings, or when referring to insolvent companies in the media. In some countries, including the UK, the word bankruptcy is limited to individuals (essentially including Sole Proprietors) and Partnerships. For Companies, Corporations, and other organizations, legal insolvency proceedings such as Dissolution, Liquidation, and Administration (Administration Order or Administrative Receivership) are often used or applied. However, in most of the countries of cases, bankruptcy is initiated honestly and helplessly by the debtors, and is imposed by a formal court order.
Global Jurix, one of the famous and popular full-service legal organizations of the world, also provides a complete range of bankruptcy law services for great relief to the individual debtors, insolvent business companies and corporations, institutions or organizations, of almost all sectors of commerce and economy. Our bankruptcy law services are promptly and economically available in countries all around the world, including India.
Bankruptcy Law Services
The main and ultimate objectives of our bankruptcy law services are either to discharge the debt gradually through mutually-agreed lawful manipulations, or through remodeling the financial or organizational structure of the insolvent company, and thereby, facilitate the rehabilitation and continuation of its business.
In majority of bankruptcy cases, there is an ample gap between the final decision of an inevitable financial crisis in a business, and the start of formal bankruptcy proceedings as per the bankruptcy law of the concerned country. We advise our clients to contact us during this period of time, for availing our soothing, elegant, and reliable, bankruptcy law services. In India, the bankruptcy law in force is the Provincial Insolvency Act, 1920.
Bankruptcy cases must be filed and handled carefully and scrupulously, to prevent financial losses and certain undesirable legal consequences, in the short- or long-term. We help the debtors well-rounded and secure their legitimate rights rigorously before the concerned authorities, at quite fair and competitive fees.