Debt recovery through bankruptcy proceedings is a legal measure that the Client may apply when the Debtor becomes insolvent or, although still operating normally, deliberately evades its debt repayment obligations. This measure exerts significant pressure and may have profound impacts on the Debtor’s business operations, reputation, and even its continued existence. Once the Court issues a decision to commence bankruptcy proceedings, it will supervise and administer the management and distribution of the Debtor’s assets in accordance with the law.
With in-depth knowledge of bankruptcy regulations and extensive practical experience in handling cases before the Courts, TNTP has successfully advised and resolved numerous debt recovery cases through bankruptcy proceedings for Clients.
The scope of debt collection services by bankruptcy proceedings of TNTP will include:
– Drafting, finalizing, and filing a petition to commence bankruptcy proceedings against the Debtor at the competent Court;
– Contact and work with Courts at all levels, Procuracies at all levels, civil judgment enforcement authorities, as well as other relevant authorities, organizations, and related parties to facilitate the resolution of the case;
– Acting as the Client’s authorized representative to fully participate in all stages of the bankruptcy proceedings against the Debtor, including but not limited to mediation, attending the creditors’ meeting, and carrying out other statutory procedures;
– Discussing, working and negotiating with the Debtor in the process of the Court resolving the case in order to achieve the most beneficial settlement plan for the Client;
– Regularly updating the Client on the progress of the case;
– Consulting with the Client to determine further courses of action upon any new developments in the case;
– Preparing necessary documents for requesting the opening of bankruptcy declaration procedures with the debtor at the Court;
– Receiving Court decisions related to the bankruptcy proceedings against the Debtor and updating the Client accordingly.
