If your company has become insolvent but you expect that it can once again become a functioning business after the result of the reorganization, then it can spare you from temporary insolvency and avoid bankruptcy.
A prerequisite for commencement of reorganization proceedings is a proper application to the court, and if the company has substantiated that insolvency is likely in the future, it needs reorganization and sustainable management is likely after it has been completed.
As reorganization advisors, we will assist the company in preparing the reorganization plan which must be approved by the creditors and/or the court. During the reorganization proceedings, the duties of the reorganization adviser include monitoring the implementation of the reorganization plan and to report thereon to the court and creditors.
Grant Thornton Baltic's advisors assist businesses in carrying out reorganizations and are experienced reorganization advisors and experts.
A reorganization adviser is generally a sworn advocate, a trustee in bankruptcy or an auditor, and the duties are to:
