Insolvency proceedings

Insolvency proceedings are suitable for companies without sufficient liquidity for the payment of claims which are certain, determinable and due. Depending on the possibilities for reorganization of the company, the procedure may unfold into judicial reorganization or bankruptcy (liquidation).

KPMG can support companies undergoing insolvency procedures by undertaking the role of the judicial administrator or judicial liquidator in the procedure.

The services provided by KPMG in this role will include:

• analyzing the statements of claims and publishing the tables of creditors;
• supervision of the company's activity and issuance of the relevant reports;
• preparing the plan for reorganization;
• assisting the company in implementing the plan;
• support in the sale of assets;
• reviewing annullable deeds and filing petitions before the competent court of law;
• organizing the meetings of the decision-making bodies under the procedure (Creditors Committee, Creditors Assembly);
• providing support in negotiation and coordination with stakeholders;
• acting as trustee for the bankruptcy estate;
• contracting with an authorized valuator to establish the valuation of the assets included in the insolvency/bankruptcy estate;

KPMG can also help in insolvency procedures without being appointed as judicial administrator/ judicial liquidator, by providing services such as:

• preparing the plan for reorganization at the request of the shareholders or creditors;
• issuing an expert opinion on  the reorganization plan submitted by the parties entitled to under the law;
• providing to an interested third party (e.g. a potential purchaser of a claim) an opinion on the best recovery strategies under a specific insolvency procedure;