I always try to explain to our clients that bankruptcy is not equivalent to the death of business, but rather a multifaceted and intricate legal tool applied to address various tasks. Burying of business is just one of the many ways for its use.

Among the most common examples of using this tool is bankruptcy as a means to buy some time from creditors, accumulating resources for debt restructuring or discounted debt redemption.

Bankruptcy is a natural conclusion for companies that have become redundant within a group structure. It is more appropriate than simply transferring companies to shills or abandoning them.

Of course, bankruptcy is also a powerful tool for tax optimization.

Personal bankruptcy is among the newest ways of application. When skillfully implemented, it is a promising way to start one’s financial life with a clean slate, leaving all debts behind in the past.