Application for Rehabilitation or Insolvency Proceedings for a Company in Georgia

Before submitting an application, it must be determined whether to seek rehabilitation or insolvency administration. If the company itself applies, the application must be based on a properly adopted internal decision and submitted by a person authorized to represent it. The debtor’s application should give a complete account of its financial situation, assets, liabilities, creditors, and the asserted grounds for opening proceedings. If a creditor applies, it must sufficiently substantiate its claim and the legal requirements for opening proceedings. A single unpaid invoice does not automatically establish the company’s insolvency. The application must be filed with the competent court in the prescribed form. The company’s identity, registration status, the court’s jurisdiction, and the applicant’s authority to represent the company must be clear from the documents. Financial documents, creditor lists, evidence of claims, and other attachments must not conflict on key information. The type of proceedings requested and the relief sought from the court should be clearly specified. Filing the application does not automatically open the proceedings, as the court first reviews the application, its jurisdiction, and the requirements for opening proceedings.