Methods of debt recovery – 7. Opening insolvency proceedings against the debtor Debt recovery concludes with the enforcement, by any method permitted by law, of the amounts awarded in court. In case, after obtaining an enforceable court decision, the debtor does not voluntarily settle the debt, and the debtor, a legal entity, is unable...
Following the commencement of insolvency proceedings and the transmission of a notification regarding the opening of insolvency proceedings to creditors by the judicial administrator, the creditors have the right to submit a request for the admission of their claims to the debtor’s creditor mass. Thus, all claims held against the debtor can be recovered or,...
Following the initiation of insolvency proceedings, the provisional judicial administrator shall send a notification to all creditors listed by the debtor, at least 10 days prior to the deadline for the registration of claims recognition requests. This notification will include deadlines for creditors to file objections to the opening judgment of the proceedings, to register...
Insolvency is the condition of a debtor’s assets characterized by insufficient available monetary funds for the payment of certain, liquid, and due debts. This condition is presumed when the debtor has not paid their debt to the creditor within 60 days from the due date (the presumption is relative), or when it is proven that...
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