The bankruptcy procedure represents the procedure applied to the debtor in which their assets are liquidated to cover the liabilities, followed by the removal of the debtor from the registry in which they are registered. The insolvency judge will order bankruptcy in the following cases: ➡️ • The debtor has declared their intention to enter...
Judicial reorganization represents the procedure applied by the debtor against whom the insolvency procedure has been initiated and aims at settling his debts to the creditors listed in the definitive table of claims. This procedure involves the drafting, approval, confirmation, implementation, and compliance with a reorganization plan. The reorganization plan may be proposed by the...
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...
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