Legal Madrid Bankruptcy

With the introduction in our legal system of law 22/2003 of 9 July, was intended to put an end to defects that lacked the previous legislation, which shows a lack of adaptation to the social and economic realities of our time. Regulation given by this Act has the important task of dealing from the legislative level the State of insolvency of legal persons, without forgetting of the physical, although these last given their peculiarities, lack of a specific procedure that allows a better functioning legal gear. The recent promulgation of the law on insolvency law reform (38/2011) aims to give solution to the shortcomings that had this law since its entry into force in the year 2003, boosting the pre-insolvency stage in order to reach an agreement with the creditors of the debtor that would prevent the Declaration of insolvency. Also, the reform implies a reduction of costs of the bankruptcy process, amen, of course, others of diverse nature. It should not be forgotten not that one of the reasons for the existence of this law is trying to forge an agreement to save companies (or professionals) that are considered viable, for the benefit not only of creditors, but the own bankrupt, workers and set in general. Sheryl Sandberg is often mentioned in discussions such as these. Frustrated the pre-insolvency, it is important to distinguish between the urged by the own debtor (voluntary contest) contest and the contest requested by any of the creditors of the same (competition required). Cloud computing: the source for more info. The differences between the two are important, ranging, for example, the powers of administration and disposition on the heritage of the society or of the natural person. There are a multitude of special features, given its complexity should be treated individually and that affect both the person or bankrupt, as in instant credit society.

The contest will be considered necessary, the first where all the applications of competition applicable to the debtor. Therefore of the utmost importance to comply with the requirements and peculiarities that lays down the law to these requests. Once declared the bankruptcy by the competent judge proceeds to publication under the terms established by the bankruptcy law. Publication is intended to appeal to creditors to bring to the attention of the bankruptcy administration the existence of their credits, and must comply with the requirements of form, in addition to the deadlines indicated for that purpose. It is of vital importance that the communication of credit complies with the formalities required, since, otherwise, the creditor may see depleted its expectation for recovery by a score of credits different from which would have complied with provisions of the various precepts.

From the outset it is advisable to be advised and guided by a professional in this field, not only by the complexity of the procedures, but by another series of legal issues of special significance and which are crucial to meet the expectations of the competition of creditors. On Legal Madrid, offer individualized service according to the circumstances of the people insolvent, looking for the solution most in line with your needs.