In some occasions, the insolvency process may be the most accurate option should a person cannot pay its creditors, since it can help them to get rid of debts.
The insolvency process can be either simple or complex depending on the assets and debts and type of person. For that reason, it is important to count with professional assistance.
In the law cases of this type, it is mandatory to be represented by an attorney and also be assisted by procurador (legal assistant for court).
How do I make the request for the bankruptcy proceeding?
The request for the bankruptcy proceeding depends on whether it is a natural or a legal person and whether there are assets to distribute. In the situation of a natural person (Second Chance Law) applicable to natural person who does not conduct business activity or self-employed (autónomo), the procedure consists of two parts: out-of-court (before notary or Chamber of Commerce) and judicial. In case of a legal person, we shall first analyse its economic situation during the last four years, and calculate the ratio between debts and assets. If there are no assets, the procedure may be closed in 3-5 months.
How long may the proceeding take?
The answer to this question may defer depending on the type of proceeding and the assets and liabilities of the debtor. The proceedings without assets can be finished in a few months, however, the bankruptcy proceedings that require liquidation, can take between 2 and 10 years. This is usually the case of large companies.
How we work
Case study and analysis of documentation
Structuring of the operation and action plan
Constant feedback with client
Benefits of Supra Legit
Beyond our wide experience in the representation before the Court, we have expertise in negotiations with banks, financial entities and other creditors. Our team has a wide experience in preparation for bankruptcy, drafting of insolvency settlements, and the preparation and execution of liquidity plans. In addition, we offer legal assistance in representation of directors or shareholders accused of bankruptcy offenses (for example, fraudulent concealment of bankruptcy assets).
Negotiations with creditors
Insolvency of individuals and self-employed
Bankruptcy of companies
Drafting of agreements and proposals
Corporate defense of directors
“The insolvency proceeding of my microPYME was successfully terminated in 6 months. The advisors dismissed all the workers and applied for insolvency. We got positive resolution in 3 months”.
If you have any further questions or you need personal assistance with insolvency proceeding, put in contact with us.