Insolvency proceedings repealed - what to do?

03-27  Source: Network gathering  Views:1 

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Insolvency proceedings repealed - what to do?

Bankruptcy should clarify the situation.

Corporations are obliged to apply for insolvency proceedings in the event of their insolvency or over-indebtedness. However, sole traders and partnerships are not eligible obliged, but may nevertheless conduct voluntarily such a process in motion. Private individuals and businesses to more than 20 creditors have the option to apply for a consumer bankruptcy process.

Insolvency proceedings developing customization

  • Insolvency proceedings can be canceled for three reasons. An annulment is concerned, if insolvency proceedings for lack of assets dismissed or settled after the administration of the procedure or the consumer's residual debt is granted.
  • 1. Description: If an insolvency proceeding requested the bankruptcy court, the court will first be based on indications of the debtor, whether and how an estate is available, at least sufficient to cover the incurred costs. Only if this is the case, the insolvency proceedings are opened and appointed a liquidator. The administrator handles the available assets.
  • Thereafter, the process done. It will be formally repealed. A corporation is then deleted from the Commercial Register. As a creditor, you have virtually no more debtor against whom you can make a claim asserted. Their demand was then considered by the liquidator only in the context of the settlement. Either she was paid at least partially or completely.

Most will be canceled for lack of assets

  • 2. Description: In many cases, the bankruptcy court comes to the realization that a sufficient pool of assets is available, and then adjusts the insolvency proceedings for lack of assets. The bankruptcy procedure is canceled. In this case, your claim against the debtor remains. You can continue to try to recover these.
  • As but was officially stated that no assets are available, you have a bad hand. If your claim is titled, you need to worry about the statute of limitations after 30 years.
  • In commercial register merchants and corporations are deleted because Vermögenlosigkeit.

Consumers have any outstanding debts

  • 3. Description: If a consumer insolvencies performed the debtor is granted after the conduct phase of six years, the remaining debts. At once the insolvency procedure is canceled.
  • The liabilities of the debtor are considered completed. Are you believer, you were served proportionately. Their remaining claim shall be considered discharged.

Take legal advice as

  • The overall effect is thus on who performs an insolvency procedure and is with what results, and terminates the process. Because insolvency proceedings are very complex, you should seek legal advice necessarily, at least for larger exposures and existing views on the conduct of insolvency proceedings.
  • Please note that this text post has, however, created in good faith without guarantee and no in-depth explanations and counseling replaced in individual cases.
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