Bankruptcy. How to manage?. Lawyers in Zaragoza, Spain
DEBT MANAGEMENT CONTEST
The bankruptcy is a figure created by the legislature to protect especially the company. When a company goes into insolvent, to prevent creditors seize your assets and thus paralyze the company, the entrepreneur, legal obligation to call the meeting of creditors. Declared contest all previous debts are paralyzed, embargoes are paralyzed and can also encourage further executions, not even the building’s mortgage company needs for its activity.
This way we can draw some conclusions:
The competition is not a consequence of failure but a tool for the employer to save the company.
The employer has a legal obligation to call the meeting of creditors. Otherwise it may make their suppliers, increasing the risk of losing control of the company and to reach a personal level responsibilities.
The bankruptcy can be a tool to revive the company.
If we were to liquidate the company better liquidate in an organized and under control of the company by judicial auction.
Nevertheless, managing the fear that has banks and creditors to the bankruptcy, you can negotiate with them about it. Our experience as consultants and lawyers has taught us how easy it is to negotiate under the threat of bankruptcy. And we’re not talking about big companies but SME.
For good management of workouts or bankruptcy situation, we need the support of a specialized professional team composed of economists, lawyers, advisers and consultants. The issue is so important that sooner the better for the company and the employer.
Money need not be a problem since a good consultancy will also have to raise a good financial plan. If a really good consultant will know earning money with the benefits and to gain liquidity for the company know.
Jes√ļs Mar√≠a Ruiz de Arriaga Rem√≠rez
Lawyer and economist. Specializing in bankruptcy.