IS IT SMART TO AVOID BANKRUPTCY? THE ANSWER IS NO LONG AND IS INEVITABLE. CREDITORS CONTEST IS A GOOD OPPORTUNITY TO REFINANCE THE COMPANY. ARRIAGA ASSOCIATES INSOLVENCY DEPARTMENT. EXPERTS ON COMPETITION LAW AND CREDITORS SMES. NOW ALSO IN ZARAGOZA. Reviewed by Momizat on . IS IT SMART TO AVOID BANKRUPTCY? The employer is terrified by the idea of ​​raising the bankruptcy even though it is legally binding and financially imperative. IS IT SMART TO AVOID BANKRUPTCY? The employer is terrified by the idea of ​​raising the bankruptcy even though it is legally binding and financially imperative. Rating: 0
Inicio » Blog Arriaga Asociados » IS IT SMART TO AVOID BANKRUPTCY? THE ANSWER IS NO LONG AND IS INEVITABLE. CREDITORS CONTEST IS A GOOD OPPORTUNITY TO REFINANCE THE COMPANY. ARRIAGA ASSOCIATES INSOLVENCY DEPARTMENT. EXPERTS ON COMPETITION LAW AND CREDITORS SMES. NOW ALSO IN ZARAGOZA.

IS IT SMART TO AVOID BANKRUPTCY? THE ANSWER IS NO LONG AND IS INEVITABLE. CREDITORS CONTEST IS A GOOD OPPORTUNITY TO REFINANCE THE COMPANY. ARRIAGA ASSOCIATES INSOLVENCY DEPARTMENT. EXPERTS ON COMPETITION LAW AND CREDITORS SMES. NOW ALSO IN ZARAGOZA.

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IS IT SMART TO AVOID BANKRUPTCY?

The employer is terrified by the idea of ​​raising the bankruptcy even though it is legally binding and financially imperative. The employer does not want to talk about the bankruptcy. Thinks it will irreversibly damage the image of his company and he personally will bring a real social stigma that can never escape. But this is no longer true in these times of crisis.

Indeed, contrary to American culture, Spanish society punishes companies that fail. In praise of American society and the employer who fails to resurface again. In Spain, the fear of failure is very high.

In Spain, however this is changing. People understand that there are problems with companies and individuals. Everyone is suffering more or less half the crisis in general and especially the financial crisis. Looks criticisms are aimed more to the banks for liquidity problems that cause consumer businesses and citizens.

But most important is that entrepreneurs should know that bankruptcy was a legal instrument that was to save the ailing company to have a chance to stop the debt, foreclosures and repossessions, and so give a chance to reorganize the company’s future. He did not call the meeting of creditors when it should do so could result in serious consequences for the employer might have to respond with their own personal assets debts.

As the general behavior of firms has been to avoid the bankruptcy proceedings, and at the end were forced to raise it or have promoted the creditors, in the end, too late, over 90% of the bankruptcy proceedings have ended in liquidation , leaving workers, suppliers and customers in the lurch, with goods sold at bargain prices, and sometimes, employers found guilty, they have had to respond with their own assets for the debts of the company.

Now the Parliament is dealing with bankruptcy reform to enable employers to urge the bankruptcy time, take the opportunity to refinance the company and it even faster and cheaper competition. Phase is intended to workouts, plus a proposal to negotiate with creditors in advance, you can also reach agreement guarantees bank refinancing by giving them more money to bring the company fresh.

But this has always been possible. Arriaga and Associates has experience in getting bank refinancing with banks that wanted to avoid bankruptcy and saw an opportunity to revive the company.

If you are an entrepreneur does not try to avoid bankruptcy. In the end, if you do something and soon, you will have to do the same and worse for everyone. But if you do it soon may be able to get the refinancing he craves. And if it can not possibly get an agreement that will allow you to save the company. With that agreement reached that the debt be postponed for years and be reduced largely. This will prevent further damage the image of the company and the employer. Finally a company out of bankruptcy is a company with a future.

Arriaga Associates, Bankruptcy Division, not just a law firm, also has economists and consultants with experience in bankruptcy, preconcurso capable of managing a bankruptcy or a way that the company will get more benefits and more opportunities to save and to save the employer’s assets.

Jesús María Ruiz de Arriaga

Lawyer, economist and consultant. Managing Partner, an expert in bankruptcy law.

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