IS IT SMART TO AVOID BANKRUPTCY? THE ANSWER IS NO LONG AND IS INEVITABLE. CREDITORS CONTEST IS A GOOD OPPORTUNITY TO THE COMPANY REFINANCE. DEPARTMENT ASSOCIATES ARRIAGA INSOLVENCY. EXPERTS ON COMPETITION LAW AND CREDITORS SMES. NOW ALSO IN ZARAGOZA, IN SPAIN.
IS IT SMART TO AVOID BANKRUPTCY?
The employer is terrified by the thought 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 irreversibly damage the image of your company and for him to Will Personally real social stigma That dog never escape. But this is not true Longer in These Times of crisis.
Indeed, Contrary to American culture, Spanish companies that failed punished Society. American Society In That Fails to praise the employer and re-emerge. In Spain, the fear of failure is very high.
In Spain, howeve this is changing. Understand That There are People Problems with Companies and Individuals. Everyone is more or less half Suffering the crisis in general and Especially the financial crisis. Looks Aimed criticisms are more to the banks the liquidity Problems That cause consumer business and Citizens.
But Most Important Is That Entrepreneurs Should Know That Was a bankruptcy legal instrument to save That Was 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. I did not call the meeting of Creditors When Should it do so in Serious Consequences Could result for the employer to respond Might Have With Their Own Personal Debts assets.
As the General Behavior of Firms’ve been to Avoid the bankruptcy, and Eventually Forced to raise it or Have Promoted the Creditors at the end, too late, over 90% of the bankruptcy proceedings in liquidation Have ended, 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 A Bankruptcy Reform to enable Employers to urge the bankruptcy time, take the Opportunity to refinance the company and it Even Cheaper and faster competition. It is Intended That phase workouts, plus a Proposal to negotiate with Creditors in advance, You Can Also Reach an agreement Guarantees Them bank refinancing by giving more money to bring the company fresh.
But this’ve Always Been possible. Arriaga and Associates have experience in getting bank refinancing with banks wanted to Avoid That bankruptcy and saw an Opportunity to revive the company.
If you are an entrepreneur does not try to Avoid bankruptcy. Finally, if you do something and soon Will Have to do the Same and Worse for everyone. But if you do it soon May be Able to get refinancing Craven. And if it Fails You May Obtain an agreement That Will allow you to save the company. That Reached With That agreement is deferred debt for the years and is largely Reduced. 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 you 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.
Maria Jesus Ruiz de Arriaga
Lawyer, economist and consultant. Managing Partner, an expert in bankruptcy law.