WHAT IS A BANKUPTCY? WHAT IS NOT A CONTEST OF CREDITORS? MOST EMPLOYERS KNOW NO CONTEST MAY BE YOUR SALVATION CREDITORS. ARRIAGA ASSOCIATES BANKRUPTCY DIVISION, LAW EXPERTS HAVE BANKRUPTCY. SPECIALISTS IN SMES. NOW ALSO IN ZARAGOZA, SPAIN Reviewed by Momizat on .   WHAT IS A CONTEST OF CREDITORS? When asked what a bankruptcy almost all employers will know to give a theoretical answer more or less correct. The answer will   WHAT IS A CONTEST OF CREDITORS? When asked what a bankruptcy almost all employers will know to give a theoretical answer more or less correct. The answer will Rating: 0
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WHAT IS A BANKUPTCY? WHAT IS NOT A CONTEST OF CREDITORS? MOST EMPLOYERS KNOW NO CONTEST MAY BE YOUR SALVATION CREDITORS. ARRIAGA ASSOCIATES BANKRUPTCY DIVISION, LAW EXPERTS HAVE BANKRUPTCY. SPECIALISTS IN SMES. NOW ALSO IN ZARAGOZA, SPAIN

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WHAT IS A CONTEST OF CREDITORS?

When asked what a bankruptcy almost all employers will know to give a theoretical answer more or less correct. The answer will be the situation that arises when a company or an individual can not pay their creditors. It may also indicate that the judge will declare it.

But what I really think the employer, referring to possible personal situation is that it is a disastrous situation to be avoided at all costs until the last moment. Certainly think that bankruptcy is the death of the company, his own personal failure and to lengthen the end there as possible. But that’s where the employer is totally wrong.

While it is true that most companies end up in liquidation and the end of them, all this is because the employer has not really understood what bankruptcy is and what it is. And it is not used to nothing if not used for when to use and that the law is determined as corporate responsibility. The law requires employers to seek bankruptcy protection as soon as knowing that it will not be able to pay creditors on a regular basis, even when you anticipate that this will happen.

And is that bankruptcy is a measure to solve the problems of the company and its creditors. By declaring bankruptcy of the company is given an opportunity to reorganize, to reach agreements with creditors and the company can continue operating. Creditors are offered the opportunity to bet on the continuing business, to go slowly and pay for that in the event of liquidation, all creditors charge in an organized manner.

What many entrepreneurs do not know is that the bankruptcy will stop all debts, stop foreclosures and foreclosures on real need for its operation. Perhaps he did not know they can stop the evictions and can be restored supply contracts, leases of buildings or offices, leases, etc..

Debt before the declaration of insolvency is paralyzed. You can get debt postponed several years with significant remove. Providers will see the company now can pay better and do not have to answer for the time of old debts.

In proceedings before the contest you can negotiate with banks. Arriaga Associates has made ​​significant funding agreements and refinancing to avoid the contest.

If the contest is called on time usually the employer does not lose control of the company and be better able to avoid the responsibility of managers.

On the contrary to avoid bankruptcy is impossible. Sooner or later though certainly promoted by the creditors. In these cases the employer may lose control of the company, the assets will be liquidated at bargain prices and social stigma for the employer will be much higher. Also there is a risk that the contest is found guilty with the possibility that the employer has to respond with their own debt assets.

An entrepreneur who brings into the company in bankruptcy proceedings in time and managed to lift the bankruptcy is admired. Customers, suppliers, banks and workers will appreciate your spirit and talent to overcome this situation.

If you need an office with lawyers, economists, financiers and consultants to manage the process wisely think Arriaga Associates. We have experience in this field and we can finance the bankruptcy process.

Jesús María Ruiz de Arriaga

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