Today the Royal Decree-Law 16/2020, of April 28, has been published in the BOE on procedural and organizational measures to deal with COVID-19 in the sphere of Administration of Justice. These measures include those related to bankruptcy, which are aimed at preventing those companies that could be viable in general market conditions from being forced… Bankruptcy proceedings: latest measures to face the crisis resulting from COVID-19 weiterlesen
Kategorie: Bankruptcy
A second chance: how can I get rid of debts I cannot pay?
The Bankruptcy Proceedings Act in article 178 bis provides a beneficial procedure for exemption from unpaid debt for debtors. This is known as the second chance mechanism, and it is applicable only to individuals, not companies. The purpose of this mechanism is to enable those individuals who have lost their assets to start over without… A second chance: how can I get rid of debts I cannot pay? weiterlesen
Impact of the declaration of bankruptcy on enforcement and debt collection
Article 55 of the Bankruptcy Law establishes what the impact of the declaration of bankruptcy must be on enforcement and debt collection. Section 1 of Article 55 establishes as a rule the impossibility of initiating individual enforcements and in Section 2 the precept establishes as a rule that actions in process shall be suspended from… Impact of the declaration of bankruptcy on enforcement and debt collection weiterlesen