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What is bankruptcy law?
Within the commercial law we find the bankruptcy law the Bankruptcy Law 22/2003, of July 9, regulates the insolvency proceedings, which is a procedure that is processed before the Commercial Courts. Most of these courts are located in the capital of the province corresponding to the debtor’s domicile, and their main purpose is to satisfy the creditors. This law opts for the principles of legal unity, discipline and system, the procedure being the same for merchants and non-merchants, i.e., unity of procedure.
Its objective prerequisite is insolvency, i.e., the debtor’s state of assets that is unable to regularly fulfill its obligations. Necessary insolvency proceedings are those requested by the debtor’s creditors and voluntary insolvency proceedings are those requested by the debtor himself, who must justify his indebtedness and his current or imminent state of insolvency.
A company should not delay in filing for insolvency proceedings. In order to avoid, as far as possible, its liquidation if it is possible to continue to develop its corporate purpose and, likewise, the liability of its corporate administrators.
The creditors have the right to appear in the insolvency proceeding of their debtor and to know the causes of the insolvency and their possibility of collection, being obliged to communicate their credit to the insolvency administration appointed by the insolvency judge.
Lawyou is a law firm with specialists in insolvency law
Experience and dedication.
At Lawyou we have lawyers who are experts in bankruptcy law with many years of experience in this area, either preparing bankruptcy applications, defending the interests of creditors, or acting asbankruptcy administrators. A large number of companies and entrepreneurs have placed their trust in us. Thanks to the specialization of our lawyers, the client has always been confident that their insolvency problems will be solved in the best possible way by the best professionals.
LAWYERS SPECIALIZED IN INSOLVENCY LAW
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