BANKRUPTCY LAW
Specialists in Bankruptcy Law
We will solve any doubt
The Firm has professionals who are fluent in English
and can draft relevant documents in that language.
Lledó García Aranda Abogados will advise you on how to file for insolvency proceedings.
Concept
The Insolvency Procedure is a Court Procedure that takes place when it is impossible for an individual or company to comply with payments due to third parties.
It aims to ensure that as many creditors as possible receive the maximum amount of money from the debtor.
This can be done either voluntarily by the insolvent individual or through a request by one of the affected parties.
If a company is unable to meet its obligations regularly, the legal system provides for this process in order to satisfy as many debts as possible and to act fairly with all creditors.
There are two ways of applying for such an arrangement:
- On a voluntary basis.
In this case it is the company’s director who initiates it.
- By force.
When any of the shareholders or creditors are the ones who apply for the insolvency proceedings.
