Enforcement and Bankruptcy Law is the branch of law that regulates the relations between debtor and creditor and deals with situations where the debtor is unable to pay. This branch of law includes various legal remedies for the collection of debts and the resolution of unpayable debts. Enforcement and Bankruptcy Law deals with the attachment of the debtor's property, bankruptcy and a series of legal processes provided by the state for creditors to obtain their rights.
Enforcement and Bankruptcy Law can be analyzed under two main areas:
1. Enforcement Law:
Enforcement law allows the creditor to collect its receivables by legal means in the event of non-payment of a debt. The transactions carried out within the framework of enforcement law usually result in the seizure (attachment) of the debtor's assets and the sale of these assets. Collection of receivables through enforcement is a fast and practical way.
Basic processes of Enforcement Law:
Enforcement Proceedings: The creditor applies to the enforcement office against the debtor and demands the collection of the debt. The proceeding may be in the form of enforcement proceedings (general proceedings, proceedings without judgment or proceedings with judgment).
Seizure: The seizure of the debtor's assets by the enforcement office. The seized goods can be sold.
Bankruptcy Postponement and Concordat: In the event that the debtor falls into insolvency, postponing his debts for a certain period of time or structuring his debts by agreeing with creditors.
2. Bankruptcy Law:
Bankruptcy is the process of putting all the assets of the debtor up for sale to be paid to creditors and declaring bankruptcy. Bankruptcy law is particularly important for commercial life and companies, and the bankruptcy of the debtor determines how creditors can collect their receivables.
The main processes of Insolvency Law:
Bankruptcy Filing: In case the debtor goes bankrupt, it starts with the application of the debtor or creditor to the enforcement court. The bankruptcy decision is made by the court.
Opening of Bankruptcy: After the court decides on the bankruptcy of the debtor, the debtor's assets are put up for sale to be distributed by the creditors.
Bankruptcy Administration: An independent bankruptcy administration is appointed to oversee and manage the bankruptcy process. The bankruptcy administration collects the debtor's assets, pays creditors and ensures that the process runs smoothly.
Concordat: The debtor agrees with its creditors to pay its debts within a certain period of time. Concordat is a way to prevent the debtor from going bankrupt.
We are at your side with our experienced team in all processes of Enforcement and Bankruptcy Law.
Our experienced team is with you in all processes of Enforcement and Bankruptcy Law.
