Bankruptcy Law
Bankruptcy law (bankruptcy) is used to help companies and individuals that are in a situation of insolvency, which cannot afford their payments in a regular and usual way.
The main objective of Bankruptcy law is to try to refinance and restructure the company or individual so that they can continue with their activity and thus avoid its disappearance from the market (protecting the rights of creditors). However, on many occasions it is not possible to save the company or the individual and Bankruptcy law helps with the orderly liquidation of their assets and, where appropriate, registration closure.
When it comes to the closure of companies, a crucial part for the client is to ensure that the directors are not liable for the company’s unpaid debts. This is one of the keys to Bankruptcy law.
In the case of a natural person, since 2015 there is a new procedure that allows the Commercial or Civil Judge to “forgive” or “eliminate” all the debts that a person has so that they can start from scratch, known as “ second opportunity” (exoneration of the unsatisfied liability that begins with the “out-of-court payment agreement”). With the latest jurisprudence, this “forgiveness” or “elimination” of debts even reaches public law credits such as Treasury and Social Security.
At ALCOVER&ASOCIADOS we are experts in Bankruptcy law and we have more than 20 years of experience in this type of law, having participated in the main bankruptcy proceedings in the Balearic Islands and some on the peninsula
ALCOVER & ASOCIADOS has achieved in recent years the restructuring of several companies and individuals that were in bankruptcy proceedings and seeking their survival. In this sense, we have been able to reach global agreements with all creditors (agreements) and thus guarantee business continuity at the hands of the Commercial Judge and the bankruptcy administration.
ALCOVER&ASOCIADOS is specialized both in the presentation of voluntary creditor bankruptcy proceedings (by the debtor company or person) and necessary bankruptcy proceedings (when it is a creditor who requires the declaration of bankruptcy).
Lastly, ALCOVER&ASOCIADOS has managed to “eliminate” and “exonerate” all the debts of individuals, who have been able to start “from scratch” with their professional life after getting a “second chance”
At ALCOVER&ASOCIADOS we are lawyers in Bankruptcy law and we provide all the services related to this legal practice, from pre-bankruptcy advice, appearance of creditors in bankruptcy proceedings, application for voluntary bankruptcy proceedings, application for necessary bankruptcy proceedings, follow-up during all creditor bankruptcy phases. Bankruptcy law is a complex and extensive matter in which various procedural paths can be followed
As lawyers in Bankruptcy law, ALCOVER & ASOCIADOS participate in the different phases of bankruptcy proceedings (common phase, agreement phase, liquidation phase, qualification, conclusion…).
The most important part of a lawyer in Bankruptcy law is to identify the situation in time and take quick measures so that the client in question can refinance or close his business, depending on the case, for which they need an expert in the field who can advise them
BANKRUPTCY LAW SERVICES
- Request for Pre-Bankruptcy of Creditors
- Request for Voluntary Bankruptcy of Creditors
- Request for Necessary Bankruptcy for Creditors
- Appearance of Creditors in the Bankruptcy
- Request and approval of the Creditors’ Agreement
- Start of the Extrajudicial Payment Agreement Proceeding (second opportunity)
- Request for Consecutive Contest for the Exoneration of Unsatisfied Liabilities (second opportunity).