First and foremost, legal entities such as companies, organizations, foundations or local government units cannot declare consumer bankruptcy. There are separate procedures for them.Also, personal bankruptcy is not available to people who have tried to abuse this institution, primarily: 1.concealed income or assets, 2.concealed creditors and the amount of debt, 3.have means and income sufficient..
Year: 2023
What are the disadvantages of declaring consumer bankruptcy ?
However, consumer bankruptcy also comes with negative consequences. The most far-reaching effect is the loss of rights to one’s property. All real estate and valuable movable property shall be used to settle the debt. Moreover, it is very common for the trustee to seize part of the salary. Thus, the debt is not only paid..
How does the process of removing a foundation from the register work?
Once the liquidator has carried out all liquidation activities, he must file an application with the court to remove the foundation from the register. Before doing so, however, he should submit his liquidation report, which also includes a liquidation closing balance sheet, to the relevant foundation body for approval. The relevant body adopts an approval..
Who bears the court costs in a property division case?
Costs, as a rule, are divided 50/50 between the two parties to the dispute. However, if the participants have different interests in the outcome or their interests conflict, the court may allocate the costs relatively. It should be pointed out, however, that the court fee on the application for the division of joint property should..
What are the advantages of consumer bankruptcy ?
First and foremost, the first advantage of consumer bankruptcy should be the ability to stop all debt litigation, as well as bailiff enforcement and penalty interest charges. In addition, the size of the liabilities is irrelevant, nor is the length of time that they have been in default. It should also be remembered that in..
What is subject to property division after divorce?
The joint property of the spouses is created at the time of marriage by operation of law, unless there are statutory circumstances that preclude this (e.g., prior conclusion of a marital property contract, incapacitation of one of the persons about to marry or bankruptcy). The joint property of spouses is nothing more than property acquired..
What are the reasons for the liquidation of the foundation?
According to Art. 15 of the Law of April 6, 1984. on foundations “in the event that the purpose for which the foundation was established has been achieved, or in the event that the foundation’s funds and assets are exhausted, the foundation shall be liquidated in the manner specified in the statute. If the statute..
What is a Liquidation Report?
The liquidation report shall be prepared as of the date preceding the distribution to the partners of the assets remaining after the satisfaction or security of creditors. The report is then presented by the liquidators to the shareholders, who should approve it by a resolution of the shareholders’ meeting thereby closing the liquidation of the..
What does it mean to entrust parental authority to one parent?
The family court, when declaring a divorce, may entrust the exercise of authority to one parent, limiting the parental authority of the other parent to certain duties and powers with respect to the child. In such a situation, the court in the divorce judgment will indicate to what rights and obligations it limits the parental..
The process of reporting the opening of a foundation’s liquidation
The adoption of a resolution to liquidate the foundation does not yet mean the loss of the foundation’s legal existence. The resolution to liquidate the foundation must be filed with the registry court. This is done by the selected liquidator on the appropriate application forms. The main application form should be accompanied by: 1.a resolution..