Category: 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..

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..

In the case of consumer bankruptcy without assets, the court first of all checks whether the debtor actually has no assets. Thus, it is important to remember that their concealment may result in the rejection of the application.It is also not worthwhile to dispose of assets in order to avoid their seizure by the receiver,..

It may seem that the lack of assets prevents debt relief. This is not true, because if a consumer bankruptcy is filed, further debt relief proceedings may proceed according to various scenarios depending on the debtor’s financial situation:1.The court may establish a repayment plan for creditors – if the debtor has no assets, but has..

According to Art. 491 of the Bankruptcy Law if the assets and income of the insolvent debtor do not allow to cover the costs of the proceedings, the Treasury shall cover them temporarily. However, the debtor should return them under a debt repayment plan. Such reimbursement can be postponed until the debtor’s financial situation improves,..

The first step initiating simplified proceedings for approval of an arrangement is to find a restructuring advisor with whom a contract will be signed to supervise the proceedings. It is necessary to choose among those who are licensed. Once the supervision agreement is signed, the next step is for the debtor, with the help of..

The final stage of the simplified restructuring procedure is the submission by the debtor of an application for approval of the arrangement to the competent court. The provisions of the Law – Shield 4.0.indicate that if within 4 months from the date of making the announcement no application for approval of the arrangement is submitted..

The sum of the costs will consist of court fees and attorney’s fees; remuneration of the court supervisor or administrator; court expenses during the proceedings. You must pay a court fee of PLN 1,000 on the application to open restructuring proceedings. The exception is a simplified application for the opening of sanitation proceedings (one of..

Restructuring of a company is a process of collective actions in the sphere of capital, management (organizational), or on the asset side of the company, aimed at increasing efficiency, optimizing the use of the company’s resources, or improving the position of the entity in the competitive market. The procedure aimed at avoiding bankruptcy involves, among..

The law stipulated only two prerequisites that a debtor is required to meet in order for the district court appropriate to his place of residence to issue a bankruptcy order. The basic condition is the insolvency of the applicant. The debtor must have lost liquidity, as a result of which he has no way to..