Bankruptcy of a company is the inability to pay its obligations to creditors. In accordance with the presumption indicated in the Law of 28.02.2003. Insolvency law, insolvency occurs if the delay in the performance of monetary obligations exceeds three months, counting from the date of payment of obligations Debtors – legal persons or organizational units without legal personality, to which a separate law has granted legal capacity, also become insolvent when their monetary obligations exceed the value of their assets, and this state of affairs persists for a period exceeding 24 months. If the court declares bankruptcy, the bankrupt loses control of the assets, and a trustee takes over. After liquidating the bankruptcy estate (the various elements of the company’s assets), he will also distribute the funds to creditors. In the case of commercial companies, the termination of bankruptcy proceedings usually means the deletion of the company from the KRS register.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bankruptcy of a company is the inability to pay its obligations to creditors. In accordance with the presumption indicated in the Law of 28.02.2003. Insolvency law, insolvency occurs if the delay in the performance of monetary obligations exceeds three months, counting from the date of payment of obligations Debtors – legal persons or organizational units..<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[],"yoast_head":"\n