When we talk about insolvency processes, it is important to understand that they can be applied to individuals and companies. There are some differences between both processes; however, our lawyers have experience in both methodologies.
Insolvency of Individuals
Personal insolvency is the most suitable path for individuals and families who find themselves unable to meet all their overdue obligations.
If they are merely in a difficult economic situation or facing imminent insolvency, it is possible to resort to the special process for payment agreement (PEAP).
In the context of personal insolvency, there are two possible paths: insolvency with discharge of remaining liabilities or insolvency with a payment plan.
In personal insolvency with discharge of remaining liabilities, the debtor may obtain a forgiveness of debts that are not fully paid during the insolvency process and in the 5 years following its conclusion.
The aim is, therefore, to grant the debtor a true second chance.fresh startto restart their economic life.
Corporate Insolvency
There are several parties that can request the insolvency of a company, including its respective creditors, such as: employees, banks, suppliers, the Public Prosecutor representing the Tax Authorities and Social Security...
Commercial companies (limited liability companies, single-member limited liability companies, and public limited companies) have a legal obligation to file for insolvency
In fact, from the moment they demonstrate an inability to meet their overdue obligations, managers or administrators have a legal obligation to file their respective companies for insolvency within 30 days.
This does not apply if the company is merely in a difficult economic situation, in which case it may resort to the special revitalization process (PER).
Insolvency Processes: How We Can Help
We have been working with insolvency processes for several years. Therefore, we are particularly specialized in the area of personal insolvency and corporate insolvency
In this context, some of the services we provide are:
- Special Process for Payment Agreement (PEAP): Through the PEAP, individuals who are in a difficult economic situation or facing imminent insolvency can negotiate with their creditors to create a debt repayment plan.
- Special Revitalization Process (PER): The PER consists of an urgent judicial process aimed at enabling negotiation between companies and creditors through a recovery plan that promotes the revitalization of the company and, consequently, the continuity of its activities.
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