Best Bankruptcy Lawyer In Penrith

Bankruptcy Lawyer

Bankruptcy is the inability of a company to pay its debts or liabilities. Business risks that are too high are usually the cause of bankruptcy. Find out how to keep your business risk low. An insolvency is the acute or impending insolvency of a company or a private person. It is characterized by the fact that debts or liabilities to creditors can no longer be settled currently or in the foreseeable future. The reason for this is that the necessary expenses permanently exceed the (expected) income.

Important contents of the insolvency regulation are:

General regulations: General regulations such as the objectives and procedural principles of insolvency proceedings.

Opening of insolvency proceedings: guidelines on opening requirements, etermining the bankruptcy estate (assets) and the bodies of the creditors.

Avoiding bankruptcy: principles and possibilities of avoiding bankruptcy

Administration and realization of the bankruptcy estate : Regulations for the creation of a list of assets, a register of creditors and the realization of the bankruptcy estate.

Satisfying the creditors: Instructions for establishing the claims and distributing the bankruptcy estate among the creditors

Insolvency plan: Requirements for the preparation, structure and formation of the insolvency plan for the implementation of the insolvency

Remaining debt discharge: Regulations for the exemption of natural persons from residual debt ‚– i.e. those liabilities that cannot be met in the context of insolvency proceedings.

Consumer bankruptcy proceedings: Special provisions on bankruptcy proceedings for private individuals