Filing For Bankruptcy: Definition, Procedure To Follow And Consequences!

The delay in payment as well as the impossibility of proceeding to the payment of creditors remain the fear of many business leaders. To anticipate or avoid one of these situations, it is therefore essential to take a step back in order to better understand the origin of all the financial difficulties with which the company is confronted. If your company is in a situation that could lead to bankruptcy and you want to know more about the Austria Phone Numbers List procedure to follow or the consequences of such a situation, read this article. Filing for bankruptcy is a concept that is considered to be common to all companies, regardless of their form. It can be defined as a situation in which a company finds itself in cessation of payments.

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More concretely, the company will no longer be able to pay debts due using the assets it has immediately in its possession or which it will dispose of in the short term. To anticipate the occurrence of such a situation or to better deal with it, Matthieu Burthey advises you . Thanks to the assistance it offers you, you will be able to take a step back and therefore analyze your accounting and financial situation more objectively. In such a situation, recourse to the services of professionals also offers company managers the possibility of complying as well as possible with the obligations incumbent on them and also of anticipating the consequences in time. Actions to take when faced with this situation From the moment you are aware of the fact that your company.

Consequences For Employees

can no longer ensure the payment of all of its debts, it is essential to make a declaration of “cessation of payments” to the registry of the competent commercial court . The filing of this declaration must however within 45 days, once the cessation of payments is . In the event that this deadline is not the manager of the company concerned incurs a sanction. Note also that said declaration with the form “Cerfa n° 10530*01. The manager of the company is also responsible for completing the form and subsequently sending all the supporting documents that are required.In particular, the following information must be provided: The company’s latest balance sheets; The situation of the company;

The detailed statement of liabilities (list the creditors and the total amount of the debt); Asset status (list premises, equipment, vehicles and inventory); Sureties and any employees. It should also that the form various documents that can prove the situation of your business. Among these parts are: The registration extract from the Trades Directory (RM) or the Trade and Companies Register (RCS); The accounts for the last financial year; Photocopy of the identity document of the person representing the company. The consequences for the company concerned As soon as it receives the declaration of cessation of payments, the commercial court has a period of 15 days to summon the head of the company as well as any employee representative.

Impact On Employees And Creditors

At the end of the hearing, and depending on the information provided to him. The judge may decide to open. A receivership procedure. In the event that he considers that the company’s activity . A judicial liquidation: in the event that he considers that it is no longer possible to revive the activity of the company. So that the judge can make the most judicious decision. It is therefore essential to send him a detailed and complete file beforehand. The ideal, in this case, would to use the services of a professional for the assembly of the said file. The latter will thus be able to take into account all the necessary and relevant information. It also whatever procedure is (liquidation or reorganization). The effects are quite significant and therefore .

When the judge opts for receivership, a receiver is first appointed. Depending on the case.   For this, he has an observation period during. Which he will determine the actions that need to to help the company effectively. Actions to include. The establishment of a recovery plan with the aim of reorganizing the structure as well as possible; The orientation towards a liquidation in the event that the situation seems irremediable; The closing of the procedure when the company finally manages to pay off its creditors. When, on the other hand, a judicial liquidation procedure  . A liquidator is and the company immediately ceases its activities.

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