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Involuntary Bankruptcy



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What is the purpose?

The purpose of an involuntary bankruptcy is to achieve the satisfaction of the credit.
When there is a credit that turns out to be difficult to collect, due to the critical situation of the debtor, the best solution will be the presentation of an involuntary bankruptcy, through which a judicial procedure is promoted. This procedure will force the debtor to proceed to the payment of their credits which can be made in two different ways. First, through an agreement (in which there will be an agreed debts payment schedule, which will be paid with what is generated by the continuation of the activity of the debtor) and second, through the liquidation of debtor’s assets.

In the insolvency proceedings, besides forcing a solution to the situation of insolvency of the debtor, the creditor who initiates the petition obtains the following benefits:

The VAT of the total credit will be recovered.
50% of the credit will be considered as credit with general preference.
The remaining 50% will be considered as for other creditors in the course of the procedure.