• Insolvency Proceedings – Types And Application

    February 16, 2017

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    Posted in: General

    Explanation about the types of insolvency proceedings the insolvency procedure is carried out in the context of insolvency and should allow for the equitable distribution of assets among the creditors of a debtor or ensure the orderly unwinding of. As variants of the insolvency proceedings, the rules bankruptcy and consumer insolvency the insolvency proceedings can be differentiated in accordance with the German insolvency code. The avoidance of insolvency should be supported already during the creation from the entrepreneur’s business plan within the framework of the business through a coherent financial plan. The rules bankruptcy procedure applies for legal and natural persons who earn their living in part of their independence or have earned and those current assets considered not manageable or at least a creditor creditor claims consist of a working relationship. This form of bankruptcy is used when no specific procedure is provided. With the This procedure without the presence of a mass that covered the costs of the proceedings may be opened to amendments 2001, because the deferral of costs of the proceedings is possible.

    The rules bankruptcy proceedings makes it possible in this recast any independent to continue its activities despite the bankruptcy. This sequel to the independence aims the insolvent independent securing his livelihood and the creditors claim about independence continue to allow. The consumer insolvency proceedings represents a simplified proceedings for the settlement of insolvency for individuals to ensure the equal satisfaction of creditors after exposure. The proceedings for consumers is divided into four sections. In advance, an out-of-court settlement attempt on the request of the debtor to the creditor is him for a complete list of claims as the basis for establishing a debt clean-up plan to hand over. Based on this plan, which has Debtors to seek a settlement. No agreement could be reached may request the agreement procedure which is issued by appropriate judicial debt adjustment proceedings the debtor upon production of a certificate of the failure.

    This request has to be InsO in writing within the meaning of section 311. Within the framework of the simplified proceedings, the recovery of debtor assets of the debtor with the possibility of creditors is the residual debt exemption to apply for. This possibility is not used or rejected after examination by the Court, the debtor may apply for the residual debt exemption procedure. Another form of insolvency proceedings is the insolvency proceedings, which is used to restrict the liability of the heir to the estate. Linus Paul

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