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Insolvency proceedings

 


Insolvency proceedingsare receivership or court-ordered liquidation proceedings to organise the settlement of the debts for a company in insolvency.
A company in difficulty can be concerned by:
- A bankruptcy protection procedure, initiated by the company's managing director, if the company is not in insolvency;
- A court-ordered receivership or liquidation, if the company is in a state of insolvency.
Insolvency proceedings interrupt the legal proceedings, and are subject to publication requirements.

Bankruptcy protection is reserved for companies or individual debtors who are not in a state of insolvency, but who are experiencing difficulties that they cannot overcome, and that are likely to lead to insolvency (unable to cope with current liabilities using available assets). The purpose of a bankruptcy protection procedure is to allow the company to continue its business, maintain jobs and settle its liabilities, by reorganising the company under a plan decided by the Court.

Receivership is a court procedure applicable to traders, artisans, farmers and legal entities in private law who are in a state of insolvency.
Like bankruptcy protection, receivership is intended to protect the company, keep the business running, save jobs, and settle liabilities.

court-ordered liquidation is a judicial procedure applicable to legal entities in private law, including retailers and traders, and retailers who are natural persons, artisans, and farmers, when they are in a state of insolvency and they have stopped trading or it seems clearly impossible to save the business.

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