The insolvency process - is an opportunity to free oneself from too heavy debt and, if possible, to satisfy the claims of all creditors.
The insolvency process can apply to both the individual and the legal entity. To start the process of insolvency, the debtor must have one or more attributes of insolvency:
Attributes of insolvency for a legal entity can be:
failure to execute a judgment to recover the debt from the debtor by applying the means of enforcement;
the debtor, a Limited Liability Company, has not fulfilled one or more of debt obligations, the principal amount of which individually or collectively exceeds the amount of EUR 4’268 on a due date of obligation;
the debtor, a legal entity, other than a Limited Liability Company, has not fulfilled one or more of debt obligations, the principal amount of which individually or collectively exceeds the amount of EUR 2’132 on a due date of obligation:
The debtor has failed to pay wages, sick leave or other social benefits within 2 months from the date of accrual, as well as others attributes of insolvency.
Attributes of insolvency for an individual can be:
an individual is unable to settle the debt for which the execution time is due, and the amount of all his debentures exceed EUR 7’114;
in connection with some provable circumstances (e.g., reduction of income of the individual; increase of loan payments), the individual will not be able to settle the debt, which deadline occurs within a year, and the total debt amount exceeds EUR 14’228.
Vertex Capital will analyze the need and feasibility of the insolvency procedure, as well as prepare a legally sound application and other documents to start the insolvency process in court.