BANKRUPTCY.
A bankruptcy Bankruptcy is a legal situation in which an individual company or institution can not cope with the payments to be perform (liabilities), so these are superior to their available economic resources (assets).
A natural or legal person who is bankrupt is called failure. When the bankrupt or debtor is declared bankrupt court, we proceed to a bankruptcy or insolvency proceedings, which examines whether the debtor can meet debt than their assets and outstanding payment obligations.
CHARACTERISTICS OF BANKRUPTCY:
- is a situation of widespread insolvency, what difference the mere cessation of payments.
- insolvency is a constant in time.
- insolvent is to be judged objectively by facts suspects insolvency.
- an insolvency situation is such that it becomes insurmountable for the debtor.
TYPES OF BANKRUPTCY:
VOLUNTARY: In any institution other than a municipal or financial can start their own name for bankruptcy. Insolvency is not necessary for formally initiate voluntary bankruptcy or the company must have committed an act of bankruptcy laws.
INVOLUNTARY: The involuntary bankruptcy is initiated by a stranger, usually a creditor.
EFFECTS OF BANKRUPTCY DECLARION .
- the failure is to manage your property, that authority passed to a third party called a trustee.
- The term debts outstanding become immediately due and payable.
- rights are attached by creditors, ie, they can not improve their situation after the bankruptcy filing.
- Accumulate all the lawsuits pending against the debtor before the judge failed to know that bankruptcy.
- creditors lose the right to enforce the debtor failed individually.
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LIQUIDATION IN BANKRUPTCY.
A company that has been declared legally Settlement involves the sale of all company assets to satisfy creditors acquired revenue, according to certain priorities (the creditors have priority over shareholders). In bankruptcy voluntarily or involuntarily committing an act of bankruptcy may be settled
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