What can a creditor do in insolvency proceedings? When a company or individual with whom you have an economic relationship enters insolvency proceedings, it is normal to feel uncertain: Will I lose my money? What steps should I take? Can I claim anything?The good news is that the law grants very specific rights to the creditor, … Read more
What are claims against the insolvency estate? Within insolvency proceedings, there are different categories of claims, and one of the most important is claims against the insolvency estate. These are claims that: They have priority even over secured claims.They do not need to be included in the list of creditors and are paid at maturity, i.e., as they … Read more
What is a no-asset bankruptcy? A no-asset bankruptcy (concurso sin masa) is a type of insolvency proceeding intended for individuals or companies that do not have sufficient assets to cover even the basic costs of the bankruptcy proceeding.That is: there is no estate to pay fees, court costs, or creditors. The reform of the revised text of the … Read more