Insolvency in times of emergency – you may want to opt for bankruptcy instead
The first stage of bankruptcy proceedings begins with the filing of a bankruptcy petition: the debtor is entitled to an immediate temporary moratorium on creditors ’claims. Legal representation on the part of the debtor is mandatory. If the application is not rejected by the court, the second stage of the bankruptcy proceedings opens and the court appoints a trustee ex officio who monitors the debtor’s economic activity in order to prepare a settlement with the creditors in order to protect the creditors’ interests.
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