Insolvency proceedings are by no means always the end of the economic existence of a enterprise or a person. It draws a line under the past and simultaneously marks the possible beginning of something new. Insolvency law is basically designed to preserve rather than break up enterprises. However - once insolvency proceedings have been initiated, control is in the hands of the insolvency administrator and the insolvency court. The necessary preparations and measures to secure your personal financial basis must be made in advance. We advise and represent you in this process.
The Insolvency Act offers good opportunities for restoring orderly financial standing for natural persons. In principle, anyone can obtain residual debt discharge if they make the garnishable part of their income available to their creditors through a trustee for six - possibly only five or three - years. Consumers and small entrepreneurs can reach their aim even faster by means of a debt settlement plan.
- Debt trap
- Insolvency filing
- Obligation to file for insolvency
- Residual debt discharge
- Consumer insolvency
- Good conduct phase
- Settlement of debts