Bankruptcy law
Financial difficulties in the company or at the entrepreneur’s premises can lead to bankruptcy, which may involve the personal liability of the director, and the personal bankruptcy of the partners.
If a trader can no longer structurally meet his financial obligations, he is obliged to “lay down the books” which means he must file for bankruptcy himself.
Consultation lawyer
Before taking this step, it is advisable to consult with our specialised lawyers, who can examine with You whether there are no alternative solutions, which, via a restructuring plan, would enable the reorganisation or relaunch of the company, with or without court intervention. In that context, our specialised lawyers can investigate and assist with WCO options.
Filing for bankruptcy
If no rescue is possible, bankruptcy should be filed immediately. This may be followed by directors’ liability proceedings, which can have a major impact on the personal assets of the directors.
The Commercial Court can also declare bankruptcy at the request of creditors, the Crown Prosecutor or ex officio.
Curator
The Commercial Court appoints a receiver and a judge commissioner, who must liquidate the assets and clear the debts, taking into account the privileges of certain creditors.The liquidator of the bankrupt may sue them personally, and may in turn be sued by the creditors who wish to invoke a privilege that has not been accepted by the liquidator, or who see their claim contested. The bankrupt or its directors and partners may have posted a personal or corporate surety bond , and they may now be sued over it by the liquidator.
Commercial court rulings
The Commercial Court can also pronounce discharge and excusability, as well as a professional ban.
All this often has very important consequences for the future of the person concerned. For all this, a specialised lawyer will be able to provide the optimal assistance.
