Bankruptcy procedures in Europe

Bankruptcy procedures in Europe

Bankruptcy Law in Croatia

Bankruptcy Law
When are you declared bankrupt? Reasons for bankruptcy are inability to make payments and over-indebtedness. Inability to make payments exists: -in case a debtor is more permanently unable to pay its due monetary obligations, i.e. in case i […]
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Bankruptcy in Germany

What is Insolvency and Bankruptcy in Germany for a company
1. When are you declared bankrupt in Germany? In Germany there are two different possibilities: the debtor can declare himself bankrupt or a creditor can declare the debtor bankrupt. In both cases there has to be sent a request to the court […]
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Bankruptcy in Lithuania

What to do if you are declared bankrupt in Lithuania
1. When are you declared bankrupt? Two different Laws regulate the legal aspects of bankruptcy procedures: bankruptcy procedures of a natural person are regulated by the Law on Natural Persons’ Bankruptcy of the Republic of Lithuania (her […]
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Bankruptcy in Austria

Bankruptcy in Austria
When are you declared bankrupt in Austria? The opening of insolvency proceedings presupposes the (imminent) economic collapse of an insolvent debtor. The decisive factor is the so-called “material insolvency”, which is reflected […]
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Bankruptcy in Romania

Bankruptcy in Romania
1. When are you declared bankrupt? Companies are declared bankrupt when they are unable to pay their certain, liquid and exigible debts. The minimum amount for a company to be declared insolvent – either by the debtor itself or by credito […]
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Bankruptcy in England & Wales

Bankruptcy at court in England and Wales
1. When are you declared bankrupt in England & Wales? The only grounds for making a Bankruptcy Order against an individual is their inability to pay their debts or in connection with a failed Individual Voluntary Arrangement (IVA). An i […]
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Bankruptcy in Belgium

Personal bankruptcy in Belgium
1. When are you declared bankrupt in Belgium? In Belgium a debtor is declared bunkrupt if he has ceased to pay his creditors and when his credit is affected. Both conditions are necessary. 2. How long does it take to process a petition for […]
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Bankruptcy in Slovenia

Bankruptcy in Slovenia
When are you declared bankrupt? In Slovenia, bankruptcy is declared against a debtor who has become insolvent. A debtor has become insolvent if he is unable to fulfill his liabilities in longer time period that are due in that period (f. e. […]
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Bankruptcy in Switzerland

Bankruptcy procedures in Switzerland
1. When are you declared bankrupt? In Switzerland, bankruptcy is declared when a legal entity or a private person inscribed in the Commercial Register has not paid a debt or it has ceased to pay a debt. A single unpaid debt could possibly l […]
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Bankruptcy in Finland

Banckruptcy in Finland
1: When are you declared bankrupt? In Finland bankruptcy can be declared if the debtor is unable to fulfill payments. Declaring the bankruptcy is decided by District Court and the petition can be filed bycreditor or debtor itself. 2: How lo […]
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Bankruptcy in Republic of Poland

Bankruptcy and isolvency in Poldand
1. When are you declared bankrupt? In Poland, the matter of bankruptcy of debtors is specified in the Bankruptcy Law (the Act of 28 February 2003 with amendments). According to this Act, the bankruptcy is declared against a debtor who has b […]
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Bankruptcy in Denmark

Bankruptcy in Denmark
1. When are you declared bankrupt? The petition for bankruptcy can be filled by a court appointed liquidator, creditor or the company itself. Bankruptcy is declared if the debtor has ceased his payment and this is not merely temporary. 2. H […]
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