What is the bankruptcy?

The bankruptcy is a judicial procedure in which any company with economic problems can be involved.

It is, therefore, a process that tries to help companies in a situation of insolvency to articulate a system that allows them to deal with their current debts.

In summary, the debtor resorts to justice to bring order to the situation and pay the debts.

What is the purpose of the contest?

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With the bankruptcy, the aim is to reach a global solution to said insolvency situation.

On one hand, protecting creditors of the debtor, and that they can collect their credits, in the most orderly and efficient way possible.

To this end, creditors may only claim their credits through bankruptcy proceedings and will collect, to the extent that there are assets to satisfy the credits.

At the same time, thinking about the continuity of those companies that have viability.

In other words, the Law contemplates mechanisms so that they can restructure and reach agreements with creditors that allow them to maintain their activity.

When this is not possible, the Law provides for the closure of the company and the orderly liquidation of its assets to pay the debts (or the part that is possible).

Phases of the bankruptcy procedure

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common phase
Section 1	Declaration of bankruptcy by presenting the necessary documentation.   Take precautionary measures.   Resolution of the statement and conclusion.
Section 2	Appointment of bankruptcy administrators   Exercise of the position of the latter.
Section 3	Determination of active mass.
Section 4	Determination of passive mass.   Credit classification (special privilege, general, ordinary and subordinate privilege).
Agreement phase
Section 5	Establishment of the possible withdrawal and waiting, according to the agreement.   The removal can never exceed 50% of the initial debt and the wait will never exceed 5 years from the declaration of bankruptcy.
settlement phase
Section 5	In case of not being able to reach enough settlement agreements, we proceed to the liquidation phase. The liquidation phase can be opened at any time during the bankruptcy, at the request of the debtor, but also, among other cases, if no agreement proposals are presented or none of them are approved. This phase involves the sale of all the debtor's assets, to pay the maximum possible debt (following the legally established order). During this phase, the debtor will lose its powers of administration, disposition and management, which will pass to the bankruptcy administrator.
Qualification
Section 6	Resolution of the contest.

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Our service is specially designed to solve your financial needs in an agile and simple way, placing special emphasis on the speed of response to our clients, the simplicity of the procedures and the simplification of the procedures for formalizing the operations.

Workcapital provides alternative financing for companies in bankruptcy

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