Procedure
This term refers to what one files with the court to start insolvency proceedings against a debtor.
Answer: What is an Insolvency Petition?
This legal term describes the act of releasing a debtor from the obligation to pay debts after a certain point in the insolvency process.
Answer: What is Discharge?
This phrase describes the formal act of removing a petition from consideration.
Answer: What is Withdrawn?
The remaining obligations that a debtor has after the liquidation of their assets and the payment of creditors.
Answer: What is Residual Debt?
This meeting serves to initially assess whether insolvency proceedings should continue and discuss first steps.
Answer: What is a Preliminary Judicial Hearing?
This term describes a formal demand for payment from a debtor in the context of insolvency.
Answer: What is a Claim?
This term refers to the legal grounds needed to open insolvency proceedings.
Answer: What are Mandatory Grounds? Or Insolvency Grounds.
A situation where a company or individual lacks sufficient cash or available assets to meet short-term financial obligations, even if they have valuable assets overall.
Answer: What is illiquidity?