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?
The person responsible for the operational and strategic management of a company, especially during insolvency.
Who is the Managing Director?
This phrase describes the immediate need to file for insolvency due to a predicted inability to pay debts.
What is imminent illiquidity?
This large group is formed to represent the interests of creditors during insolvency proceedings.
What is a creditors assembly?
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Answer: What is Withdrawn?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 type of corporation is designed to allow stock ownership and can be traded publicly.
What is a Stock Corporation?
This term describes the forecast of expected earnings over a specific period.
What is an earning projection?
This term refers to a smaller group formed to assess creditor claims and approval of restructuring plans.
What is a creditors committee?
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 type of company limits the liability of its owners and often operates in a structured, regulated environment.
Private Limited Company
This financial document estimates the future viability of a business and its ability to continue operations.
What is a going concern forecast?
This right allows creditors to be informed about certain key aspects of the insolvency proceedings.
What is the right to disclosure?
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?
This term refers to a small business that qualifies for simplified procedures under insolvency law.
What is a Small Enterprise?
The term for the time by which debts are due to be paid.
What is the Date of Maturity?
This action refers to terminating a business's operations.
What does it mean to shut down (a business)?