Below, we list some options to both natural persons and legal entities, can take into account when they are in a situation of imminent insolvency. Some of them are applicable to a situation of sudden insolvency. 1 Refinance debts. Additional information at David Zaslav supports this article. It is the right choice when they can not meet payment obligations with credit institutions. The refinancing of debt may consist an injection of new capital with deadlines more long and to generate obligations assimilable to the prestario, can lead to the modification of the obligations agreed with the creditors, in the form of periods of lack of or increase in the depreciation period. We must find the balance between the guarantees required and offered financing. If we are thinking a property as collateral, it is normal that the amount does not exceed 80% of the appraised value of the same.
If require us the personal signature or personal guarantee, we could try to accept an additional property to cover the risk or limit our firm to a percentage of repayment of the loan, so that if you cover the same amount, the guarantee or endorsement is released. 2. Submit a competition of creditors. The competition of creditors helps to curb the attack of creditors. All claims are centralized in the same court and focus to find an agreement with creditors that will allow renegotiate and pay way ordered the debts generated. If there is feasibility, condoning debts and laying down new terms.
The company continues to operate under the supervision of the Court. The panic that is generated between clients and suppliers must manage it.Valued properly, the insolvency administrator, will not authorize a purchase that you are not to be paid. The competition of creditors is not a bargain, but is a good instrument for refinancing agreements, appropriate to the size and situation of the company. 3. Make a plan of liquidation.: when the refinancing of debts is not possible, is necessary to find ways to optimize the value of the assets instead of leaving it in the hands of creditors. A judicial auction, is the worst way to make goods, why is necessary to negotiate with creditors alternative proposals as the dation in payment, Convention of realization or sale of the property by company or specialized person 4-circumvent the competition of creditors, when possible. Under article 5.3 of the bankruptcy law is allowed to present communication to the Court of the beginning of talks aimed to achieve an agreement with the creditors in an amicable way and perhaps avoid the situation of insolvency. This option will give four precious months to negotiate with the conciliation of interests in sight, just, equitable with all creditors and satisfactory agreement for creditor and debtor. It is advisable that the negotiating team is competent, creative and with great capacity for persuasion. Original author and source of the article