Insolvency – Insolvency reveals the insolvency or threatened insolvency of a person. One speaks of insolvency when the debtor cannot meet 90% of his obligations within 4 weeks. If this is the case, insolvency proceedings are opened. In these proceedings, the debtor’s assets are liquidated by an insolvency administrator and the proceeds are distributed to the creditors.
Insolvency at a glance: Chance for a fresh start
- Reveals insolvency of a person
- Debtor cannot fulfil 90% of his obligations within 4 weeks
- In insolvency proceedings, the debtor’s assets are realised and the proceeds distributed to the creditors.
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