Action plan and practical advice
Faced with a major economic crisis and considerable financial deterioration , some companies find themselves on the edge of the abyss, dangerously flirting with the specter of bankruptcy. The cessation of payments, the accumulation of debts, and pressure from creditors make the survival of the company uncertain. However, options exist to try to save the company and give it a second chance. Diagnosis of the situation and request to open collective proceedings The business manager must carry out a careful financial diagnosis. This makes it possible to assess the status of cessation of payments, the payable liabilities, as well as the receivables. A thorough cash flow analysis is essential to determine the severity of the assetshortfall.
Diagnosis of the situation and request to open collective proceedings
If the situation is critical, the business manager must then request the opening of collective USA Phone Number List proceedings with the competent commercial court. This bankruptcy filing, also called declaration of cessation of payments, must be made within 45 days following the cessation of payments, under penalty of sanctions. bankrupt company Procedures Goals Terms Conciliation Negotiate with creditors in the presence of a conciliator appointed by the president of the court Proven or foreseeable legal, economic or financial difficulties Backup Allow the restructuring of the company in difficulty by freezing debts No cessation of payments Legal redress Allow the continuation of activity, maintenance
The role of the agent and the judge-commissioner
employment and settlement of liabilities Cessation of payments Judicial liquidation Cessation B2C Lead of activity and sale of assets to repay creditors Cessation of payments and inability to recover the company The role of the agent and the judge-commissioner The court appoints a legal representative responsible for representing the creditors and a judge-commissioner who will supervise the procedure. During the observation period, the manager remains in office, but his decisions may be subject to the approval of the judge-commissioner or the judicial administrator. The task of the agent is to identify the creditors and draw up a precise statement of the company’s debts. The supervising judge, for his part, has a role