Insolvency is rarely a disgrace
Insolvencies of large and small companies are almost part of the daily news agenda. Terms likeinsolvency practitioner, reorganization, creditor or insolvency proceedings are familiar to everyone. However, we know from practice in our firm that very few people are aware of the exact meaning of a insolvency or insolvency proceeding. The general view is that insolvency always means the end of a business or private existence. The opportunities to recognize a threatening insolvency as such and to proactively react are often misjudged here. The term has too negative an connotation, especially in German-speaking countries. Therefore, it should be clarified at this point what insolvency means in the first place.
Basically, insolvency is a threatening or already real insolvency of a business or individual. This means that financial obligations can either already or in the foreseeable future no longer be met from own resources or that there is overindebtedness. If this case has occurred, it is advisable for both entrepreneurs and private individuals to file a petition for insolvency with the respective insolvency court. Here it is recommended that timely to obtain legal assistance and advice in order to avoid lapses and any suspicion of delay. An insolvency always offers achance for a orderly new start and should always be accompanied in a planned and systematic manner.
Basically, the insolvency law in Germany aims to support the insolvent debtor in reorganising his company or the private financial livelihood of individuals and, as it were, to meet the demands of the various debtors.
In the event of insolvency, it is therefore important to keep a clear head and act prudently. In both business and personal insolvencies, it is necessary to clarify which reorganization measures are appropriate and whether tax measures would contribute to the reorganization.
In the event of a liquidation,also liquidation, the Fiala law firm will settle all claims against creditors for you and represent you in court.
In addition, we advise our clients on all relevant issues relating to corporate and private insolvencies.
For our clients we are active to:
- Legal advice on the subject of impending insolvency
- Support and assistance in insolvency proceedings
- Advice on the reorganisation of companies in the context of insolvency
- Legal representation in court and vis-à-vis creditors
- Legal advice on the subject of liability and insolvency delay
- Liquidation of assets
- Asset protection and pension advice
Helpful further articles on the subject of bankruptcy law:
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You will find our office at Fasolt-Straße 7 in Munich, very close to Schloss Nymphenburg. Our team consists of highly motivated attorneys who are available for all the needs of our clients. In special cases, our law firm works with selected experts to represent your interests in the best possible way.