Post by account_disabled on Mar 13, 2024 0:20:33 GMT -5
Regarding the contests without dough, Elisa Escolà highlights that “they have increased exponentially this last year. In the second quarter, statistics reveal that the total number of contests in Spain is 5,934, of which 4,258 are contests without mass, that is, contests without mass represent more than 70% of the number of contests.
It also highlights that “if requested by the DJ USA bankruptcy administrator, a prior report must be made on whether there are indications to file rescission actions or to classify the bankruptcy as guilty. At the moment, in practice, few creditors find out, and the few that do find out rarely request that said bankruptcy administrator be appointed because the creditor is the one who must pay his compensation for the report.
Elisa Escola, one of the speakers who attended the Congress of Deputies to give her opinion on the bankruptcy reform bill, approved in September 2022 (Photo: Congress of Deputies)
Regarding the Second Chance mechanism, this insolvency expert highlights that “access barriers and the lack of total exoneration of public credits are hindering the development of this exoneration mechanism for individuals. We will have to wait for what the CJEU says when it resolves the preliminary questions raised.
Escolà highlights that the contest without mass has been highly criticized for two reasons. “First of all, it is criticized that a bankruptcy administrator is not always appointed, meaning that there is no one to control the acts carried out by the debtor before filing for bankruptcy. On the other hand, there is the issue of communications. It is made public in the BOE and the Public Bankruptcy Registry and creditors have fifteen days to request the appointment of that bankruptcy administrator if they represent five percent of the liabilities. But in his opinion, the problem is that they do not find out about said contest . "It is possible that, in some bankruptcy proceedings without a mass in progress, assets were sold two months before the Provincial Court and the Commercial Court number 1 of Alicante and that of the Commercial Court 10 of Barcelona."
It also highlights that “if requested by the DJ USA bankruptcy administrator, a prior report must be made on whether there are indications to file rescission actions or to classify the bankruptcy as guilty. At the moment, in practice, few creditors find out, and the few that do find out rarely request that said bankruptcy administrator be appointed because the creditor is the one who must pay his compensation for the report.
Elisa Escola, one of the speakers who attended the Congress of Deputies to give her opinion on the bankruptcy reform bill, approved in September 2022 (Photo: Congress of Deputies)
Regarding the Second Chance mechanism, this insolvency expert highlights that “access barriers and the lack of total exoneration of public credits are hindering the development of this exoneration mechanism for individuals. We will have to wait for what the CJEU says when it resolves the preliminary questions raised.
Escolà highlights that the contest without mass has been highly criticized for two reasons. “First of all, it is criticized that a bankruptcy administrator is not always appointed, meaning that there is no one to control the acts carried out by the debtor before filing for bankruptcy. On the other hand, there is the issue of communications. It is made public in the BOE and the Public Bankruptcy Registry and creditors have fifteen days to request the appointment of that bankruptcy administrator if they represent five percent of the liabilities. But in his opinion, the problem is that they do not find out about said contest . "It is possible that, in some bankruptcy proceedings without a mass in progress, assets were sold two months before the Provincial Court and the Commercial Court number 1 of Alicante and that of the Commercial Court 10 of Barcelona."