What to do in case of bankruptcy?

What steps are taken when a company is declared bankrupt? The first thing is the anger of the workers who often believe that the fault lies with the managers who have been taking the money and stopped investing in the company, however, this is not always the case since by law of life, or of supply and demand, there are projects that simply fail.

Concept of bankruptcy of a company

The first thing that we must be clearer about is the concept of bankruptcy , which is a trial by which someone’s assets are incapacitated due to their insolvency situation so that it is liquidated and the debts they have can be paid in the order established by the law. law. All assets of the company or its ultimate owner would be sold in order to cover the debts .

In Spain, the administrators of the companies, their owners, have a responsibility that goes beyond the professional , since they cover with their assets the debts that the company cannot meet. That is, in addition to losing everything that has been invested, he loses his house, his savings, his car, everything that is necessary to settle the company’s debts. This law means that when bankruptcy is close to reaching the company, the owners try to safeguard their assets by putting it in the name of their wife, children or parents.

And what can we do in case our company goes bankrupt?

If we suspect that this situation is becoming closer to the company, the best recommendations that you can take into account are, if possible, the most obvious. We have to relieve our fiscal pressure , that is, begin to discharge all debts and as much as possible. Save and even start looking for other jobs or invest in a new project . Do not underestimate our ability and if we have a good idea, put it into practice . It may be the perfect time.

Once the company has been declared bankrupt, we have to know that if they have not paid us for a long time, the first debt they have to remedy is to their employees . But if the company goes bankrupt and the businessman does not have assets with which to pay, it is more than possible that we will not see a cent. We can consider taking the situation to court but it would have to be an enormous debt, since it is an expensive and very long process.

Leave a Reply

Your email address will not be published. Required fields are marked *