Insolvency proceedings can be opened against a legal entity that is insolvent or over-indebted.

 

Over-indebted is a commercial company whose assets are not sufficient to cover its monetary obligations.

An insolvent is a merchant who is unable to meet a due monetary obligation.

 

Bankruptcy proceedings aim to ensure fair satisfaction of creditors and the possibility of recovery of the debtor's enterprise, taking into account the interests of creditors, the debtor and his workers.

A debtor who becomes insolvent or over-indebted must request the opening of bankruptcy proceedings within 30 days.

Unlike the individual executive, in case of bankruptcy, in the event that there is no recovery plan and the enterprise cannot continue its commercial activity, the creditors' claims are satisfied proportionately according to a specific order specified in the Commercial Law.

Adv. Milev has successfully passed the receivership exam and is entered in the Ministry of Justice's register of persons who can be appointed as receivers in bankruptcy proceedings. We are experienced in representing our clients both as creditors in bankruptcy proceedings and in defense of the insolvent merchant.