When is the bankruptcy proceedings terminated?
When is the bankruptcy proceedings terminated?
Where no reopening of the proceedings has been requested within one year, the court shall terminate insolvency proceedings, regardless of the circumstances.
In the absence of sufficient assets to cover the costs, the law defines ways and deadline for prepayment of costs, including if in the course of bankruptcy proceedings is determined that the available assets of the debtor is insufficient to cover the costs of bankruptcy. In this case, the costs are borne by the applicants. Therefore, the regulations of the Commercial Act related to the unconditional necessity of providing funds for expenses as a prerequisite for the continuation of insolvency proceedings have effect and are also applicable in the cases under Art. 735, para. 2 of the Commercial Code where collateral from third parties has been established for securing the debtor's obligations and the execution against the collateral has not been completed or the debtor is a party to pending legal proceedi
Attorney at law Iuila Danova
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Email: iulia.danova@abv.bg