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Bankruptcy is a legal development that allows people or other legal entities that cannot pay their debts to creditors to cancel their debts in whole or in part. In most jurisdictions, bankruptcy is carried out by court order, often initiated by the debtor.

Bankruptcy is not the only legal status that bankruptcy can have, so the term bankruptcy is not synonymous with bankruptcy.

The word bankrupt comes from the Italian word bancarotta, which literally means “bankrupt bank” but idiomatically “bankrupt bank”, since bankers traditionally worked on wooden benches. Popular etymology claims that the Italian bankers’ banks would have been destroyed if they had not made the payments, but this is often dismissed as legend.

What is Individual Bankruptcy Law

Therefore,  Personal Bankruptcy Law defines how debtors and creditors can agree on the debt in question. An innovation in this context is that the  insolvency authority and re-entrepreneur act as intermediaries between the two parties – free of charge – and allow:

The essence of this new law is that any reorganization lawsuit can be planned in such a way as to prevent things from becoming so complicated that he or his creditors will find it difficult to recover compensation. A debtor who is a commercial, industrial, agricultural, or engaged in any mining activity is considered a Qualified Debtor and must not enter into any commercial liability for 15 days after the date on which he declared bankruptcy.

How to start a personal bankruptcy procedure The regulator emphasizes that the procedure is free and voluntary. Therefore, all persons interested in it should refer to this information. In any case, not everyone can take advantage of Law 20,720, and for this, the following conditions must be met:

Have two or more bonds  with a maturity of more than 90 days, the total amount of which exceeds 80 UF ​​just over 2 million Chilean pesos.

You are not subject to a court order or asked to initiate liquidation.

When he contacts the Superintendent through one of his channels, he evaluates the story submitted by that person and thus decides on his “permission” to initiate the moderation process.

If eligibility established, creditors and the debtor are asked to define a debt, determining to whom and in what amount.

From the announcement of admissibility to completing the entire procedure, the person enjoys bankruptcy financial protection, which allows the debtor to negotiate freely with his creditors.

What are the main consequences of a bankruptcy court decision

Release of the insolvent debtor: Therefore,  insolvent debtor is deprived of the right to dispose of his assets. This right passes to the trustee.

The rights of all creditors are defined, and all of these obligations, And also, temporary or contingent, may be required.

The right of creditors to individual collection from the bankruptcy debtor has suspended.

All pending claims against the liquidator that are pending in other courts are part of the bankruptcy procedure.

Negotiating with creditors Once a hearing has been agreed and arranged, the debt settlement process begins. It is important to emphasize that a person with real creditworthiness and an accurate payment schedule must come to this point to introduce themselves to creditors. A pact is made when two or more creditors represent more than 50% of the debt agreement with the debtor. Several things can happen due to negotiations, such as B. Negotiation of payment terms other than the original, waiver of interest, settlement or cancellation of part of the debt. Consequently, the debtor’s offer to creditors can have far-reaching consequences, which in the interests of the procedure will result from negotiations between the debtor and the creditors.

What if the deal is not found

The procedure can end with negotiations, during which the continuation of the fulfilment of obligations agreed upon. However, suppose an agreement cannot reached between the debtor and the creditors. In that case, the process can directed to an enforcement hearing, which deals with liquidating the assets for payment to the creditors. In the second case, no agreement reached. The superintendent takes all the information and forwards it to the competent court.

How long does the personal bankruptcy process take?

It important to note that the process can take about 105 business days, and if a person admitted to the process, they will not be able to go through another process for the next five years. Therefore,  last word will always be with the debtors to the creditors. Therefore,  Superintendent only serves as the moderator of the instance in a more flexible and transparent process aimed at achieving better results for all.

What is the law of re-entrepreneurship

As the name suggests, re-entrepreneurship is a new beginning. Currently, 3 out of 4 companies fail.

  • Facilitate the negotiation and approval of Debtor Reorganization Agreements
  • Improve the recovery of creditors in insolvency processes, creating a more effective and efficient procedure
  • Regulate the effects of cross-border insolvency proceedings.

Why do we talk about re-entrepreneurship

Because this one of the main ideas that the new bankruptcy law has in mind, the supervisory entity is called the insolvency and re-entrepreneurship super intendency.

What is the job of the super intendency

Supervise and regulate the actions of the entities that intervene in insolvency proceedings – trustees, administrators of the continuation of the business, expert facilitators, liquidators, overseers, bankruptcy auctioneers, And also, administrators of the continuation of economic activities and economic insolvency advisers.

All of the above so that they comply with their mission with full observance of the current legal system, in an effective, efficient and transparent manner, in safeguarding those involved in all bankruptcy proceedings and other processes subject to our control.

The SIR will also facilitate agreements in the renegotiation procedure of the natural person. And also, He will guide entrepreneurs who have fallen into financial difficulties to obtain timely information to take advantage of a bankruptcy procedure.

Why is the presence of the SIR important in re-entrepreneurship

Because one of the tasks to provide advice to small and micro companies in a potential insolvency situation, they also advise those in a situation of insolvency, so their direct work to re-entrepreneurship is helping to provide the best possible advice.

How to obtain payment of my credits in bankruptcy

For your credit to paid in bankruptcy, it must be previously verified and recognized, except in the case of credits with a preference of numbers 5 and 8 of article 2472 of the Civil Code, which can be paid administratively if there is a documentary background that justifies them.

In addition, there must be funds in bankruptcy for the payment of credits, which made under the rules of priority of credits. And also, That to say. First-class credits are paid in the order established in the Civil Code, later the mortgages and pledges and, finally, the vistas.

It should also be clarified that all of the above is contingent on the bankruptcy having available funds to carry out fund distributions.

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