State of insolvency on the part of debtors and its implication for creditors
DOI:
https://doi.org/10.35381/racji.v9i1.3642Keywords:
Services, criminal law, civil rights, (UNESCO Thesaurus)Abstract
The general objective of the research was to legally analyze the state of insolvency on the part of debtors and its implication on creditors. The present research used the quantitative method which produces descriptive data, originating from data collection. Supported by the documentary-bibliographic review. In addition, the inductive-deductive method was used. The analytical-synthetic method was also used. It is concluded that the declaration of insolvency against the debtors brings with it burdensome measures in favour of the creditors, such as the case of being able to seize a real estate property, auction it and with the sale of that property in that auction settle the total or partial formal obligation to its creditors. The application for bankruptcy proceedings is at the request of the debtor in order to be able to establish a payment plan in favour of the creditors. This application is subject to the debtor's acknowledgement.
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Copyright (c) 2024 Javier Alain Cajas-León , Andrea Denisse Zambrano-Zambrano, Stalin José Mendoza-Villanueva, Ingrid Joselyne Díaz-Basurto
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