Legal tip 200. Insolvency proceedings final steps IV: the end of proceedings
Monday, December 21, 2009 @ 8:22 AM
The end of the proccedings can have different causes:
- The opening of it was illegal (repeal of the order of declaration of insolvency)
- The procedure reached its end (fulfillment of the agreement, full satisfaction of all creditors).
- Frustration of the object (lack of assets and rights with which to pay the creditors).
- Withdrawal or waiver of all known creditors.This cause, by its nature, can only operate once the common phase of the procedure is over and it requires the approval of the judge, after a report of the insolvency administration.
The administrator will have to show accounts. The approval or disapproval of the accounts does not affect the appropriateness of the action for damages against the administrators . His disapproval will produce for the administrator a temporary ban to be appointed in other insolvency proceedings.
Death of the insolvent wil not be cause for termination of the proceedings.