Polaris World files for bankruptcy protection. see ltora dot com
Chris
MURCIA, 28 Dec. (EUROPA PRESS) --
Polaris World has asked the court that several of its companies can benefit from three months to the Insolvency Act gives power to renegotiate their debts before filing for bankruptcy protection, according to Europa Press confirmed the company's sources of residential tourism.
The company filed for approval on 22 December to qualify for this modification of the Insolvency Act, which called for other companies such as Nozar or Proinsa. The petition went to the Commercial Court number 2 in Murcia, according to judicial sources said.
The possibility that an insolvent company has a margin to negotiate a payment agreement with creditors, none of them urge their help, set out in Article 5.3 of the Insolvency Act.
This article, following the reform of the rule of 27 March 2009, provides that "the duty to seek a declaration of no contest is chargeable to the debtor, now insolvent, has started negotiations for accession to an earlier proposal Convention and, within the period prescribed in this Law, it brought to the attention of the competent court for a declaration of bankruptcy.
"After three months of the communication to the court, the debtor, whether or not attained the required accessions to the admissibility of the prior agreement proposal, must request to be declared bankrupt within a month," adds the legal text ..
The same sources indicated that Polaris World is not a competing application, but a measure that companies can use when they are in the process of renegotiating its debt, so that during those three months, any creditor can call the contest.
Last Updated ( Monday, 28 December 2009 19:04 )