OPENING INSOLVENCY PROCEEDINGS
OPENING INSOLVENCY PROCEEDINGS
Author(s): Fildan Sorin Subject(s): Economy
Published by: Editura Universităţii Vasile Goldiş
Keywords: insolvency; debtor; creditor; request.
Summary/Abstract: Insolvency is the state of the debtor's assets that is characterized by lack of available funds for the payment of certain, liquid and exigible debt. Insolvency is presumed to be obvious when the debtor, after 90 days in arrears, has not paid his debt to the creditor, the presumption being relative. Insolvency is imminent when it is proved that the debtor is unable to pay his/her outstanding liabilities upon maturity, with the funds available on the due date. In this case, assessing the occurrence of insolvency pertains to the debtor, taking into account the prospect of debt accumulation over the following period and the absence of financial resources to cover it.
Journal: Studia Universitatis Vasile Goldiş, Arad - Seria Ştiinţe Economice
- Issue Year: 22/2012
- Issue No: 4
- Page Range: 90-96
- Page Count: 7
- Language: English
