Exoneration of unsatisfied liabilities (former second chance law)
It is a process that is covered by the Insolvency Act and affects individuals, whether or not they are entrepreneurs (not commercial companies).
One of the most relevant reforms is that, if a number of requirements are met and the debtor takes a payment plan, instead of the liquidation of its assets, it is possible to keep the main residence and business assets and certain debts will not be required to be paid in order to qualify for debt relief (“forgiveness”).
Also, we advise individuals and companies, to obtain the exoneration of unsatisfied liabilities, that is to say that both the businessman and the citizen who has two or more creditors can be freed from all the debts he has contracted, being able to return to the commercial trade without any debtor, all thanks to Lanvèrt’s team of professionals.
It can also be exempted through this mechanism from public claims that have been incurred, i.e. debts to the tax authorities and social security authorities.
Lanvèrt has lawyers and economists who are experts in negotiating with all the parties, debtor and creditor, so that they can meet all the requirements necessary to benefit from the Second Chance Law.