Questions & Answers
How can I file for insolvency and what are the consequences?
I would like to file for insolvency. I need to understand how this will work.
I know insolvency means going bankrupt which means the individual truly has no money, but there is still a cost associated with the insolvency process.
I would therefore appreciate replies to the following questions:
1- What is the insolvency process?
2- How long does it take to complete the insolvency case?
3- Finally approximately how much it will cost in total (lawyer + court fees).
Insolvency means facing current or expected financial difficulties that make the debtor unable to pay his debts and the approval of the insolvency application stops any procedures taken by creditors.
The period prescribed for considering the application is ten days.
The expenses of the notification and the court fees are determined according to the value of the case and the procedures you need.
The attorney's fees are determined by himself when studying the case.
Insolvency is completely different from bankruptcy In case you want a question related to this very important topic, do not hesitate to email us.
