Can I File Bankruptcy -Pfcrico.Com / Wed, 14 Aug 2019 15:09:01 +0000 en-US hourly 1 File for bankruptcy chapter -How to file for bankruptcy? /file-for-bankruptcy-chapter-how-to-file-for-bankruptcy/ /file-for-bankruptcy-chapter-how-to-file-for-bankruptcy/#respond Wed, 14 Aug 2019 15:09:01 +0000 /file-for-bankruptcy-chapter-how-to-file-for-bankruptcy/ Read more]]>

Filing for bankruptcy means, in common parlance, the declaration of cessation of payments that any entrepreneur must make when he is no longer in a position to pay the debts of the enterprise. It obeys need rules and is a serious situation for the company which, in most cases, will lead to liquidation.

How to file for bankruptcy?

How to file for bankruptcy?

What is the cessation of payments? What are the consequences of filing for bankruptcy? When should it be done and what is the risk of delaying the deadline? How to file for bankruptcy? At Your Domain Name, there is a solution.

It is carried out by the legal representative of the legal person or the natural debtor person at the registry of the competent court (commercial court for traders and craftsmen, the high court in other cases).

The parts to be deposited essentially include:

– the declaration of cessation of payments and the statement of liabilities payable and available assets; 
– the annual accounts of the last financial year; 
– a registration certificate at the RCS or the register of trades; 
– a cash position of less than one month old; 
– the name and address of the employees; 
– the amount of turnover at the closing date of the last financial year; 
– the quantified statement of claims and debts; 
– the asset and liability status of collateral and off-balance sheet commitments; 
– the summary inventory of the debtor’s assets.

Where certain documents can not be provided, the application must indicate the reasons that prevent such production.

What is the cessation of payments?

The bankruptcy filing occurs when the company is “unable to meet its liabilities due to its available assets, is in cessation of payments” (Articles L. 631-1 and L. 640-1 of the Commercial Code).

Current liabilities consist of debts that creditors may demand immediately. These debts must be certain (not contentious) and liquid (at the determined amount): invoices expired, wages to pay, etc.

Available assets are everything that can be turned into cash immediately or in the very short term without making it impossible to continue the business. These are, for example, goods that are not essential to the business and that can be sold quickly or receivable that come to an end.

The Court of Cassation has thus specified that the purchase price of the goodwill, the amount of work carried out on the premises or the value of the stock of goods can not be taken into account. Similarly, the assets of a corporation consisting of two immovables that are not yet sold are not considered available, nor are any land to be expropriated.

It is sometimes difficult to know whether or not the company is in a state of cessation of payments. The case law has identified the following:

  • the state of cessation of payments may not be deducted from the mere statement of a loss result (Com 3 Nov. 1992) or an operating loss and the non-payment of wages (Com 9 Jan. 1996). );
  • the concept of cessation of payments should not be confused with that of “irreparably compromised situation” referred to in Article L. 313-12 of the Monetary and Financial Code (Com 31 Mar. 2004);
  • there is no cessation of payments unless the debtor is unable to meet its due liabilities, ie due, with its available assets (T. com, Lille, May 5, 1987).

What are the consequences of filing for bankruptcy?

The filing of the balance sheet results in the opening of a collective procedure that places the operation of the company under judicial control. It has the effect of depriving creditors of the right to act individually.
Depending on the chances of survival of the company will be opened a judicial reorganization or liquidation proceedings.

Article L. 631-1 of the Commercial Code states that “the procedure of judicial reorganization is intended to allow the continuation of the activity of the company, the maintenance of the employment and the clearance of the liabilities”.
On the other hand, the liquidation procedure is intended to put an end to the activity of the company or to realize the assets of the debtor by a global or separate assignment of his rights and his property.

When does one have to file for bankruptcy? What is the risk of not doing so?


The bankruptcy filing must occur no later than 45 days after the cessation of payments (Articles L. 631-4 and L. 640-4 of the French Commercial Code). However, the company may, within this period, request the opening of a conciliation procedure (see below), in which case it does not have to file the balance sheet. If the conciliation fails and it appears from the report that the debtor is in cessation of payments, the court ruled ex officio on the opening of a collective procedure (same articles).

It is very important to file for bankruptcy within the time period provided by law. The risks involved are heavy in terms of liability and penalties.

From the point of view of accountability, leaders can be condemned to fill the asset gap. In fact, the management fault referred to in Article L. 651-2 of the French Commercial Code may be characterized by the delay in filing the balance sheet, according to the Court of Cassation’s consistent case law (8 Dec. 1998, 8 Oct 1996, May 28, 1991, etc.).

Warning: this action for liability must be distinguished from the obligation to social debts, wider and without condition of insufficiency of assets, provided for in Article L. 652-1 of the Commercial Code. The latter applies, in particular, to the manager who “abusively pursued, in a personal interest, a loss-making operation that could only lead to the cessation of payments by the legal person”.

From the point of view of sanctions, the leader “who has failed to make the declaration of cessation of payments within 45 days, without, moreover, having requested the opening of a conciliation procedure” may be condemned to “the prohibition to direct, manage , administering or controlling, directly or indirectly, any commercial or artisanal enterprise, any agricultural holding and any legal person, or one or more of them “(Article L. 653-8 of the French Commercial Code).

Personal bankruptcy, which immediately carries all of these prohibitions, may even be pronounced against the person who has “made purchases for resale below the price or used ruinous means to provide funds” with the intention of avoiding or delaying the filing of the balance sheet ( Article L. 653-5 of the French Commercial Code).

Are there alternative solutions to filing for bankruptcy in case of difficulties?

Before being in a position to file for bankruptcy, the company that is in serious difficulty can use the ad hoc mandate or the safeguard procedure. Even if it is already in cessation of payments, it can still, within 45 days, open a procedure of conciliation.

The appointment of an ad hoc agent, recognized as a stand-alone procedure for the prevention of business difficulties, is characterized by its flexibility and confidentiality. The agent’s mission is to assist the manager in the survival of the company.
Warning: This mechanism can not exempt the officer from filing for bankruptcy if the company is in cessation of payments. He can always be punished for not having done so (With 10 May 2005).
Article L. 620-1 of the French Commercial Code provides for a safeguard procedure designed for the company that proves difficulties that it is unable to overcome, such as to lead to the cessation of payments. It is intended to facilitate the reorganization of the company in order to allow the continuation of the economic activity, the maintenance of the employment and the clearance of the liabilities.
This procedure is for companies that are not yet in a state of cessation of payments. Nevertheless, if it appears after its opening that the debtor was already in this case, the court converts it into proceedings for bankruptcy (Article L. 621-12 of the Commercial Code).
The conciliation proceduremay take place even though the company may file a balance sheet. It is addressed, in fact, to people who “experience a legal, economic or financial difficulty, come from or foreseeable, and have not been in cessation of payments for more than 45 days” (Article L. 611-4 of the Code of Trade).
The conciliator is then appointed with the mission of “encouraging the conclusion between the debtor and its main creditors and, if applicable, its usual contractual partners, of an amicable agreement intended to put an end to the difficulties of the company”. The failure of the conciliation gives rise to the opening of a judicial reorganization or liquidation.

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Recognition and enforcement of a foreign court decision in the conditions of a debtor’s bankruptcy procedure – an insurance organization /recognition-and-enforcement-of-a-foreign-court-decision-in-the-conditions-of-a-debtors-bankruptcy-procedure-an-insurance-organization/ /recognition-and-enforcement-of-a-foreign-court-decision-in-the-conditions-of-a-debtors-bankruptcy-procedure-an-insurance-organization/#respond Sun, 14 Jul 2019 13:34:43 +0000 /recognition-and-enforcement-of-a-foreign-court-decision-in-the-conditions-of-a-debtors-bankruptcy-procedure-an-insurance-organization/ Read more]]>


Recognition and enforcement of a foreign court 


Recognition and enforcement of a foreign court 

Full description In the conditions of development of contractual relations, quite often the parties to the contract are citizens and legal entities of different countries and in case of non-fulfillment of contractual obligations, appeal to judicial bodies is inevitable. In this regard, the question arises of recognition and enforcement of deions of foreign courts in the territory of the federation

Actions to recognize and enforce deions of foreign courts are regulated by a number of regulations, both international and Russian.

The main international instruments include:

  • Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards of June 10, 1958;
  • Convention on Legal Assistance and Legal Relations in Civil, Family and Criminal Matters of January 22, 1993 (hereinafter referred to as the “Convention”);
  • Agreement on the procedure for resolving disputes relating to the implementation of economic activities, dated March 20, 1992;
  • bilateral treaties of the federation with foreign countries.

These international acts provide for the recognition of arbitral awards and their enforcement in accordance with the legislation in force in each country. So, by virtue of art. 7 of the Agreement on the procedure for the settlement of disputes related to the conduct of economic activities of March 20, 1992, the member states mutually recognize and execute the effective deions of the competent courts. Deions rendered by the competent courts of one member state are subject to enforcement on the territory of other member states. Deions rendered by the competent court of one member state in terms of foreclosure of the defendant’s property shall be enforceable in the territory of another member state by bodies designated by the court or determined by the legislation of that state.

In the Russian legislation, the rules on recognition and enforcement of deions of foreign courts are contained in ch. 31 of the APC of the federation and in the Federal Law of 02.10.2007, No. 229-FZ “On Enforcement Proceedings”. In addition, the Presidium of the Supreme Arbitration Court of the federation provided clarifications on this issue in Information Letter No. 96 dated December 22, 2005 “Review of the practice of arbitration courts reviewing cases on recognition and enforcement of deions of foreign courts, on contesting deions of arbitral tribunals sheets for the enforcement of deions of arbitration courts. “

The procedure in question includes the recognition and enforcement of foreign judgments by the arbitration court of the federation The use of such terminology is due to the different categories of cases and the allocation in the procedural law of claims for recognition and award. Thus, with respect to deions on claims for recognition, arbitration courts recognize deions of foreign courts and foreign arbitral deions taken on the merits of these claims. It should be clarified that the claimant’s claim to the defendant to recognize the presence or absence of a disputed right will be the subject of a claim for recognition. The basis of the claim for recognition consists of the legal facts with which the claimant relates his claim to the defendant. In the lawsuit on awarding the subject of the lawsuit, the claimant’s substantive claim to the respondent to perform an action in favor of the claimant or to refrain from committing an action that violates the law or the legally protected interests of the claimant. The basis of the claim for award is made by the legal facts testifying to the emergence of the right, and the facts testifying that this right is violated. Therefore, in respect of deions on claims for award, it is necessary not only the recognition of such deions, but also their enforcement in the federation

With regard to the procedure for the recognition and enforcement of deions of foreign courts, established in ch. 31 of the APC of the RF, it is necessary to indicate that the arbitration court does not consider the deion of the foreign court on the merits, but decides whether there are or no grounds for its recognition. The arbitral tribunal is not entitled to investigate and assess the circumstances that took place at the stage of consideration of the dispute and established by a foreign arbitration court (the definition of the Supreme Arbitration Court of the federation No. 12652/07 dated November 30, 2007 in case No. A67-2560 / 05).

The grounds for recognition are the presence and submission to the court of all necessary documents, a list of which is contained in Art. 242 APC RF. The established court practice allows to make a conclusion on the satisfaction of applications for recognition and enforcement of deions of foreign courts in the provision of documents provided for by current legislation (for example, the Definition of the Moscow Arbitration Court of in case number A40-8940 / 12-141-80 ).

In Art. 244 of the APC of the federation separately stated the reasons for the refusal to satisfy the application for recognition. The court practice is also uniform with regard to the grounds for refusal to satisfy the application. Thus, the absence of a document duly certified and confirming that the debtor was duly notified of the proceedings in a foreign court in a timely manner, the recognition and enforcement of the deion of which the recoverer is requesting, is grounds for refusing to grant such a statement on the basis of Part. 2 p. 1 Art. 244 of the APC of the federation (Resolution of the Federal Antimonopoly Service of the Urals District of September 28, 2010 No. F09-7497 / 10-C5 in case No. A47-2947 / 10).

Separately in Art. 242 of the APC of the federation established the jurisdiction of the consideration of cases of this category, namely by the location or place of residence of the debtor or by the location of the property, if the location or residency is unknown.

Consideration of an application for recognition and enforcement of a deion of a foreign court is generally carried out by the judge alone within a period not exceeding three months from the date of its receipt by the arbitration court at a court session calling the parties according to the rules of the APC RF, unless otherwise provided by the international treaty of the federation. However, the absence of duly notified parties is not an obstacle to the consideration of the case (part 2 of article 243 of the APC RF).

A court ruling recognizing a foreign court’s deion means giving this deion legal significance on the territory of the federation The determination of the arbitral tribunal in the case of recognition and enforcement of a deion of a foreign court enters into force immediately and can be appealed to the arbitration court of cassation within one month from the date of its adoption.

The order of execution of the deion of a foreign court by the arbitration court of the federation in accordance with Art. 11 FZ of 02.10.2007, No. 229-FZ “On Enforcement Proceedings” (hereinafter – FZ of 02.10.2007, No. 229-FZ) is established by the relevant international treaties of the federation, procedural legislation of the federation and this Federal Law. According to Art. 12 FZ of 02.10.2007, No. 229-FZ, the executive documents sent (presented) to the bailiff are the executive orders issued by arbitration courts on the basis of judicial acts adopted by them. Moreover, the procedure for obtaining an executive document for the enforcement of a deion of a foreign court in the territory of the federation is set forth in Art. 246 APC RF.

Of particular interest in practice is the situation in which the application for recognition of a foreign court deion on the territory of the federation has not yet been satisfied, and a bankruptcy procedure has been introduced for the debtor – an insurance organization. It should be noted that the bankruptcy procedure of insurance organizations has its own characteristics, namely, prior to filing an application to the arbitration court for declaring the organization bankrupt, a temporary administration is introduced. The temporary administration assesses the financial condition of the organization, identifies its assets and liabilities, and, in cases provided by law, takes measures to prevent bankruptcy. If the purpose of the temporary administration is not achieved, then in this case an application is submitted to the arbitration court for the recognition of the organization as insolvent. Within the framework of this article, the procedure for recognition and enforcement of a foreign court deion regarding an organization with a temporary administration and bankruptcy procedure is considered separately.

Provisional Administration acts

Provisional Administration acts

The Provisional Administration acts on the basis of the Federal Law No. 127-FZ dated October 26, 2002 “On Bankruptcy (Insolvency)” (hereinafter – the Federal Law dated October 26, 2002 No. 127-FZ). The term for which the temporary administration is appointed is set forth in Art. 183.12 FL of October 26, 2002 No. 127-ФЗ and ranges from three to six months with the possibility of extension to nine months. Thus, during this period, the applicant may submit an application to the arbitration court of the federation for recognition and enforcement of a foreign court deion in respect of the insurance company, which introduced a temporary administration. The specified application is subject to consideration in a separate proceeding.

There is another situation in which the bankruptcy procedure has already been introduced for an insurance organization. An application for recognition and enforcement of a foreign court deion made against a person in respect of whom an application for recognition of his bankruptcy has been filed and a deion to introduce observation has been made is considered in a bankruptcy case.

The following case is given as an example. The foreign company appealed to the arbitration court considering the insolvency (bankruptcy) of a limited liability company (hereinafter – the debtor), with a statement recognizing and compulsory execution of a deion rendered by a foreign court, to recover from the debtor the amount of the debt for improper execution of the contract. The debtor in response to the application requested to leave the application without satisfaction, indicating that this requirement is independent and should be considered in a separate proceeding.

The arbitration court considered the application on the merits, according to the following. In accordance with paragraph 1 of Art. 63 FZ of 10.27.2002 No. 127-FZ “On Bankruptcy (Insolvency)” from the moment the court of arbitration issued a ruling on the introduction of supervision in connection with the adoption of an application for declaring a debtor bankrupt, all property claims against a debtor can be made only in compliance with the procedure established by the Law.

Since at the time of consideration of the application for recognition and execution of a foreign judgment by an arbitration court considering an application for declaring a debtor insolvent (bankrupt), a determination was made to introduce supervision, property claims against the debtor should be submitted to the arbitration court considering its insolvency (bankruptcy). In this case, they will be included in the register of creditors’ claims and, if the debtor is declared bankrupt, are satisfied in the manner prescribed by the Act. The register of creditors’ claims also includes foreign court deions legalized in a separate proceeding.

In addition, the introduction of a monitoring procedure against the debtor excludes the possibility of satisfying the application for the issue of the writ of execution and entails the need to consider such a statement in a bankruptcy case. This rule is contained in clause 3 of the RF Supreme Court letter No. 96 dated December 22, 2005 “Review of the practice of arbitration courts review cases on recognition and enforcement of deions of foreign courts, on challenging deions of arbitration courts and issuing a writ of execution to enforce deions arbitration courts. “

In the case of the introduction of bankruptcy proceedings against the debtor, the legalization of a foreign court deion is necessary for the applicant to be included in the register of creditors’ claims against the debtor. And the reason for such inclusion will be the deion of the arbitration court on recognition and enforcement of the deion of a foreign court in the territory of the federation For this procedure in art. 183.26 FZ of 10.27.2002 No. 127-FZ establishes the procedure and terms. So, in order to participate in a bankruptcy case of an organization, creditors are entitled to declare their claims to the organization:

  1. during the observation within thirty calendar days from the date of publication of the report on the introduction of observation;
  2. during the bankruptcy proceedings within two months from the date of publication of information about the recognition of the financial organization bankrupt.

These requirements are sent to the arbitration court, the financial organization and the arbitration manager with attachment of documents confirming their validity. The register of creditors’ claims is subject to closure after two months from the date of publication of information on the recognition of the debtor bankrupt and the opening of bankruptcy proceedings.

We should also pay attention to the following. At the stage of bankruptcy proceedings in relation to the debtor, the law provides for the possibility of selling the property complex of an insurance organization, which includes all types of property, including the insurance portfolio. A number of requirements set forth in Art. 184.7 FZ of 10.27.2002 No. 127-FZ, including the presence of a corresponding license. Such a purchase means the transfer to the buyer of all rights and obligations under the contracts concluded by the insurance company – bankrupt, under which the insured event has not occurred. According to art. 184.5 ФЗ dated 10.26.2002 No. 127-ФЗ Insurers or beneficiaries under insurance contracts under which an insured event occurred, retain the right to demand payment of the insured amount due to them. This rule regulates the process of succession in the case of sale of the property complex.

Based on the above, we can draw the following conclusions:

  1. the possibility of legalizing deions of foreign courts in the territory of the federation is provided for by international and Russian legislation and is carried out by recognizing and enforcing deions based on the definition of the arbitration court of the federation;
  2. with regard to the statement of recognition and enforcement of the deions of foreign courts, the arbitration court of the federation does not assess the circumstances of the case and does not consider it on the merits, but decides whether there are or no grounds for recognizing the deion;
  3. in the case of a bankruptcy procedure introduced by the Russian insurance organization regarding the debtor or the provisional administration’s activity, there are peculiarities of considering the application for recognition and enforcement of a foreign court deion;
  4. During the period of validity of the temporary administration, the applicant may submit an application to the arbitration court of the federation for recognition and enforcement of a foreign court deion in respect of the debtor. This application is subject to review in a separate proceeding;
  5. an application for recognition and enforcement of a foreign court deion issued against a Russian insurance organization, in respect of which an application for recognition of its bankruptcy has been submitted and a deion to introduce surveillance has been issued, is considered in a bankruptcy case;
  6. legalization of a foreign court deion in the event of bankruptcy of the debtor is necessary, since acts as a basis for claims on the inclusion in the register of creditors’ claims.
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Grant Loans for the Development of High Speed Internet } Bank Loans /grant-loans-for-the-development-of-high-speed-internet-bank-loans/ /grant-loans-for-the-development-of-high-speed-internet-bank-loans/#respond Sun, 16 Jun 2019 06:23:01 +0000 /grant-loans-for-the-development-of-high-speed-internet-bank-loans/ Read more]]>


Controlled by the government, signed a contract with the winner of the tender Alior Bank, for lending for 6.5 thousand. companies for the development of high speed internet infrastructure. “Broadband loans” will come from the resources of the Digital Poland program, which is financed by the European Union. Payments are to start in September this year.

Through Alior Bank (the largest shareholder of the bank is the state-owned PZU), 40 million zlotys will go to telecommunications companies, with the possibility of increasing the pool of funds to 100 million zlotys. As underlined by, it was the only bank that came to the tender.


See also: Important changes in mortgages. You can easily resign from the signed contract and pay off the debt ahead of time


See also: Important changes in mortgages. You can easily resign from the signed contract and pay off the debt ahead of time

  • The Digital Poland Program is to strengthen the digital foundations for the socio-economic development of the country and take full advantage of the opportunities provided by digital technologies. One of the assumptions of POPC is the fight against the so-called digital exclusion, and its beneficiaries are households and entrepreneurs. Therefore, we are silent that another tool will be launched to provide equal opportunities – emphasizes Deputy Minister of Development Paweł Chorąży.

  • BGK is a key institution in the implementation of the Strategy for Responsible Development – explains Beata Daszyńska-Muzyczka, chairman of the bank’s management board. – One of our tasks is to manage EU funds, including those intended to provide access to high-speed internet. In addition to bringing internet connections to every household in Poland, the “Digital Poland” program is a prerequisite for digitization of state administration, development of modern services, and nowadays it is also a base for building industry, or reindustrialisation. .

  • We are glad that Alior Bank will be the first partner of Bank Gospodarstwa Krajowego in the financing program for the development of broadband networks. Alior Bank has extensive experience in supporting companies in access to preferential security and crediting conditions. The development and financing of the ICT infrastructure are important to us, because broad access to the Internet is part of the “Digital Rebel” strategy announced by the bank this year, including the introduction of new digital solutions and customers through the technological revolution in a safe and friendly – said Michał Chyczewski, Vice President of the Management Board, President Alior Bank – The Bank is strongly involved in the implementation of public programs and cooperation in this area with BGK. We will definitely use our previous experience – added Michał Chyczewski.

“Broadband loans” are intended for telecommunications companies with about 6.5 thousand registered in Poland. Preferential financing may be applied by entrepreneurs planning to invest in the construction, extension or reconstruction of a telecommunications network providing access to broadband internet (with a capacity of min. 30 Mb / s for households and enterprises and 100 Mb / s for schools.) A single loan can range from PLN 20,000 to PLN 10 million, with a loan term of up to 15 years.

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Revocation of the bankruptcy and effects on the expiration of the limitation period for the claims lodged /revocation-of-the-bankruptcy-and-effects-on-the-expiration-of-the-limitation-period-for-the-claims-lodged/ /revocation-of-the-bankruptcy-and-effects-on-the-expiration-of-the-limitation-period-for-the-claims-lodged/#respond Thu, 06 Jun 2019 13:56:37 +0000 /revocation-of-the-bankruptcy-and-effects-on-the-expiration-of-the-limitation-period-for-the-claims-lodged/ Read more]]>

The fact

The fact

In a ruling dated 27 May 2013, the Court of Appeal of PPancona had rejected the appeal brought by the appellant against the judgment of the Court of Pancona, with which the opposition had only been partially accepted for payment notified to the appellant.

In particular, the claim for payment in question had been notified to the appellant (returned to performing status ) by a creditor previously insinuated on the liabilities of the bankruptcy brought against the latter, and subsequently revoked.

What is therefore in relief in the sentence in question is – in a nutshell – the nature and effects to be attributed to the provision revoking the sentence declaring bankruptcy, to determine the consequences pursuant to and for the purposes of art. 2945 cc

The reasons given in the appeal for Cassation

The reasons given in the appeal for Cassation

The appellant challenged the partially favorable second degree sentence in the Cassation claiming, for the purposes that concern here, (i) the violation or false application of art. 21 of the bankruptcy law, in the text prior to the amendments made by Legislative Decree 5/2006, and (ii) the consequent false application of art. 94, paragraph 1, of the bankruptcy law, for not having the Court of Appeal considered that the revocation of the declaration of bankruptcy would void any effect reconnected to the acts of the party entered into during the procedure, thus causing the loss of any effect on the prescription of applications for admission to liabilities. In essence, the applicant attributed to the revocation of the bankruptcy scope extinguished, believing that the prescription – according to the appellant – should start from the date of filing of the application for admission to the passive pursuant to art. 2945, paragraph 3, of the civil code and not from revocation pursuant to art. 2945, paragraph 2, cc

With the sentence in question, in the wake already traced by sentence n. 19125/2006, in rejecting the appeal in question, the Supreme Court (i) established (in a clear and unambiguous manner) that the revocation of the declaration of bankruptcy cannot be reduced to a sentence of extinction; (ii) reiterated that the request for inclusion of liabilities has an interrupting effect pursuant to art. 2493 cc

Jurisprudence and doctrine on the subject

Jurisprudence and doctrine on the subject

As for the first point, according to the above mentioned Cass. 6 September 2006 n. 19125/2006, the revocation of the bankruptcy – even if disposed for procedural defects or for incompetence of the judge – leaves the effects produced by the applications for admission to the liabilities on the expiry of the limitation period of the relative credits excepted.

The revocation of the bankruptcy, that is, is not comparable to an extinct judgment provision, but – pursuant to art. 2495, paragraph 2, of the Civil Code – to a ruling that defines it (the judgment).

For mere scruple, it is useful to represent that the same ruling also clarifies that – on this point – the provisions of the art. 21 law fall. – repealed, with effect from 16 July 2006, by art. 18 of Legislative Decree 9 January 2006, n. 5, pubb. in Pazz. Uff. n. 12 of January 16, 2006 -, which referred to the acts of the bodies of the procedure, and not to those carried out against it.

With regard to the second point, instead, it is important to recall the consolidated principle according to which the request for a statement of liability has an interrupting effect on the prescription, with permanent effects until the closure of the insolvency proceedings (most recently, Cassation No. 17995/2018).

In this regard, it is useful to briefly examine the purpose and function of Article 2493 of the Civil Code, as well as the relevant jurisprudence.

The stated purpose of the article in question, in fact, is to guarantee that the prescription does not operate if a cause arises that makes the owner’s inertia fail, thus making the institute’s assumption disappear.

According to the prevailing doctrine and jurisprudence, the acts that can interrupt the prescriptive course are strictly listed and consist of acts that import the exercise of the legitimate Johny Brave by the owner.

In particular, these deeds do not require any typicality or formality, since they are free acts in the form, as long as in the medium and in the content they express unequivocally the will to assert the Johny Brave towards the debtor (Cass. N. 24656/2010).

Well, if, according to the doctrine, the judicial request suitable to produce the interruption of the prescription term is that with which a judgment of cognition, conservative or executive, begins or even the question proposed in the course of an already established judgment; according to the jurisprudence of legitimacy and with specific reference to the bankruptcy discipline, pursuant to art. 94 of the bankruptcy law, the application for admission to the liabilities produces the same effects as the judicial request also in relation to the interruption of the time limitation (first, Cassation, n. 195/1986).

The Supreme Court considered the appeal inadmissible because:

  1. with reference to the interruptive effect of the claim for liability, in accordance with the previous (and above) lawfulness jurisprudence, it considered it necessary to give importance to the will of the party to exercise (and to want to make use of) Johny Brave through the deposit of the application for admission to the liabilities;
  2. as regards the effects of the revocation of the bankruptcy declaration, on the other hand, it established that this deed cannot be linked to a judgment of extinction (but, if anything, to the rejection of the executive claim in the form of an insolvency claim or to the closure of a proceeding which produced anyway effects); with the consequence that – in these cases – the art. 2495, paragraph 2 of the Civil Code, and not even art. 2945, paragraph 3, of the Civil Code and that, therefore, the prescription must run (to use the code term) from the date of revocation of the bankruptcy, and not from the date of filing of the application for admission to the liabilities.
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Reasons for Interest Higher than Banks /reasons-for-interest-higher-than-banks/ /reasons-for-interest-higher-than-banks/#respond Thu, 30 May 2019 09:18:38 +0000 /reasons-for-interest-higher-than-banks/ Read more]]>





Fintech does provide easy access to loans. But behind that, there is a high interest that must be paid by the borrower. What is the reason for fintech interest higher than the bank?

The presence of financial companies such as Fintech is a solution for people who need additional funds quickly, as well as a frightening specter because the interest on loans is valued higher than the bank.

Whereas for loan interest matters, every fintech company already has transparent rules to determine the amount. Where the amount of Fintech loan interest must take into account the nominal to the term of the loan.

Fintech interest is higher than the bank

Fintech interest is higher than the bank

At present, interest on loans from Fintech averages 19-22% per year. This interest is claimed to be higher than bank interest which is only 18-21% per year. The difference of around 1% is considered not worth the risk faced by Fintech. Yes, the risk of fintech as a loan service company is indeed valued higher than the bank. The reasons for higher fintech interest from banks are as follows:

  1. Fintech provides access for consumers who cannot make loans through financial institutions such as banks so that high interest rates are determined to avoid the loss of money lent.
  2. Fintech consumers are consumers who can borrow unreserved money such as banking so that high interest is applied in this service.
  3. High interest is carried out as a reserve fee to reduce credit risk because after all a fintech company must maintain a smooth return to investors despite the loan default by the borrower.
  4. Not all fintech companies have credit insurance so that if a loss occurs, fintech companies must handle it themselves. Moreover, fintech loans are generally unsecured.

The advantages of Fintech from the Bank

The advantages of Fintech from the Bank


Despite having relatively high interest from the bank, the existence of fintech is still favored by the people of Indonesia. This is due to the ease and speed of the loan process offered by Fintech.

In addition, to maintain higher public trust, fintech companies are also required to be more transparent to their customers. For investors or investors, transparency makes them feel safe and trusts with the money that has been given to borrowers. As for borrowers, transparency makes them better understand the risks that arise later.

Transparency is an option for investors and borrowers before they make transactions as lenders and borrowers on the P2P Lending platform.      

The risks that arise later are shown by the fintech company so that each party accepts the risks. So, there is no reason for higher interest rates from banks!


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How to Use a Credit Card – Complete Guide /how-to-use-a-credit-card-complete-guide/ /how-to-use-a-credit-card-complete-guide/#respond Mon, 08 Apr 2019 08:34:45 +0000 /how-to-use-a-credit-card-complete-guide/ Read more]]>



The use of credit cards is becoming increasingly popular because it is practical and bring numerous benefits to the consumer.

If you do not already have a credit card, you have already been contacted by your bank to get one. If you already have, you’ve probably already received a call from your bank to review the conditions.

But do you know how to use a credit card? Let’s “trade for kids.”


Compare credit cards

What is a credit card?


What is a credit card?

Let’s start with the ABCs of credit cards so they fully understand how they work, what they do, and how to use a credit card consciously and safely, maximizing the benefits they have to provide it.

Using a credit card is a convenient, easy and flexible way of making payments that works like a small personal loan . That is, this type of card offers a ceiling, determined a priori by your bank, which you can use whenever you need without having to use your account to order.

How does a credit card work?

Imagine that you need to buy a quality television for the living room and for some reason you do not want to mess with the money you have in your checking account, choosing to use a credit card to pay for this one thousand euro investment.

First of all, you should check if your credit card has ceiling enough to be used.

Has? Perfect. Then you can use it to make your purchase.

But do you know what happens the moment you pass the credit card at the payment terminal? Simply put, it’s like you’re asking for a one-thousand euro loan to the bank, pledging to pay back within the stipulated time frame.

The money-back period can be extended, free of charge, for up to 50 days, in case the payment is made at 100%. If payment is made in installments, interest will be paid on the amount owed.

Learn more: Will you use a credit card for the first time? 5 Things you should know.

Do you know how to use a credit card?

Do you know how to use a credit card?

In practice, using a credit card is easy. Just pass it in the terminal at the time of purchase et voilà , simple and fast. What many people do not know is how to use a credit card in a safe and conscious way.

Let’s assume you bought your television in May. He used his credit card to pay the thousand euros, and that month he had already used credit for grocery shopping where he spent 100 euros. In this case, you already have a credit of 1,100 euros that you will have to pay in full.

There are two ways you can use to pay your credit card: full payment (100%) or partial payment.

Total payment (100%)

To avoid charges with interest rates, you should opt, whenever possible, for the full payment (100%) of the balance used on the card within the deadline.

Partial payment

If you do not have the availability to pay the credit card at 100% you can opt for the partial payment method. However, if you choose this method, you will have interest added on the amount owed.

In this way, you can agree with the bank a time limit and a monthly amount or percentage to pay up to cover what you spent. The vast majority of institutions facilitate this management being possible to do it simply and quickly through apps or homebanking services.

Deepen: What is the minimum credit card payment?

As a rule, and in both payment modalities, the statement of the card is issued at the end of the month, being charged on this date the percentage of the amount defined by the customer. The amount of the balance which has been settled thus becomes available for use.

Stay tuned

When joining your credit card, make sure you know all about terms and applicable interest rates so as not to be caught unawares.

How to use a credit card and what care should it take?

How to use a credit card and what care should it take?

In addition to being a convenient, safe and accepted payment method worldwide, credit cards also offer you advantages when using them, such as: exclusive discounts, cashback, point or air miles programs, as well as various free insurance (travel, personal accident, theft or fraud, online shopping protection, among others).

These advantages depend on the type of credit card you choose. Therefore, it is important that you take into consideration your profile and needs when choosing the best card for you.

For example, if you are a person who likes to travel, probably a credit card with air miles is the most appropriate choice. However, if you shop online very often, discounted credit card may be the best option.

Simulate cards with airline miles

If your credit card includes access to discount programs you can always look for stores that offer some kind of benefit to consumers who use that card to make the purchase and thus enjoy a more competitive price for your television, for example .

Find out: What types of credit cards are there?


What care should I take when using credit cards?


What care should I take when using credit cards?


It is necessary to take precautions in the use of the credit card, mainly to avoid the risk of fraud. Although almost all cards currently have EMV technology that can increase transaction security, there are a number of good practices that should not be overlooked.

Here are some tips on how to use a credit card safely:

  1. When you receive your credit card you must sign it on the back, destroy the old card and make sure you write down the code in a safe place (never next to the card itself) – or, better yet, remember it;
  2. Never lose your sight card. For example, when you go to the store to buy your LCD make sure you make the payment at the terminal in front of the employee. Making a copy of the magnetic stripe is very easy and takes a few minutes: it will not even count;
  3. Never give the complete card number, either by phone or by email, even if it is a company you trust;
  4. When shopping online , make sure you only use your card on trusted sites and make sure that the address of the store’s website starts with “https” instead of “http”. The “s” indicates that the connection is more secure.
  5. If you suspect you are being a victim of fraud , if you have lost your card or if it has been stolen , immediately report it to your bank.

Now that you’ve figured out how you can safely and conscientiously use a credit card, you can start getting the most out of your use.

In addition to security precautions, ensure that your credit card is used conscientiously to avoid accruing interest and commissions.




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Peer To Peer Lending In Indonesia /peer-to-peer-lending-in-indonesia/ /peer-to-peer-lending-in-indonesia/#respond Tue, 02 Apr 2019 09:27:48 +0000 /peer-to-peer-lending-in-indonesia/ Read more]]>




Peer-to-Peer Lending, also known as P2P Lending, is one of the fastest growing financial services in Indonesia. OJK data said, the growth of the number of lenders in P2P Lending grew by around 603% and the number of borrowers was around 581%. Does this mean P2P Lending can be a new investment opportunity?

For most people, investment is a foreign thing. They tend to prefer to save rather than invest because they are afraid of the risks faced. In fact, investment is one way to make financial conditions in the future more directed and guaranteed.

Actually, you can determine what investment is suitable. This can be seen from how much profit is obtained and how much the risk is. Especially nowadays it is very easy to find out more information about this investment. One of them, regarding investment in P2P Lending.

What is P2P Lending?

What is P2P Lending?

Peer to Peer Lending (P2P Lending) is a new way of providing loans, where between lenders and borrowers are met in an online platform. Peer to Peer Lending (P2P Lending) allows everyone to give loans or apply for loans without the need for difficult conditions and long processes, as has been the case with traditional financial institutions.

Basically, this P2P Lending system is a new investment opportunity for investors who want to allocate their money into investments in the form of short-term cash loans, and within a certain period they (investors) will get a reward for the money they invest. Not only that, the P2P Lending system can also make people’s lives better by providing access to financial institutions, so that people can borrow money according to what they need in an easy way.

Thus, there is no gap or underserved segment, namely the funding / credit gap for the community or Micro, Small and Medium Enterprises (MSMEs). According to the OJK, in Indonesia, segments that are not served by traditional financial institutions such as banks are Rp900 trillion per year. This reflects the real need in the community to get loans in an easy and not difficult way.

How does it work?

How does it work?

P2P Lending system is done with an online platform so that it is managed transparently and efficiently, where lenders and borrowers are connected directly in a container or marketplace. In a P2P Lending system, there are two parties, lenders and borrowers, so the P2P Lending system works in two different ways.

As a lender, the first thing you have to do is register to create an account as an investor. Then fill in your account balance by transfer. After that, manage your money by determining the type of loan that you want to include in some loan products provided by the platform. The borrower also receives funds from you, according to the time period chosen, you also get rewards for the funds lent.

As a borrower, you can simply fill out the application form online and include your KTP number. Then if the loan is received, the loan application will be entered into the marketplace provided so that all lenders can see your submission. If approved, you will receive funds directly to the account already registered in the marketplace.

Admittedly, P2P Lending is the right tool for those of you who want to get a personal loan quickly. As an investor, P2P Lending is a means to allocate funds as needed.


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