Which deadlines do I have to consider when filing for insolvency?
June 24, 2023 | 40,00 EUR | answered by Wanda Hartmann
Dear bankruptcy lawyer,
My name is Petra Hirschfeld and I am currently facing the difficult situation that my company is on the verge of bankruptcy. I have been struggling with financial problems for some time now and see no way to manage my debts on my own. For this reason, I have decided to file for bankruptcy.
However, I am now faced with the question of which deadlines I must adhere to when filing for bankruptcy. I have already done some research, but the information on the internet is often very confusing and unclear. It is important to me that I comply with all legal deadlines in order to avoid any legal consequences.
My current situation is characterized by high debts, missing payments from my customers, and strong pressure from my creditors. I am worried about the future of my company and want to do everything in my power to handle the bankruptcy as smoothly as possible.
Therefore, I am asking you what specific deadlines I must adhere to when filing for bankruptcy and if there are any possible exceptions or extensions if I have difficulties meeting these deadlines. I want to ensure that I comply with all legal requirements and avoid making any mistakes that could worsen my situation.
Thank you in advance for your support and expert advice.
Sincerely,
Petra Hirschfeld
Dear Mrs. Hirschfeld,
Thank you for your inquiry regarding the deadlines for filing for insolvency. I understand that it is important in such a difficult situation to adhere to all legal requirements precisely to avoid any legal consequences. Therefore, I will explain to you the most important deadlines that you must consider when filing for insolvency.
First and foremost, it is important to know that the insolvency filing must be made promptly, without any undue delay, as soon as the insolvency or over-indebtedness of the company has been determined. This means that you should not hesitate to file for insolvency as soon as you realize that your company is insolvent.
The exact deadline for filing for insolvency is not legally specified, but it is recommended to do so within three weeks of the occurrence of insolvency. This deadline is meant to protect the creditors and ensure an orderly conduct of the insolvency proceedings. However, it is important to note that a delayed filing for insolvency can lead to legal consequences, such as the personal liability of the director for the incurred debts.
There are exceptions and possibilities for extending the deadline for filing for insolvency. For example, if you can prove that despite all efforts, you were unable to meet the insolvency deadline, the insolvency court may grant an extension. However, it is advisable to apply for such an extension in a timely manner and document all reasons for the delayed filing.
In summary, it is important to file for insolvency promptly after the occurrence of insolvency or over-indebtedness to avoid legal consequences. Adhere to the recommended deadline of three weeks and apply for an extension if needed and if you are unable to meet the deadline.
I hope this information is helpful to you and I am available to assist you with any further questions.
Best regards,
Wanda Hartmann, Attorney at Law
