Why does it take 90 days to discharge bankruptcy?

Bankruptcy and Suspension of Payments Law

Article 2°.- Employer is the natural or juridical person who provides work for his own account or for the account of others, for the execution or exploitation of a work or enterprise. Employee and worker is the one who works on behalf of others. The former is distinguished for rendering services in such capacity; or working in an office with special working hours, developing a predominantly intellectual effort. This category of employees includes all workers with special benefits. The worker is characterized for rendering services of a material or manual nature, also included in this category are those who prepare or supervise the work of other workers, such as foremen and watchmen.

Article 8: Those over 18 and under 21 may enter into labor contracts, unless expressly opposed by their parents or guardians; those over 14 and under 18 shall require the authorization of the parents or guardians and, failing that, that of the Labor Inspector.

When the work is performed in a place that is more than 2 kilometers away from the worker’s residence, the State may, by means of special resolutions, impose on the employers the obligation of transfer.

When does the bankruptcy judgment become final?

The decision declaring it admissible or inadmissible may be reviewed at the request of the interested party, formulated within TWENTY (20) days following the date of the resolution provided for in Article 36. Once this term has expired, without having been questioned, it becomes final and also produces the effects of res judicata, except in the case of fraud.

What happens when bankruptcy is declared?

A bankruptcy is a legal situation in which a person (natural person), company or institution (legal entity) is unable to meet the payments it must make (due liabilities), because these are greater than its available economic resources (assets).

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What can the debtor do in the event of a bankruptcy judgment?

The debtor must prove that it was not in default at the time the bankruptcy was decreed, i.e., it must demonstrate facts prior to the decree that rebut the presumption of its default status.

Preventive reorganization stages

Answer: This is due to the right to reserve and confidentiality that every financial consumer has. This right establishes that any information related to the financial operations of each person may only be known by the holder or by those persons who have his authorization, in addition to the cases established in Article 473 of Law No. 393 of Financial Services.

Answer: The financial institution is obliged to divide national currency bills into smaller cuts or coins in its central offices, branches, fixed and mobile agencies in the national territory.

The term of validity of the required certificates will be established by the issuing competent authority, in case the certificate does not have such term, its validity will be of ninety (90) calendar days from its date of issue.

Answer: The contribution certificates are the representative titles of the contribution and membership granted by a cooperative, establishing the quality of the member. They are nominative, individual, equal in value and unalterable. They are not mercantile documents, nor can they circulate in the stock market; in this sense, their return implies the voluntary withdrawal of a member.

What happens to companies that file for bankruptcy?

Once bankruptcy is officially declared, the administration of the company’s assets passes into the hands of a bankruptcy trustee …. He is given the right to dispose of the assets to sell them and subsequently proceed with the payment of debts.

What happens to the obligations of the bankrupt party pending installment?

The obligations of the bankrupt debtor that have not yet matured are considered to be due and payable as of right on the date of the bankruptcy judgment.

What does bankruptcy petition mean?

Bankruptcy is a proceeding for the liquidation of the debtor’s assets in order to obtain payment of debts. All debtors are included in the procedure.

Bankruptcy Law

A bankruptcy is a legal situation in which a person (natural person), company or institution (legal entity) is unable to meet the payments to be made (due liabilities), because these are greater than its available economic resources (assets). A natural person or legal entity that is in a state of bankruptcy is called a bankrupt. When the bankrupt or debtor is judicially declared bankrupt, a bankruptcy proceeding or insolvency proceeding is held, in which it is examined whether the debtor can meet its outstanding payment obligations with its assets.

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In Chile, this institution has been repealed and has been replaced by Law 20720 on reorganization and liquidation of companies and individuals, separated by 10 chapters that break down this matter. Previously, bankruptcy was included in Book IV of the Code of Commerce, and later in Law 18.175.

Currently, Law 550 of 1999 was repealed and the current insolvency regime is described by Law 1116 of 2006. This, however, is not a bankruptcy law; on the contrary, it is a law that provides the debtor with tools for its recovery and the preservation of the company as a unit of economic exploitation, employment generation and prosperity for the State. The aforementioned law establishes the parameters and rules of the game by means of which a company may enter into insolvency proceedings and seek a payment agreement with its creditors.

Who can be declared bankrupt?

The bankruptcy judgment may be appealed by the Merchant, any Recognized Creditor, as well as by the conciliator on the same terms as the bankruptcy judgment.

What are the effects of bankruptcy in relation to the bankrupt?

Thus, by immediate effect of the bankruptcy judgment, the general patrimony of the bankrupt becomes a special patrimony subject to the bankruptcy process and affected to what constitutes its purpose: the liquidation of the assets for the payment of the concurrent credits.

What is the bankruptcy jurisdiction?

The jurisdiction of attraction of bankruptcy proceedings produces a displacement of jurisdiction: the jurisdiction that would ordinarily correspond to a judge by reason of territory, subject matter or value, is transferred to another judge for special reasons (the latter judge, who would originally be incompetent).

Bankruptcy law chile pdf

The payment request may be made in pesos and dollars, between accounts of the same currency. Likewise, the Bank may terminate the Debin service in case of breach by the Customer of any of the obligations under the Terms and Conditions.

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Likewise, the Bank may terminate the Debin service in the event of breach by the Customer of any of its obligations under the Terms and Conditions. 14.

The Customer shall search for the Company by its name and/or line of business and select it, then enter: (i) the identifying data in order to pay the invoice: invoice, telephone number, etc.; (ii) the amount of the invoice. Then you must expressly accept the payment. Once the payment has been made, a voucher will be generated where the details of the transaction will be specified.

The Bank shall not be liable for the payment of apocryphal invoices, underpaid invoices, etc., since the Bank is only a means of payment. Brusplit (the Service) is a service offered by the Bank created to identify debts and expenses in an informal manner. It allows users to enter information about the amount of the debt, who owes whom and why.Operationa. The Client must create a payment group and invite the people with whom he/she wants to split expenses. Persons who have an account with the Bank (hereinafter “Clients”) have the option to accept or decline the invitation to participate in the group. Persons who are not customers of the Bank (hereinafter referred to as “External Persons”) will be added automatically.