Colloquially, if we talk about bankruptcy proceedings almost everyone relates it to the business bankruptcy: a firm, a business, a company that has not managed to overcome a crisis stage and cannot meet its debts, which range from non-payment of salaries to rent or mortgage of the premises, bank loans, etc. Many Vigo residents must also face these liabilities in their daily lives, and that is why they can also benefit from bankruptcy proceedings. What’s more, inflation, the general rise in prices and the difficulties in accessing the labor or even housing market led to this judicial appeal being on the rise, although from the very body in charge of processing it in the city – the Commercial Court. No. 3 of Pontevedra, based in Vigo – did not expect such data.
And so far in 2024, there are more than 80 bankruptcy proceedings requested mainly by individuals facing insurmountable debts, which can range from 15,000 or 30,000 euros to million-dollar cases. Specifically, one of these procedures has a liabilities of up to 3.3 million euros. This figure for bankruptcy filings means, subtracting weekends, that in the two months of the year that we have had, on average two people embark on a bankruptcy process every day.
Loans and microcredits
What motivates such debt? Sources consulted explain that loans and microcredits are behind many cases, financial operations with which you get quick money but whose high interest rate becomes a trap for applicants.
And in the end, to get out of an initial debt, they end up generating a larger one that, if it is not controlled, ends in bankruptcy. Among the multitude of cases that may be behind these requests, these same sources specify that they are beginning to see a multitude of cases of young people or twenty-somethings in debt due to the request for these and other financial products.
In order to request it, the interested party must comply with a series of minimum requirements: that he debtor has not been convicted of economic crimes (against heritage, against the socio-economic order, falsification of documents, against the Public Treasury and Social Security or against the rights of workers), the presentation of your personal income tax settlementsto be debtor in good faith (who has presented all his assets and really has nothing to pay for the payments), that the insolvency is not merely temporaryly count, at least, with two creditors.
Once the requirements are met and the court accepts the bankruptcy request, in this case it will be the magistrate who will study the case and whether or not to exonerate the debt in whole or in part. According to the sources consulted, practically one hundred percent of the requests are successful.
The keys
From thousands of euros to millions
The amounts for which the tenders have been submitted range from 15,000 euros to the current 3.3 million.
More than 80 cases in 2024
Only in the two months of the year that we have had more than 80 procedures for debt exoneration have already been presented.
Companies in liquidation
The difference between corporate and personal bankruptcy proceedings is that the former almost all end in liquidation.
Differences
The truth is that bankruptcy proceedings involving natural persons already represent the bulk of the work in the Commercial Court, far above those relating to companies. What differentiates them? They really have many similarities; The two bankruptcy proceedings are quite similar because in both all assets are made available to creditors in order to try to make the payments that are owed. Furthermore, in both competitions it is about reaching a prior friendly agreement with the creditors to be able to pay a part of the credit and be able to continue with the company or business.
And this is where the main difference lies: When this agreement is not reached, in the case of corporate bankruptcy proceedings, the company goes into liquidation and disappears.. In the case of the contests for natural personslos Applicants will be able to continue with their lives without their assets but also without their debts.
The avalanche of lawsuits from the car cartel is taking forever
Another of the star cases that fill the tables of the staff of the Commercial Court of Vigo are those related to the car cartel, a plot for which hundreds of drivers paid a premium when purchasing their cars due to the pact against freedom of movement. competition carried out between various brands of vehicles. It was expected that thousands of cases derived from the Stellantis location in Vigo would be filed over the past year, but for now, this flood of procedures has not occurred.
2024-03-07 11:10:51
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