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LIQUIDATION OF COMPANIES: KEY ASPECTS OF ASSET SALES AND PAYMENT TO CREDITORS IN THE FINAL STAGE OF THE PAYMENT ORDER PROCEDURE

Por Diego Ricardo Molinari Chiarappa / 03 de abril de 2025

💡 MCHM Lawyers - Lawyers - Bankruptcy Law
📎 Liquidation of Companies: Key Aspects of Asset Sales and Payment to Creditors in the Final Stage of the Payment Order Procedure
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👉 Company Liquidation: Asset Sales and Payment to Creditors in the Final Stage of the Payment Order Procedure
💬 The liquidation of a company is a crucial stage within the bankruptcy law process, especially when an agreement with creditors has not been reached or cannot be fulfilled. This phase marks the end of the bankruptcy law process and aims primarily at selling the company´s assets to settle outstanding debts with creditors as much as possible. ✍️

Beginning of the Liquidation Phase
The liquidation phase can begin in several ways: at the debtor´s request, by creditors, by the bankruptcy administration, or ex officio by the competent judge. Once this phase is opened, all administrative and disposal powers over the company´s assets are suspended, regular administrators are dismissed, and the bankruptcy administration takes control of management.

Effects of Liquidation
Opening the liquidation phase has several immediate effects:
• Suspension of Powers: Administrators and partners lose their administrative and disposal powers over the company´s assets.
• Dismissal of Administrators: Regular administrators are replaced by the bankruptcy administration.
• Dissolution of the Company: The company is dissolved, and upon liquidation´s conclusion, it loses its legal personality.

Asset Liquidation Process
The asset liquidation process is carried out by the bankruptcy administration, which must prepare a detailed liquidation plan. This plan is presented to the judge and sets the conditions and methods for selling assets. The main liquidation methods include:
• Auctions: Auctions are organized, allowing participation by both creditors and third parties.
• Direct Sale Offers: Direct offers are made to potential buyers interested in the company´s assets.
• Complete Sale of the Company: In some cases, a full sale of the company, including its assets and liabilities, is pursued.
It is important to highlight that bankruptcy administrators cannot purchase the assets of the company they are managing, either directly or indirectly.

Payment Order to Creditors
The funds obtained from selling assets are distributed among creditors according to their credit classification. The usual priority order is as follows:
1. Claims Against the Estate: Includes necessary expenses for processing the bankruptcy and liquidation.
2. Secured Claims: Those with a real guarantee over a specific asset.
3. General Privileged Claims: Includes employees´ wages, tax debts, and social security contributions.
4. Ordinary Claims: Debts without any special privilege.
5. Subordinated Claims: Includes interests and penalties, as well as claims from individuals closely related to the debtor.

Reports and Conclusion of Liquidation
During the liquidation phase, the bankruptcy administration must submit periodic reports to the judge on the process´s progress. These reports include details on asset sales, conducted auctions, and creditor payments.
The liquidation phase concludes once all assets have been sold and the proceeds distributed among creditors. At this point, the company is considered dissolved and loses its legal personality, marking the end of the bankruptcy law process.

Final Reflection
Company liquidation is a complex and delicate process that requires efficient and transparent management by the bankruptcy administration. While the main goal is to settle outstanding debts, minimizing the negative impact on employees, creditors, and other stakeholders is also crucial. A well-managed liquidation can provide an orderly solution to an insolvency situation, allowing creditors to recover part of their claims and facilitating the restructuring of the business sector. ✨

⚖️ Welcome to the Online Commercial Process offered by MCHM Lawyers. Through our online platform, we offer you the convenience of completing the entire process from the comfort of your home, without the need to visit our office or the courts (except for mandatory procedures). Below, we will guide you through each step of the process:
Access to Your Personal Account: Once you access our website https://www.mchmabogados.es/inicio-sesion-mchmabogados-almeria [Commercial], you can create a personal account or log in if you already have one. From your personal account, you will have access to all the necessary tools to complete the commercial process.
Uploading Documents: From your personal account, you can upload all the required documents to initiate the commercial process (this includes relevant documents for your case).
Receiving Notifications and Requirements: Once you have uploaded your documents, you will receive notifications and requirements through your personal account on our online platform. These notifications will include information on your case status, any required actions on your part, and any important communications related to your commercial process.
Case Tracking: From your personal account, you can track your case progress in real time. This includes information on hearings, court rulings, and any other relevant updates.
Communication with Your Lawyer: Through our online platform, you will have the ability to communicate directly with your assigned lawyer. You can make inquiries, ask questions, and receive personalized legal advice at any time during the process.
Receiving the Final Judgment: Once the process is completed, you will receive the final judgment through your personal account on our online platform. This judgment will include any decision made by the court regarding your commercial case.
In summary, our Online Commercial Process offers you the convenience and flexibility of completing the entire procedure from the comfort of your home, without the need to visit our office or the courts (except for mandatory procedures). With access to your personal account on our online platform, you can upload documents, receive notifications, communicate with your lawyer, and track your case progress in real time. At MCHM Lawyers, we are committed to providing you with the best possible service throughout the entire commercial process.

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📍 For more information, do not hesitate to contact MCHM Lawyers. ✍️
⚓️ Liquidation, Asset Sales, Payment to Creditors, Payment Order Procedure, Bankruptcy Administration, Dissolution, Auctions, Claims Against the Estate, Secured Claims, Ordinary Claims, Subordinated Claims, Liquidation Plan, Suspension of Powers, Dismissal of Administrators, Fund Distribution.

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