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💡 MCHM Lawyers - Lawyers - Bankruptcy Law 📎 Payment Order Procedure: A Second Chance for Businesses in Crisis 🏠 https://www.mchmabogados.es/idiomas/en/ 🔗 https://www.mchmabogados.es/idiomas/en/abogados-derecho-concursal-almeria ⚖️ Lawyers in Almería 📞 950 106 453 / 674 21 65 59 📧 info@mchmabogados.es 👉 Payment Order Procedure: Agreement with Creditors to Avoid Liquidation 💬The payment order procedure is a fundamental tool in the field of commercial and bankruptcy law, allowing companies facing financial difficulties to reach an agreement with their creditors to avoid liquidation. This mechanism not only offers businesses a second chance but also protects the interests of creditors, who may recover part of their claims under more favorable conditions than in a liquidation process. ✍️ What is the Payment Order Procedure? The payment order procedure is a formal agreement between the debtor and their creditors, approved by the judge, which establishes new conditions for debt repayment. This agreement may include reductions (debt amount reduction), deferrals (payment postponement), or a combination of both. The main objective is to restructure the debt so that the company can continue operating and generating income to meet its obligations. Types of Payment Order Procedures There are two main types of payment order procedures: 1. Early Proposal for an Agreement (PAC): This proposal can be submitted from the beginning of the bankruptcy process until the end of the credit communication period. It requires the support of at least one-fifth of the liabilities declared by the debtor. If accepted by the judge, it is forwarded to the bankruptcy administrator for evaluation. 2. Ordinary Agreement: This is processed once the common phase of the bankruptcy has concluded. In this case, the debtor presents a proposal that must be approved by the majority of creditors in a specially convened meeting. Approval Process of the Payment Order Procedure The approval process involves several stages: 1. Submission of the Proposal: The debtor or creditors submit a proposal that must include a detailed payment plan and, if applicable, a viability plan. 2. Creditors´ Meeting Call: The judge calls the creditors to a meeting where the proposal will be discussed and voted on. Approval requires the favorable vote of the majority of creditors representing at least half of the ordinary liabilities. 3. Judicial Approval: Once approved by the creditors, the agreement must be ratified by the judge. This process includes verifying that all legal requirements have been met and that the agreement is viable. Effects of the Payment Order Procedure The approval of the payment order procedure has several important effects: • Suspension of Liquidation: The company can continue operating under the new conditions established in the agreement, thus avoiding asset liquidation. • Debt Modification: Debts are restructured according to the agreed terms, which may include significant reductions in the total amount owed and/or payment deferrals. • Legal Protection: During the validity of the agreement, the company enjoys protection against new creditor claims, provided it complies with the agreed terms. Advantages of the Payment Order Procedure The procedure offers several advantages for both the debtor and creditors: • For the Debtor: It allows the continuity of business activity, which can be crucial for economic recovery. Additionally, it avoids liquidation and the consequent loss of jobs and assets. • For the Creditors: Although they may have to accept reductions or deferrals, the agreement offers a higher probability of recovering part of their claims compared to a liquidation process, where recoveries are usually lower. Conclusion The payment order procedure is a valuable tool for businesses facing financial difficulties, providing a viable alternative to liquidation. Through an agreement with creditors, companies can restructure their debts and continue operating, benefiting both debtors and creditors. Specialized legal advice is essential to navigate this process and maximize the chances of success. ✨ ⚖️ Welcome to the Online Commercial Process offered by MCHM Lawyers. Through our online platform, we provide the convenience of completing the entire process from the comfort of your home, without needing 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/idiomas/en/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. Document Upload: From your personal account, you can upload all the necessary 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 about your case status, any required actions on your part, and any important communications related to your commercial process. Process Tracking: From your personal account, you can track the progress of your case in real time. This includes information about hearings, court rulings, and any other relevant updates. Communication with Your Lawyer: Through our online platform, you will have direct communication with your assigned lawyer. You can make inquiries, ask questions, and receive personalized legal advice at any time during the process. Receiving the Ruling: Once the process is completed, you will receive the final ruling through your personal account on our online platform. This ruling will include any decision made by the court regarding your commercial case. In summary, our Online Commercial Process provides the convenience and flexibility to complete the entire procedure from the comfort of your home, without needing 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 commercial process. 📖 lawyers in almeria 📍 For more information, do not hesitate to contact MCHM Lawyers. ✍️ ⚓️ Debt restructuring, business continuity, agreement with creditors, legal protection, avoiding liquidation, reductions and deferrals, judicial approval, creditors´ meeting.

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