Take a loan to finance courses

Undoubtedly today we live in a time in which constant changes make people make wrong decisions in life, especially in financial where everyone is in search of loans such as to finance courses with little interest to solve them. But not all finances are focused on the studies, also, of course, there is the financial need in the labor sector and investments for small businesses. So entrepreneurs in Spain, in general, have great challenges and take into account a loan of money, can be a great help.

It is precisely thanks to unemployment that the competition for finding a better job has been increasingly strong, and only people who are very well prepared are ideal for companies, so it does not hurt to have an update in the field of work in which people develop, since in the new digital era only those who are constant in their work and who are increasingly more prepared survive, so get credit instantly to enroll in a refresher course The niche in which people develop is one of the best alternatives to continue in the job that you have.

The jump in professional quality at work

Having a loan with little interest is one of the best options that people can have, since it is an investment that is made to make that leap of professional quality that is required in any company, the best thing is that in Currently there is a large number of banks in Spain that has mini-credits that are especially aimed at financing courses and thus be able to develop in the digital world of today in a better way.

Here among the most important particularities can be mentioned about the loans that are directed to finance courses that are for example in those that do not require any type of endorsement or payroll, since not all are very easy to achieve both. The best thing is that you will have the ability to get an amount ranging from 300 to 900 euros and everything will depend on the ability to pay you to have.

For example, if this is the first time you are applying for a quick loan, the maximum amount that can be financed is 300 euros, but if you have already applied for them on other occasions and have managed to pay within the agreed timeframe, you can get up to an amount of 900 euros.

How to apply for a quick loan

When looking for a loan with little interest one of the most convenient is the quick loans, in which you will not have to submit a large amount of documentation for authorization, you will only have to follow steps that are actually very simple to carry out- my explanation infocarbonia.net/what-you-should-know-about-kishore-m-well-known-forex-trader Infocarbonia.

The first thing you have to do is enter the website of the bank you have chosen and after that you must fill in a form with your personal data, after which a consultant will contact you to confirm the data that has been entered in the same, after that if everything goes well in a span of 24 hours you will have the cash in your account, this to be able to go to the Academy of specialization that suits you and you can enroll in the specialization course that you require.

It is very important to mention that in order for the fruits of this quick loan to have positive effects on your employment, you must choose a course that is totally related to digital technology, since it does not matter the niche in which you develop the technology advances to the speed of light and it is necessary to be able to have knowledge of this. The best part is that the vast majority of courses you can take on the Internet, so you do not have to leave the comfort of the office where you work.

Consumer credit without proof: how to get it at the best rate?

It is entirely possible to obtain a new consumer credit without proof of use of money, but never without proof of income. We will see that there is however a credit without any proof, in the case of using an existing revolving credit. The point on the good reflexes to have to find, but especially to obtain a consumer credit without proof at the best rate.

What is a consumer credit without proof?

The consumer credit means all loans of an amount exceeding $ 200 and / or paid more than 90 days excluding real estate projects .

There are several types of credits, some of which can only be obtained if there is justification for the reason for the request. This is for example the case of new auto credit, impossible to obtain without the associated purchase order.

Others, however, do not involve any verification by the lender about the reason for the request, such as personal loan or revolving credit. Whatever the type of credit, it is impossible to obtain it without providing at least the following documents:

  • ID
  • Proof of address
  • Proof of income

Only a request for rapid consumer credit on an existing revolving credit contract makes it possible to obtain consumer credit without any documentary evidence . The money available in the reserve can indeed be reused on simple express request. The lender has already collected all the necessary information when the contract was concluded. He is therefore able to extend credit without delay.

What credit is really without proof of use?

The consumer credit with proof of use of funds is the one requiring the most supporting documents, since the lender requests an invoice or a purchase order. These are mainly car loans and work loans.

There are, however, more free products, such as personal loans, without proof of use. Small credit – or revolving credit – is said to be rather “simple” to obtain. It also corresponds to a consumer credit without proof.

Why should we compare consumer credit rates without supporting documents?

Consumer credit without proof is very popular, it is a real classic personal credit. All credit players (banks, organizations, insurers) have offers to offer. Rates are very variable, however, and it’s easy to end up with overpriced credit. We will see that using a reliable credit comparator makes it possible to find cheap consumer credit without any bad surprises.

The credit comparator, a major ally

Using a credit comparison tool simply identifies the best consumer credit rate. It is still necessary that this comparator in question is only interested in the APR rate to establish its classification.

This is obviously the case with our tool, designed to find and obtain credit under the best conditions. Let us compare several consumer credit offers without proof, in order to realize the different costs between different offers. We have chosen to compare the best credit 10,000 USD over 36 months from organizations from our comparator.

We find that the second organism is much more expensive than the best. However, these are two big names in online consumer credit . The gap widens even more when we look at the following offers.

Understanding the APR rate to better understand your loan request

The APR rate is the benchmark indicator for consumer loans without proof, as with any other loan. Any loan offer must be accompanied by the APR rate, otherwise it does not comply with the law on consumer credit. The APR (annual effective annual rate) clearly indicates the cost of interest, as well as that of any additional costs (mainly administrative costs). It is an absolute reference in the search for cheap credit.

What is consumer credit worth without supporting documents from banks?

Consumer credit without proof of banks is generally more expensive than that of online credit organizations . Our comparison testifies to this, but it is above all a finding based on hundreds of comparisons carried out over several years. Banks especially do not have the means to guarantee a rapid loan to the consumer.

It is indeed almost always a customer to obtain consumer credit without proof such as personal loan from a bank , and rather a good customer. Individuals regularly overdrawn, without savings or whose income is not sufficiently stable over time can make a cross on their chances of obtaining a consumer credit without proof from their bank. However, nothing prevents you from inquiring with your advisor about your borrowing possibilities.

The illusion of consumer credit without proof of income

It is not possible to obtain a new consumer credit without proof of income . We have seen that only a request to use an existing revolving credit can get money without justification. It can actually be a credit purchase financed directly in a store. More and more brands are offering credit solutions, linked to loyalty and payment cards. It is generally a small revolving credit. Whatever the consumer credit, you always have to justify yourself regarding income.

Example of revolving credit opened in store

You just need to provide a few basic documents (RIB, bank card, identity document and proof of income) to buy a computer from Fnac. Sometimes this is free credit (0% APR), opening a revolving credit contract.The borrower leaves with his computer but therefore subscribes to a revolving Sofinco credit.

The available reserve of money provided for in the initial contract makes it possible to request an express transfer request at any time. The reimbursement of the computer is made under the conditions obtained in store, but the money reserve is available. To request a transfer, the borrower only has to connect to his personal Sofinco space, using the identifiers received by email or post. Most major brands offer credit payment solutions. They take advantage of this easy credit solution to boost their sales.

Please note, the revisable APR rate of revolving credit indicates that it is likely to change. However, the rate of a conventional use of the revolving credit reserve, whether it is a payment by credit card or a transfer request, is carried out most of the time at a high price . The rates in force on a consumer credit request without express proof generally hover around 20%, which is close to the maximum authorized by law (see usury rate ).

A credit request without proof step by step

Because it is not necessarily easy to navigate when looking for consumer credit without proof of use, we have summarized the essential steps.

  1. Perform a simulation on our credit comparator, by selecting “loan for all projects”, “personal loan” or “need for money”. The three choices correspond to a request for consumer credit without proof.
  2. Complete the consumer credit questionnaire without proof in a few minutes, before receiving an immediate response in principle.
  3. In the event of a positive credit opinion, the organization offering the best APR rate confirms the request within 24 hours by email.
  4. Once the contract – always without obligation – received and the rate verified, it is always possible to solicit other actors, such as his bank, hoping to obtain better conditions.

Good to know: any consumer credit without proof gives a withdrawal period of 14 days, from the date of final acceptance. Generally, you simply have to return a slip provided for this purpose to cancel your credit within the time limit.

Works financing: the best works loan rates

The best work financing rates are sometimes difficult to find. This is why we have developed an exclusive job loan comparator . Its objective is twofold: to offer the best rate, but also to simplify the procedures by providing an immediate response.

Find the best work financing

You want to do work and you are looking for the best work financing to carry out your project? Depending on the type of work, you can orient yourself towards several types of financing. Thanks to our credit comparator you will be able to obtain a non-binding appraisal, allowing you to know exactly what you can invest in your project.

Works financing: the works loan

The works credit is the most traditional and most used works financing formula. It is a form of loan dedicated to financing works. “Dedicated” means that you will have to justify your work through quotes or purchase orders to be able to obtain a work loan . Because the rate of the work loan is generally less expensive than that of the personal loan which, for its part, is a consumer credit without proof of use. We offer you the best works financing rate through the lowest works credit on the market thanks to our exclusive comparator.

To obtain the best rate of work financing, you will only have to fill out our exclusive questionnaire. The latter not only offers the 3 best work loan rates suited to your needs and profile, but above all allows you to increase your chances of obtaining the cheapest work financing. Indeed, you will have the opportunity to question the 3 cheapest organizations to find out which are ready to accept your cheap credit report . Even if the cheapest organization does not respond favorably, you still have a chance of obtaining the best possible rate for your file with the second and third credit houses.

To be able to present you with the best online credit rates , we regularly collect all the rates from all the major financial organizations. The goal is to offer only the best job credit rates on the web.

New: we have developed an automated system, which makes it possible to obtain a non-binding assessment from the cheapest credit organization. Suddenly, you will receive by email a notice on your file and you will therefore be able to know if your file is eligible for the best rate. Our benchmark rate is the APR , the rate legally defined by consumer credit legislation. This rate also includes administration fees if there were any. You will have very easy access to our work ready simulation and to all our rankings.

Save on your work financing

To show the interest of comparing construction finance loans, here is a demonstration by example. Take a credit of 10,000 USD dedicated to work over 72 months:

Least expensive rate: 5.70% monthly payment: 163.64 USD cost of credit: 1,782.08 USD
Most expensive rate: 8.10% monthly payment: 174.43 USD cost of credit: 2,558.96 USD

For exactly the same 10,000 USD credit , you could end up paying 800 USD more . For your work project, do you require several quotes? So don’t hesitate to do the same for your work financing, unless you adore your banker.

Works financing: tax credit

As the name suggests, it is not actual work financing since the tax credit will be a deduction from your taxes, or it will even allow you to get a tax check for work you have made. You will therefore have to advance the money, and it is only 1 year after this advance that you will be able to benefit from this tax credit.

The new formula for the tax credit for work financing is really interesting since, with this new orientation for the start of the 2014 school year, 30% of the amount of your eligible work can be deducted. The work eligible for the tax credit for the energy transition is roughly the work that will promote energy savings. We must therefore imagine that these are funding for insulation work, heating change and energy production.

If you want more details on the possibilities of accessing the energy transition tax credit for your work financing, we advise you to take a look at the government website . In conclusion, remember that to be entitled to the tax credit for your work financing, you must do insulation work or change the heating. If your work is eligible, you can then hope to deduct a certain ceiling, which varies from year to year.

Works financing: zero rate loan

Zero-rate credit has nothing to do with construction financing. It is dedicated to financing the acquisition of the main residence for first-time buyers. In other words, this formula is dedicated to helping to become a homeowner for the first time. The zero-rate loan is means-tested. If there is work to be done in the main residence acquired with the zero rate loan, part of this loan can be used indirectly to finance the work. It’s not free credit that we fear hearing about regularly. Free credit is a specific promotional operation practiced by merchants.

Banks and financing works

The banks are far from being the cheapest credit specialists , as we have already explained many times on Capitalic Loan. And this is also obviously the case for work financing. Unless you are an excellent client (basically if you have a little savings and you have not changed bankers for a long time), they will not offer you attractive work financing rates. the risk, they protect themselves by practicing high rates. However, you can test their offers. Here is our advice for negotiating your work financing with your bank.
Assume that you are a good customer of your bank, you still have to make sure you get the best rate of work financing.
In preparation for your negotiation with your banker, you can already get the best work financing through online credit through our comparison tool. This step is not engaging and allows you to obtain a formal offer at the lowest tailor-made rate compared to your request.
This formal proposal will be a good negotiating weapon with your banker. You can then make an appointment with him and ask him to make you a better offer than the one you are able to put in front of him. Either he can make you a better proposal for financing works or you already have it in your hands.

Cheap consumer credit: where to find your loan at a low rate?

It is easy to differentiate a cheap consumer credit from another whose interests are exorbitant, thanks to the APR rate. Comparing consumer credit offers, however, makes no sense if the request is refused. So we will see in this article how to make sure you get an immediate policy response at the best rate.

Cheap consumer credit: the golden rules

Cheap consumer credit concerns all loans not involved in a real estate project, including the repurchase of credits. We thus find the personal loan, the revolving credit, the new or used car loan or even the work loan. There are principles that should not be waived to ensure that you get cheap consumer credit.

  • Identify your need and the most suitable loan
  • Compare cheap consumer credit offers online, based on the APR rate
  • Make sure you receive an immediate policy response
  • Obtain a first favorable opinion, followed by a first contract without commitment

Online credit organizations offer consumer credit solutions without proof, to meet any need for money. There are also offers associated with a specific project, such as a car loan or a work loan.

The rates for these loans with defined projects are generally more advantageous, but must be justified with an invoice or purchase order. When it is a small loan of money – generally less than the 3000 $ credit – that is in question, then the renewable is most often adapted. It is not a cheap consumer credit, but it is both more flexible to use (re-use of money possible) and easy to obtain.

What is the APR rate?

The APR rate makes it possible to objectively compare all the consumer credit offers. This APR represents the cost of interest, but also all the ancillary costs that could be provided for in a contract (administrative or management fees). A cheap consumer credit comparator should only consider the best APR rates to rank the different loan offers.

Compare rates, the reflex to get cheap consumer credit

Comparing the rates makes sense when one embarks on a search for cheap consumer credit. It is on the basis of the APR rate that it is possible to determine whether it is a cheap consumer credit or not. Our comparator regularly indicates very significant rate differences between two of the best online consumer credit offers. Illustration with the simulation of a $ 10,000 loan without proof of project over 36 months.

Personal loan $ 10,000 over 36 months
Fixed APR rate
Monthly fees
Total cost of credit
Best Credit Organization
294.45 $
600.20 $
Second best offer
301.78 $
864.08 $
Third best offer
302.51 $
890.36 $

There is a huge total cost difference – $ 264.08 in total – between the best consumer loan of $ 10,000 and the second. However, these are two organizations well known to the French.

Short repayment period = cheaper credit

In general, the shorter the repayment period, the lower the APR rate. Actors of cheap consumer credit actually tend to lend money more easily at advantageous rates to borrowers able to repay their debt quickly. Please note, however, that a consumer loan that is quick to repay implies necessarily higher monthly payments.

You shouldn’t race at the lowest rate, but rather make sure you get a loan that is easy to repay over time. The calculation of its monthly expenses deducted from the income gives a good idea of ​​its repayment capacity. Organizations verify this data: they will not grant cheap consumer credit when the risk of default is too high.

How to get cheap credit with immediate response?

Our credit comparator is able to instantly question credit organizations, ensuring multiple responses without any delay. The objective of our tool is therefore twofold:

  • Offer cheap consumer credit (best APR rate)
  • Provide the borrower with an immediate response and a quick final contract

How to get a basic answer in a few minutes:

  1. Fill in your project (need for money, car credit, personal loan, etc.), the amount and duration of cheap consumer credit desired on our form.
  2. Indicate their personal information, which will be used by organizations to provide their policy response.
  3. Once the cheap consumer credit form has been completed, the specialist offering the best APR rate is directly questioned.
  4. In the event of a negative response or a low acceptability rate, the following two organizations can be queried in one click.
  5. The organization offering the best accepted offer will contact by email a non-binding credit offer within 24 hours.

Is the credit of banks or car manufacturers interesting?

It is rare for banks to be able to offer cheap consumer credit. Indeed, banks generally only offer advantageous credit terms to their best customers. The easiest way to make sure your banker doesn’t have an advantageous APR rate up your sleeve is to get an online credit proposal. It will then be easy to present the offer obtained online, hoping that it will be upgraded.

Manufacturers, too, do not have a monopoly on auto loans at the best rate. Certain special operations at promotional rates may prove to be advantageous. Again, the conditions will depend on the borrower’s repayment capacity. As in the case of bank credit, we always advise you to get a first offer of car credit at the best rate online before going to the garage.

Good to know: beware of the apparently advantageous LOA solutions offered by dealers. Our investigations have shown that an LOA formula is generally more expensive in terms of total cost than a conventional car loan.

Loan for Business – is it Reliable and Secure?

Company Loan – “In Brazil, the universe of micro, small and medium enterprises is reaching 20 million, and in this scenario many credit companies are emerging in search of financing and credit for money and with better interest rates than banks private.

Even living in a troubled country where prospects are not so encouraging, Brazil is living a very good time when we look at the amount of people who are coming into business. In recent years there has been an exponential growth of entrepreneurs in the MEI modality. Beginning companies and micro-entrepreneurs need facilities and agility in the processes and especially in the financial airline, the less delays and reduced bureaucracy, the greater the chances of the company revenge.

Loan for companies

What MegaCapital does: It is a fintech of lending for micro and small businesses, in the most practical fashion, MegaCapital is a technology company in the loan segment. Its operations are focused on small business credit, more specifically on the provision of working capital. The company is regulated by the Foster Bank of Brazil in accordance with Resolution No. 3,156 and No. 3,954, dated 20/2/2011 that allows the financial system to act as a banking correspondent, in general, these Fintechs are not banks or financial institutions, they only represent institutions.

As an intermediary between the borrower and the creditor, MegaCapital approximates companies that need working capital, commercial loans and credit to financial institutions that maintains partnerships. In the online platform of MegaCapital, national small and medium enterprises have the necessary support and speed up so that the process in obtaining the loan to legal entity occurs quickly and unbureaucratized.

How the business loan works for PJ

We offers fast loan for companies of up to $ 100,000.00 in up to 12 months with rates starting at 1.99% am ranging up to 6% depending on various factors and criteria of the lender.

It is necessary to make an online registration on the company website and once the proposal is approved by the company, the company can make simulations of the amount desired and verify which rates are being applied. In the simulation includes the loan amount, the monthly installments amount and repayment term.

The interest rate applied by MegaCapital for the company loan (PJ) not to forget varies between 1.99% and 6%.

How to apply for the loan at MegaCapital

Access the online site and submit some requested information through a quick and simplified form to evaluate your credit, identify the appropriate threshold and interest rate for your business. Once all the checks have been done, the proponent can make a loan with the desired amount. The release will take place within 3 business days. Let’s take the steps:

STEP 1 – Submit your company information so that your credit is assessed and identify the appropriate interest rate and limit for your business.

STEP 2 – Simulate the loan: With the limit and the defined interest rate, you can do simulations. Simply select the desired amount and the payment term that best meets your needs.

STEP 3 – Hiring the loan: Send the necessary documents to approve the loan application

STEP 4 – Sign the Contract: If your request is approved, you will sign the agreement directly from your computer or mobile phone

STEP 5 – Receive Money: Once the contract is signed, you will receive the deposit into your account within 2 business days

To access it click here.

What documentation for MegaCapital approve loan

At the end of the simulation it is already possible to contract the loan, sending the following documents:

☛ Social Contract
☛ Address Certificate
☛ Bank Statement of current account (PJ Account)
☛ Documentation (CPF and RG) of the partners
☛ Member Residency Certificate
☛ Membership Income Statement

With the documents sent correctly, just sign the digital contract and receive the money!

Are we reliable and secure?

It is reliable and secure to make loan online at us . By being a fintechs MegaCapital is of course a company that is ostensibly concerned with the security of data, privacy and confidentiality of information provided through its online platform. In addition to the basic protection of access by SSL, the company complies with all the regulations that the Foster Bank imposes for the office of the nature of its service provision.

MegaCapital on the Claim here?

On the site Reclame Here is one of the best thermometers to know about the importance that a company gives its customers, in this site customers evaluate the company that provided some services to them, and at the moment there is no complaint or positive or negative evaluation related to MegaCapital.

Well, this universe of business loan in the model different from traditional banks without debt will revenge here in Tupinikin lands as well as all parts of the world, this is good for the entrepreneur and entrepreneurs beginners and veterans, because now has many viable alternatives to obtain credit for your companies.

“Healthy” Debt & Debt Consolidation

A normal, healthy debt, as long as you can meet his payment obligations, is fine. But what is “normal and healthy”?

In business administration (BWL), vertical and horizontal rules refer to financing rules, static and dynamic levels of debt, sometimes even a golden rule of the bank, accounting rule and financial rule.

All terms that confuse business students in their studies, not to speak of how a normal person should cope.

Unfortunately, what applies to businesses also applies to households. Anyone who is over-indebted goes bankrupt. It does not help to push everything on causes such as unemployment, illness and divorce or separation from the partner. Over-indebtedness remains over-indebted, no matter in which context.

However often (very often!) It is possible and worth thinking about before it is too late and to pull the brakes in time.

In this article, I explain the practical application of financial rules and business ratios for private debt management in a generally understandable way, for the non-specialist. However, I ask the reader to prepare a headache tablet. It will certainly be exhausting! It is not an easy topic?

Dynamic debt ratio

Of all the many business terms that I have mentioned above, “Dynamic Leverage” is most likely to be most relevant to a private individual in order to extricate himself from the debt trap. Here is the formula:

In the case of the dynamic debt ratio, all borrowed capital is compared with the cash flow. This key figure calculates the repayment period of the borrowed capital based on the freely available cash flow ( debt repayment period ).

It is important that the future cash flow can be generated at least at the same level and used exclusively for debt repayment, not for “special expenses” such as TV or holidays.

The remaining debt repayment period is considered to be 3 years.

I had in my article How to get out of red numbers – Check your bank behavior, as an example of a friend of mine with a monthly income of € 3,200 and a total debt of 25,000 € attached. We will continue with his example.


Very, very important is to contrast all the debt with the cash flow, not just a part. Debt capital, translated into private language, are all possible debts (also private debts to family and friends ), loans, bonds, etc. € 200 borrowed from a friend is foreign capital. A refrigerator purchased for 800 € on installments is debt. A leasing contract for the car (the sum of all lease payments) is debt. Sum, everything you’ve ever bought or borrowed, which is not your own money, and you’re about to pay back, is debt. You can not fool yourself.

It is absolutely everything, even a short-term credit line, even if you think that you will pay off in the next few months.

Market Free loan. Market Pay credit for sellers

Free Market Loan.

MercadoLibre is undoubtedly the leader of e-commerce in Latin America, has long been referred to as ” eBay in Latin America ” and has good reason to be. The company was originally modeled to advance the market by connecting buyers and sellers on an auction-type platform. EBay initially encouraged Free Market to create a simplified payment system – PayPal – modeled by PayPal itself, which was the key to the company’s recent success.

EBay had a stake in its Latin American platform until recently. The Free Market online platform in Argentina plans to grant loans and working capital to companies, entrepreneurs and entrepreneurs in Brazil and also in Mexico to further expand another program that the company launched at its headquarters last month.

Market Free loan for sellers

In recent years Free Market has evolved a lot, becoming much more like Amazon.com by allowing merchants to sell goods, services on their site and offer various consumer products via online platform. Recently, the company has provided even more technological infrastructure, logistics services and even (small business loans) through its small machines.

Sellers using Free Market and their Payment Market payment platform may have loans equivalent to up to two months of their monthly sales to operationalize and leverage their sales even more with the strength of working capital for purchases of products that are sold increase growth.

The company has gained a significant advantage with MercadoEnvios, its delivery solution, in a market that was not notoriously reliable when it came to package delivery by the Post Office.

Free Market by adding shipping services directly to its platform and acting as an intermediary between vendors and companies to ensure the products are delivered has gained significant cost benefits as a result of volume discounts.

Free Market Loan

A loan with a handshake ! South America is a region that has many idiosyncrasies not present in other parts of the developing world. Many of your citizens do not have a bank account or credit cards.

The result of this is a money-based economy and as such, the vast majority of people do not have credit history and credit score, a particularly common problem among small business owners and online businesses. As a result, many small businesses in the country have difficulty getting loans from traditional banks, not to say impossible.

Does paid market lend money?

Sellers of the Free Market website that use their payment solution from market and own the machine will be eligible to apply for working capital loan for amounts that represent up to two months of sales. The company is using the accumulated information of 18 years of operations and applying algorithms and data analysis to obtain reliable information.

With the knowledge of each company’s sales, customer dispute resolution records, cash flow and sales data give the Free Market access to sufficient information to determine the creditworthiness of each vendor in its base online.

How does the Credit Market work?

The company will also eliminate the conventional ” loan process “, sellers will not have to sign documents or send financial information to get a loan from the Credit Market, the free market credit arm. With the “Mercado Pago Point” it is possible to borrow without paperwork.

The Free Market Loan has already launched in Argentina and plans to offer in Brazil officially and in Mexico.

Benefits of filing bankruptcy chapter 7 -Steps to filing bankruptcy chapter 7

The Insolvency Administration is entrusted with very important functions, which are indicated below, which must be exercised in a collegial manner, except those that the judge individually attributes to any of its members. When the complexity of the procedure so requires, the judge may authorize the delegation of certain auxiliary functions.

The Insolvency Administration’s essential functions are to intervene the acts performed by the debtor in the exercise of its patrimonial faculties or to replace the debtor when it has been suspended in that year, as well as to draft the report of the insolvency administration to which they will join the inventory of the active estate, the list of creditors and, where appropriate, the evaluation of the proposed agreements presented.

The Insolvency Administration will have to pronounce on the inclusion of all the credits revealed in the procedure , both of those that have been communicated in the term and in the form that the law establishes as of those that will result from the books and documents of the debtor or that by any other means appear in the contest. In the list of those recognized, the credits will be classified, according to the law, in privileged persons -with special or general privilege-, ordinary and subordinated.

Steps to filing bankruptcy chapter 7

The role of the Bankruptcy Administration is complex, and is composed of various functions that the Law 22/2003, of July 9, Bankruptcy, in its article 33, divided into several categories that are indicated below:

  • a) Of a procedural nature:
    • 1. Exercise the action against the partner or partners personally responsible for the debts prior to the declaration of bankruptcy.
    • 2. To exercise the actions of responsibility of the juridical person bankrupt against its administrators, auditors or liquidators.
    • 3.º Request, as the case may be, the seizure of assets and rights of the administrators, liquidators, de facto or de jure, general attorneys and those who have had this condition within two years prior to the date of declaration of the contest, as well as the partners or partners personally liable for the debts of the company prior to the declaration of insolvency in the terms provided for in article 48 ter.
    • 4. The request, where appropriate, the removal and cancellation of embargoed attachments when the maintenance thereof seriously hinders the continuity of the professional or business activity of the bankrupt, with the exception of administrative attachments, with respect to which the lifting or cancellation, in no case, in accordance with article 55.
    • 5. To enervate the action of eviction exercised against the debtor prior to the declaration of the bankruptcy, as well as to rehabilitate the validity of the lease agreement until the moment when the effective launching is practiced.
    • 6. To exercise rescission actions and other challenges.
    • 7.º Request the execution of the sentence in case the judge had condemned administrators, attorneys or partners to cover the deficit.
    • 8.º Request the transformation of the abbreviated procedure in ordinary or an ordinary procedure in abbreviated.
    • 9.º Replace the debtor in the legal proceedings in process.
    • 10.º Exercise non-personal actions.
  • b) Owned by the debtor or its administrative bodies:
    • 1. To carry out, until the judicial approval of the agreement or the opening of the liquidation, the acts of disposition that it deems indispensable to guarantee the viability of the company or the treasury needs that the continuity of the contest demands.
    • 2. Attend the collegiate bodies of the legal person insolvent.
    • 3.º Carry out disposition acts that are not necessary for the continuity of the activity when offers are submitted that substantially coincide with the value given to them in the inventory.
    • 4. Request the judge to revoke the appointment of the auditor and the appointment of another to verify the annual accounts.
    • 5. To assume, after judicial attribution, the exercise of the political rights that correspond to the debtor in other entities.
    • 6. To demand the disbursement of the social contributions that have been deferred.
    • 7.º Rehabilitate loan agreements and other credit in favor whose early maturity due to non-payment of amortization or accrued interest payments has occurred within the three months preceding the declaration of insolvency, provided that the conditions of Article 68 concur.
    • 8.º Rehabilitate contracts for the acquisition of movable or immovable property with consideration or deferred price whose resolution has occurred within the three months preceding the declaration of insolvency, in accordance with the provisions of article 69.
    • 9. Request authorization so that the disabled administrator can continue to head the company.
    • 10. To call the meeting or assembly of partners for the appointment of those who have to fill the vacancies of the disabled.
    • 11.º Grant the debtor the agreement to file claims or appeals, settle, compromise or desist when the litigious matter may affect their assets, except in actions of a non-personal nature.
    • 12. In the necessary competition, substitute the powers of administration and disposition over the patrimony of the debtor in accordance with the provisions of article 40.2 and, in particular:
      • i) Adopt the necessary measures for the continuation of the professional or business activity.
      • ii) Formulate and audit the annual accounts.
      • iii) Request the judge to terminate contracts with reciprocal obligations pending compliance if deemed appropriate to the interest of the contest.
      • iv) Submission of tax declarations and self-assessments.
    • 13.º In the voluntary contest, intervene the powers of administration and provision on the debtor’s assets in accordance with the provisions of article 40.1 and, in particular:
      • i) Supervise the formulation of accounts.
      • ii) Determine the acts or operations specific to the line of business or traffic that, because they are necessary for the continuity of the activity, are authorized in a general manner.
      • iii) Authorize or confirm the acts of administration and disposition of the administrative body.
      • iv) To grant the debtor the authorization to desist, to be totally or partially acquitted, and to settle litigation when the litigious matter may affect his patrimony.
      • v) Authorize the filing of claims.
      • vi) Presentation of tax declarations and self-assessments.
  • c) In labor matters:
    • 1. To comply with the judicial resolutions that had fallen on the date of the declaration of insolvency in procedures for substantial modification of the conditions of collective work, collective transfer, collective dismissal and suspension of contracts and reduction of working hours.
    • 2. Request from the judge of the insolvency the substantial modification of the work conditions and the collective termination or suspension of the work contracts in which the bankrupt is the employer.
    • 3. To intervene in the procedures of substantial modification of the conditions of collective work, collective transfer, collective dismissal and suspension of contracts and reduction of the workday initiated during the contest and, where appropriate, to agree on the same with the representatives of workers.
    • 4. Extinguish or suspend the contracts of the insolvent with senior management personnel. 5. Request from the judge that the payment of compensation derived from senior management contracts be postponed until the judgment of qualification is final.

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  • d) Regarding the rights of creditors:
    • 1º Modify the order of payment of the credits against the estate when it considers it convenient in the terms provided in article 84.3.
    • 2.º Prepare the list of creditors, determine the inclusion or exclusion in the list of creditors of the credits revealed in the procedure, resolve the inclusion of new credits in the list of final creditors and inform about the inclusion of new credits in the list of final creditors before the approval of the proposed agreement.
    • 3.º Request the opening of the liquidation phase in case of cessation of professional or business activity.
    • 4. Communicate to the holders of credits with special privilege that opts to attend to their payment charged to the estate and without realization of the assets and rights affected. 5. To ask the judge to keep the lien in case of sale of goods subject to special privilege.
    • 6. To request the judge to make regular payments of credits in advance when he considers sufficiently covered the payment of the credits against the estate and the privileged.
  • e) Report and evaluation functions:
    • 1. Present to the judge the report provided in article 75.
    • 2. To carry out the inventory of the active mass with the content of article 82.
    • 3. To propose to the judge the appointment of independent experts.
    • 4.º Evaluate the content of the anticipated agreement proposal.
    • 5. To make the list of final creditors and inventory in accordance with the provisions of article 96.5.
    • 6.º Evaluate the content of the agreement, in relation to the payment plan and, where appropriate, the viability plan that accompanies it.
    • 7. To inform about the sale as a whole of the debtor’s company.
    • 8. Present quarterly reports to the competition judge on the status of settlement operations and a final report justifying the transactions carried out in the settlement.
    • 9. Present to the judge a reasoned and documented report on the relevant facts for the qualification of the contest, with the proposal of resolution of the guilty or incidental contest.
    • 10. To inform before the judge agrees on the conclusion of the contest for the payment of all the credits or for the resignation of all the recognized creditors.
    • 11.º Update the inventory and the list of creditors trained in the procedure in case of reopening.
  • f) Value realization and settlement functions:
    • 1. Replace the administrators or liquidators when the liquidation phase opens.
    • 2. Present the judge with a liquidation plan for the realization of the assets and rights integrated into the active mass of the contest.
    • 3.º Request the judge the direct sale of assets subject to credits with special privilege.
  • g) Secretarial functions:
    • 1. Electronic communication of the bankruptcy declaration to the State Agency of the Tax Administration and to the General Treasury of the Social Security.
    • 2. Communicate to the creditors the declaration of insolvency and the obligation to communicate their credits.
    • 3. To communicate to the creditors the list of provisional creditors provided in article 95.
    • 4. Receive credit communications from creditors.
    • 5. To assist the Secretary of the Court in the Meeting of creditors or to preside over it when the judge so decides.
    • 6. Attend the creditors’ meeting.
    • 7. To report the bankruptcy http://bankruptcy-solutions.net/ declaration to known creditors who have their habitual residence, domicile or headquarters abroad.
    • 8.º Request the registration publicity abroad of the declaration and other proceedings of the procedure when it suits the interests of the contest.
    • 9. To demand the translation into Spanish of the credit communication writings of foreign creditors.
    • 10.º Carry out the telematic communications provided for in the Law.
  • h) Any others that this or other Laws attribute to them.

The functions indicated above will be exercised in accordance with the specific provisions for the different types of competitions and phases of the insolvency proceedings.