Depending on the form of running a business, the liability for the obligations (debts) of the company from the personal assets or the joint entrepreneur and his spouse may vary.
The financial situation of spouses on the date of opening of bankruptcy against one of them is undoubtedly influenced by the existence or lack of community of property.
As a rule, in the case of joint property on the date of opening of bankruptcy proceedings of an entrepreneur conducting business activity upon declaration of bankruptcy, a separation of property regime is established between the spouses, and the joint property becomes part of the bankruptcy estate, while the spouse of the bankrupt may pursue, in bankruptcy proceedings, claims for a share in the joint property that has been added to the bankruptcy estate.
In the event of termination of community of property before the date of opening of bankruptcy proceedings by an entrepreneur conducting business activity, the manner and period in which the community of property of the spouses was terminated is of great importance.
When creating bankruptcy law provisions, in order to prevent cases of "siphoning off" joint property from the bankruptcy estate, the legislator introduced certain principles aimed at ensuring protection of all creditors.
In cases specified in the Bankruptcy Law, despite the termination of the community of property of the spouses earlier than as a result of the declaration of bankruptcy, the bankruptcy estate may include assets that were previously covered by the community of property of the spouses.
What cases are we talking about? To find the answer to this question, we encourage you to read article.
If you haven't found the answers to all your questions, we also invite you to contact us to get advice from our specialists, who will clarify any doubts you may have regarding property relations and their impact on bankruptcy proceedings.
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