The initiation of restructuring proceedings offers the debtor a wide range of benefits. First and foremost, he receives protection that allows him to concentrate on negotiations with his creditors without fear of losing his assets as a result of bailiff enforcement proceedings.
This is important because it gives the debtor time and space to work out an agreement with his or her creditors on the repayment of the debt. And what steps can be taken are set out below:
1. Consult a restructuring advisor, which will help you understand legal processes related to restructuring and present options for protection against execution.
2. Prepare a restructuring planwhich you will present to the restructuring advisor. Together you will decide whether to open restructuring proceedings.
3. Arrange with your restructuring advisor possible date of announcement of opening of simplified restructuring proceedings. In accordance with applicable regulations, announcement of opening of simplified restructuring proceedings suspends executions.
4. negotiate with creditors, in the event of involvement in the restructuring process, creditors may be more willing to conclude a settlement/arrangement and suspend enforcement proceedings.
It should be emphasised that restructuring proceedings also take into account the rights of creditors. Creditors are involved in the negotiation process and have the opportunity to express their consent to the proposed solutions. This ensures a balance of interests and allows for achieving a fair agreements between the debtor and creditors.
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