Resolving Insolvency
Creditor
Deliver formal notice indicating failure to pay and final opportunity to settle
1
There is no general statutory minimum for civil attachment found. A general guideline is minimum 10000 xcg (debt + legal costs involved). Notice of default can be ommitted if contractual obligations state that a party is in default as soon as payment date passes.
Creditor
Written demand must state amount due and specific payment deadlines and payment instructions
1
Often 30 day period to pay
Creditor
2nd written demand usual provides shorter payment period
14 Day final deadline to pay. Debtor may propose payment arrangement
Creditor
Engage Licensed bailliff to initiate recovery actions
3
Bailliff
Bailiff
Notice is delivered to plaintiff
1
50 (court fees) + 20 in stamps
Court of First Instance
Receive invitation via email
Court fees & counsel
Trustee
Explore possibility of reaching agreement
2
125
Court of First Instance
Present evidence to decide legal basis
1
Court of First Instance
File to lift seizure or defend in summary proceedings
7
Court of First Instance
30
Bailliff
5
Court of First Instance
Debtor is officially notified of options
1
5
Trustee
20
Trustee
10
Court of First Instance
Trustee
Trustee will request a notary to organize public auction