This is a mechanism provided by the Bankruptcy Law to ensure that a natural person (whether a business owner or not) can cancel their debts if they are in a situation of insolvency, that is to say, in a situation in which they cannot pay all their debts normally. The Dissatisfied Liability Exemption Benefit (BEBI), which is the technical name of this “Fresh Start Law”, is an effective tool to ensure that a person can access the job market again, or even business, when has gone through a financial downturn, without dragging the debts of his past, provided that it was due to an unexpected or not wanted situation by the person who wishes to benefit from that procedure, that is to say, that he has acted in good faith.
The person who intends to go to the BEPI does not have a criminal record for a series of economic crimes (robbery, theft, tax offences, etc.) in the last 10 years.
That you have not obtained this "Fresh Start" in the last 10 years and that your liabilities do not exceed five million euros.
Attempt to reach an agreement with your creditors before going to the BEPI, through a procedure carried out through Notary or a Commercial Registrar, which is called an Out-of-Court Settlement.
Public law credits are excluded from the agreement and must be negotiated separately with the administrations. Similarly, these public debts will also be outside the scope of the BEPI and, under the current rules, cannot be waived.
With our experience, as we have helped many people to get that desired Fresh Start, we can offer a personalized advice, since, being specialized in this matter, we can study the case of each client and design the most appropriate strategy to achieve the desired goals. For this reason, we will be delighted to assist you and to draw up a tailor-made quotation to ensure that you can access this important mechanism with the maximum possible guarantees.
Whether you are an employee, a sole trader or self-employed, we can help you to continue with your activity and save your business, without dragging a situation of debts that can financially suffocate you. We will help you find the best solution for your specific case.