Corporate Law & Business Law
Declaration of bankruptcy
The declaration of bankruptcy declares the company's situation to the court. It requires a file and compliance with the legal schedule.
Lexicon
Corporate Law & Business Law
Cessation of Payments
Cessation of payments refers to a situation of inability to meet due debts in the analysis of bankruptcy law. It must be assessed based on payments, cash flow, and effectively mobilizable resources.
In Luxembourg, bankruptcy also requires the shaking of credit. An accounting loss, an isolated unpaid debt, and cessation of payments are therefore not interchangeable notions. The manager must reconstruct the real situation and its date of occurrence.
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Corporate Law & Business Law
Annual Accounts
Annual accounts must be prepared, approved, and then filed. Understand the schedule of a SARL and the proof of filing with the RCS.