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Administrative Liquidation Procedure

Commission Members

A procedure under the management of the Bankruptcy Commission, aiming to sell the bankruptcy assets which sale proceeds are not expected to cover the expenses of the liquidation procedure or the small debtors' liquidation procedure.

General Considerations:

  • The debtor may apply to the court for the commencement of the procedure.
  • There is no chance for the debtor to resume his/her business activity and generate better returns.
  • The proceeds expected from selling the assets do not cover the expenses of Liquidation or Small Debtors Liquidations procedures.
  • The Bankruptcy Commission manages the debtor's business activity and the procedure.​