Bankruptcy opening

The opening of bankruptcy is ordered by the competent court when procedural and substantive requirements are met, typically after a creditor’s bankruptcy request or in specific statutory situations. From that moment, the debtor’s attachable assets form the bankruptcy estate, individual enforcement is generally displaced, and creditors must assert claims in the collective procedure. The bankruptcy office administers the estate, realises assets and distributes proceeds according to rank. Appeals or suspension may be possible depending on the circumstances.