Guide to Doing Business
A debtor who anticipates not being able to pay his debt can request moratorium as stated in Article 204 Bankruptcy Decree. Moratorium is a temporary procedure that is meant to improve the debtor’s financial situation through partial or entire payment of creditors; this may lead to a normal resumption of payments or to a settlement. When payment of debt proves to be illusory, the moratorium will be converted into a bankruptcy. The Court of First Instance appoints an administrator (bewindvoerder), supervised by a supervisory judge.