Family father with three minor children and his payroll seized for life with a loss of between 200 and 300 euros from his salary. That was the future that awaited Francisco R. for a debt incomprehensible for its resources, 1.2 million of euros, ruined since 2019 by a company he founded 14 years ago.
This branch merchant textile located in the Vega Baja region of Alicante, was declared in contest of creditors -several banking entities, the municipal tax organization Suma and the Social Security Treasury- and he was left to make a living as operator in different jobs, although with that authentic lifetime mortgage for their income.
Now, fortunately for Francisco, the Second Chance Law has freed him from the burden. An order from the Commercial Court number 3 of Alicantein Elchehas determined the exoneration of these debts.
From the Ölima Legal law firm – where lawyers Adrián Roca and Joaquín Puch have handled this case – they have detailed that since the beginning of his activity as a businessman more than a decade ago, the banks required his guarantee for loans and credits for working capital with which he financed the acquisition of machinery for the production of garments and the purchase of stocks.
However, due to a sectoral crisisjust before the coronavirus pandemic, upon entering bankruptcy proceedings, claims began for being guarantor in those operations with financial entities, and many of them were policies with executive effects, which meant that Francisco saw how seized their accounts banking and salary of the new jobs he had to look for when he closed his company, now as an employee.
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