A worker with three minor children who went bankrupt creating a textile company is freed from a debt of 1.2 million

This branch trader textile located in the Vega Baja region of Alicante, was declared in competition of creditors -several banking entities, the municipal tax body Suma and the Social Security Treasury- and he had to earn his living as operator in different jobs, but with this authentic lifetime mortgage for their income.

Today, fortunately for Francisco, the law of second chances has freed him from this burden. An order from the Commercial Court number 3 of AlicanteIn Elchedetermined the exemption of these debts.

From the Ölima Legal law firm – where lawyers Adrián Roca and Joaquín Puch handled this case – they detailed that since the beginning of his activity as a businessman, more than ten years ago, banks demanded his guarantee for loans and credits for the working capital with which he financed the acquisition of machinery for clothing production and inventory purchasing.

However, due to a sectoral crisisjust before the coronavirus pandemic, upon entry into bankruptcy proceedings, claims began to be guarantor in these 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 new jobs he had to look for when he closed his business, now as an employee.