The RENACE project gives the self-employed and other individuals the support they need because their business project failed as a result of the financial crisis. These people have had to use their personal assets to cover accrued liabilities.
Following an initial screening phase, the programme attempts to facilitate out-of-court settlements with creditors. During this process, debtors can sell off assets in order to pay debts, or reach an agreement by establishing a payments schedule. Entities may even waiver payment of unpaid liabilities.
Submit a request
People who have been declared insolvent and who wish to start up a new business activity can visit the RENACE Office at INFO and submit a request accompanied by the necessary supporting documents.
SCREENING AND OPTIMISATION REPORT
The RENACE Office delivers its diagnosis in a viability report and indicates if the second chance can be processed or if it should be handed over to an alternative regional government department (if the debt is not the result of business activity).
THE RENACE COMMISSION
If the interested party agrees with the diagnosis, the second opportunity viability report is submitted to the RENACE Commission which also receives any viable out-of-court settlement agreement proposals.
Once the Commission has given the go-ahead, it is handed over to the interested party so that he/she can initiate the out-of-court settlement agreement. The interested party selects an expert from the list of legal and economic advisors and this person then submits the request to two organisms:
• Trade Registry
• Chamber of Commerce
OUT-OF-COURT SETTLEMENT AGREEMENT
Once all the documents have been submitted, an insolvency mediator is assigned and he/she promotes negotiation with the aim of achieving the desired out-of-court settlement agreement. It can include debt reduction, debt moratoriums, debt conveyance and so on. Even if the out-of-court settlement has been unsuccessful, with the knowledge that credit against the estate and special protected credits can be covered, proceedings are initiated at the Commercial Court of Murcia. The High Court of Justice works swiftly to file the debtor’s foreclosure filings and any other existing processes. Once the proceedings have been filed and swiftly concluded, if the debtor meets the requirements, the Court concedes a benefit of unpaid liabilities exemption.
EMPLOYMENT AGENCY AND INFO PROGRAMMES AND FINANCIAL AID
Last of all, the applicant can make use of employment agency (Spanish acronym, SEF) second chance entrepreneurship training and learning programmes and initiatives and opt for additional financial aid and support made available by INFO for entrepreneurs who wish to give things a second try and launch a new line of business.