Voluntary debt settlement
Voluntary debt restructuring implies that the debtor compiles a proposal with the help of the Enforcement Office for an agreement with his creditors on voluntary debt restructuring.
Three week deadline for creditors
The agreement is sent to the creditors, who have three weeks to consider it. If they fail to respond within that period, they will be deemed to have accepted the agreement. That means that debt restructuring is in place. If any of the creditors have objections to the proposal, they must explain in writing their reasons to the Enforcement Office within the deadline of three weeks.
Draft agreements can be revised
The applicant can revise a proposal to bring it into line with what the creditors want. At this stage, the debtor will negotiate with the creditors assisted by the Enforcement Office in an attempt to reach a mutually acceptable agreement.