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The form of relief a company may seek from its creditors that may allow for the company's continued survival is relief through the examinership process. One of the five preconditions to the appointment of an examiner is that the company be insolvent or likely to be insolvent.

David Kurtz, global head of Lazard’s restructuring practice, reflects on US market trends and why the US remains the choice destination for forum shoppers

There is no statutory regime for restructuring a company's debts outside formal insolvency proceedings, and no Chapter 11-equivalent protection. The directors of a company may only (and must) file for insolvency if the company meets the statutory test, but face administrative or potentially criminal liability for a fraudulent filing.

Relief from creditors can be sought by filing for bankruptcy (concurso de acreedores).

The US Bankruptcy Code (Code) does not require a company to be insolvent to seek relief from creditors and reorganise as a going concern.

Grant Spencer, deputy governor of the Reserve Bank of New Zealand, explains why the Open Bank Resolution might be a model for other jurisdictions considering resolution plans

A company may seek relief from its creditors whether it is solvent or insolvent. The solvency test in France is a cash-flow test. A company is insolvent (cessation de paiements) if it cannot make payment of a debt which is due and payable with its available cash and liquid reserves within the grace period granted by the relevant creditor.

Companies may seek relief from creditors in cases of insolvency due to illiquidity or over-indebtedness, and in cases of apparent threatening insolvency. Debtors may also petition the court to order a protection moratorium, during which insolvency cannot be declared. Stay effects of the impending insolvency are retained in such cases.

A company may seek relief from its creditors, either by filing for bankruptcy (and for the grant of protective measures until the issuance of the decision declaring bankruptcy), in case of either current or threatened cessation of payments, or by pursuing one of the two pre-bankruptcy procedures provided for by the Greek Insolvency Code (GIC): rehabilitation or special liquidation. In order to file for rehabilitation, a company must be in a situation of current or threatened general inability to perform its due monetary obligations, while to file for special liquidation, current or threatened cessation of payments is a prerequisite.