The article describes the opening of insolvency proceedings or demand acceptance in principle of insolvency, the debtor through a period of observation. In this stage will decide the path that goes debtor either in restructuring accelerated procedure or the procedure itself restructuring in bankruptcy or liquidation through bankruptcy simplified procedure. The regulation into national law by reference to other legal systems, the duration of the observation period and the effects or measures that can be taken during this period are extremely important for the future insolvent debtor.
