Insolvency legislation is a federal law and is therefore applied throughout the country. The Bankruptcy Act (‘Ley de Concursos y quiebras’, in Spanish) is part of the Commercial Code, which is also a federal law.
Only Certified Public Accountants (CPAs or ‘Contadores Públicos Nacionales’, in Spanish) are appointed as Trustees in Bankruptcy by the court of original jurisdiction, out of a list of CPAs registered with the Appellate Court or the
Supreme Court of each Federal State. Lawyers provide advice to the debtor, the creditors and the Trustee on legal matters related to all the insolvency cases, but they do not administer the insolvency process. This is done by the court
acting upon the opinions of the CPAs.
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