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Possibilities of recovery from insolvent debtors (bankruptcy)

The insolvency proceedings (bankruptcy) in general shall be initiated by the debtor or creditor’s proposal. If all the conditions for opening insolvency proceedings have been met, then the court is seised of the order of opening of insolvency proceedings to be published on the e-board of the court. That order must include an invitation to insolvency creditors to lodge their claims to the insolvency liquidator within 60 days of the publication of the opening of the insolvency proceedings. If the creditors do not lodge their claims within that period, they shall then lose the possibility to recover their claims. If you have a claim against a debtor who is unfit to pay or who is overcharged, and you have no experience and sufficient knowledge of bankruptcy laws, it would be good to hire a lawyer in time to make that deadline and thus try to collect your claim. Or in other words, it is very important that it is necessary to react without delay because of the risk of loss of the right to recover your claims.

The creditors shall be the personal creditors of the debtor who, at the time of the opening of the insolvency proceedings, have any property claim against him. They shall be classified in payrolls according to their claims. Creditors of a later payment order may be settled only after they are fully settled by the creditors of the previous payment order. Creditors of the same payment order are settled in proportion to the size of their claims. The claims of higher payments shall have priority in settling before the claims of the lower cost-paid rows.

Creditors may only exercise their claims against the debtor in insolvency (bankruptcy) proceedings. Following the opening of the insolvency proceedings, individual insolvency creditors may not seek enforcement against the debtor or insurance on parts of assets entering the insolvency estate or other assets of the debtor.Once the insolvency proceedings are opened, the liquidator shall immediately take possession of the assets entering the insolvency estate and manage it.

The application of the claims of the creditors shall be filed with the liquidator, which shall then draw up a list of all the claims of the worker and the former debtor’s employees due until the opening of the insolvency proceedings in bruto and netto amounts. If the worker or the former debtor worker did not report the claim, he would be deemed to have declared the claim in accordance with the list drawn up by the liquidator. Claims by creditors of lower payments shall be declared only on a specific call from the court. The liquidator shall draw up on the prescribed form a table of the declared claims to be published on the e-board of the court and the lodging of claims and documents shall be presented in the Registry of the Court for inspection by the parties after the expiry of the deadline for lodging claims.

The next step is the maintenance of the test hearing on which the claims submitted are examined. The liquidator shall disclose whether or not he disputes the claim. The court shall draw up a table of the claims examined in respect of each claim declared to what extent it is established by its amount and order, that is to say, who contested the claim. On the basis of the table of claims examined, the court takes a order on the identified and contested claims published on the e-board of the court.

The settlement of bankruptcy creditors is carried out after the investigation and after the reporting hearing. The liquidator shall, without delay, liquidate assets entering the insolvency estate. The assets are sold through public tendering, free-bargain or public collection of offers. The liquidator shall do the settlement of bankruptcy creditors according to the cash flows of the cash.

Finally, the court all disclosures regarding insolvency proceedings are made by means of the internet and which disclosure is very important to follow up on a regular basis.