Statutory deadlines (preclusive periods) in pre-bankruptcy and bankruptcy proceedings
Pre-bankruptcy and bankruptcy proceedings are special non-contentious court proceedings conducted with the aim of resolving a debtor’s illiquidity or insolvency. While pre-bankruptcy proceedings focus on preserving the business and restructuring the debtor in cooperation with creditors, bankruptcy proceedings aim to liquidate the debtor’s assets and ensure equal settlement of creditors according to the order determined by the Bankruptcy Act.
An important aspect of both proceedings is the observance of statutory deadlines (preclusive periods) – legally defined time limits within which participants in the proceedings must take certain actions. Failure to meet these deadlines results in the loss of rights.
Statutory deadlines (preclusive periods) in pre-bankruptcy proceedings
Deadline for filing claims – within 21 days from the date of delivery of the decision on the opening of pre-bankruptcy proceedings, creditors must submit their claims to the Financial Agency using the prescribed form. Within 3 days of the expiry of the claim filing deadline, the Financial Agency publishes the submitted claims and the list of registered claims on the e-Notice Board.
Deadline for challenging claims – a creditor may challenge a claim registered by another creditor within 15 days from the delivery of the debtor’s and trustee’s statements on the registered claims, or from the absence of such statements.
Deadline for notification by secured and separate creditors – secured creditors must, within 21 days from the delivery of the restructuring plan, notify the Financial Agency of their rights, the legal basis of their secured right, and the part of the debtor’s property to which their secured right relates, and state whether they waive or do not waive their right to separate settlement. The notification deadline for separatist creditors is the same; however, their notice must include the legal basis of the separatist right and the part of the debtor’s property to which it relates.
Deadline for initiating a lawsuit in the case of a disputed claim – If the debtor disputes a claim, the court will direct the creditor of the disputed claim to initiate a lawsuit against the debtor to establish the claim. The lawsuit must be initiated within 8 days.
Deadline for filing an appeal against decisions on established and disputed claims or against the Restructuring plan – while not explicitly determined by law, this deadline is typically 15 days in practice.
Statutory deadlines (preclusive periods) in bankruptcy proceedings
Deadline for filing a fcaim for compensation for breach of duty by the Bankruptcy administrator – This claim is subject to a statute of limitations of three years from the knowledge of the damage, and no later than three years from the final decision concluding the bankruptcy proceedings. In the case of damage related to subsequent distributions or supervision of the implementation of the bankruptcy plan, the period is three years from the implementation of the subsequent distribution or completion of supervision.
Deadline for filing claims – 60 days from the date of publication of the decision opening the bankruptcy proceedings.
Deadline for notification of rights by secured and seperate creditors – 60 days from the date of publication of the decision opening the bankruptcy proceedings.
Deadline for challenging legal acts of the debtor – Creditors are authorized to challenge legal acts of the bankruptcy debtor within two years of the opening of the bankruptcy proceedings.
Deadline for submitting a proposal for liquidation for the purpose of settlement of a secured creditor – The bankruptcy administrator must allow the secured creditor to propose, within 8 days, the liquidation of the assets in a manner more favorable to them.
Deadline for initiating a lawsuit in the case of a disputed claim – If the bankruptcy administrator disputes a claim, the court will direct the creditor of the disputed claim to initiate a lawsuit against the bankruptcy debtor to establish the claim. The deadline for initiating the lawsuit is 8 days.
Deadline for notification by the bankruptcy administrator – A bankruptcy creditor who has been directed to initiate a lawsuit to establish their disputed claim must, within 15 days from the delivery of the list of claims, provide the bankruptcy administrator with proof that they have initiated a lawsuit to establish the claim. If the creditor fails to provide timely proof, their claim will not be considered in partial distributions.
Deadline for objection to the distribution list – The distribution list specifies how the money collected from the bankruptcy estate will be distributed among the established creditors. The deadline for objections is 8 days.
Deadline for objection to the proposal for discontinuation of the bankruptcy proceedings – If the court proposes to discontinue the bankruptcy proceedings, bankruptcy creditors may file a written objection within 8 days from the delivery of the proposal.
