{"id":4256,"date":"2024-12-18T09:12:39","date_gmt":"2024-12-18T09:12:39","guid":{"rendered":"https:\/\/law.webdevbar.com\/?p=4256"},"modified":"2025-10-18T14:27:53","modified_gmt":"2025-10-18T14:27:53","slug":"creditors-with-the-right-in-bankrupcy-proceedings","status":"publish","type":"post","link":"https:\/\/vaic.hr\/en\/creditors-with-the-right-in-bankrupcy-proceedings\/","title":{"rendered":"Creditors with the right of separation in bankruptcy proceedings"},"content":{"rendered":"

[vc_row triangle_shape=”no”][vc_column][vc_column_text]A creditor with the right of seperation, in accordance with Article 147 of the Bankruptcy Act, is a person who, based on their real or personal rights, can prove that a particular asset is not part of the bankruptcy estate.<\/p>\n

Thus, creditors with the right of seperation are not bankruptcy creditors, as their right to the exclusion of assets is determined by the rules for exercising such rights outside the bankruptcy proceedings.<\/p>\n

Specifically, certain items may be in the actual possession of the bankruptcy debtor but are not part of the bankruptcy estate because other persons have real rights over them, allowing them to demand the exclusion of these items from the bankruptcy estate.<\/p>\n

They are a specific category of creditors in bankruptcy proceedings and have the right to exclude certain assets from the bankruptcy estate because the exclusion right applies to assets that are not part of the bankruptcy debtor\u2019s property, enabling them to protect their interests concerning assets that legally belong to them or over which they have a right that gives them priority over other creditors.<\/p>\n

For example, if a person has lent movable property to a legal entity that is in bankruptcy, they can reclaim those items over which they have ownership rights as a creditor with the right of seperation.[\/vc_column_text][vc_empty_space height=”25px”][\/vc_column][\/vc_row][vc_row triangle_shape=”no”][vc_column]\n

\n\tProcedure<\/h3>[vc_empty_space height=”20px”][vc_column_text]In accordance with the Bankruptcy Act, creditors with the right of seperation are required to notify the bankruptcy administrator of their right, the legal basis of the right, and specify the asset to which their right applies to, all within 60 days of the publication of the decision to open bankruptcy proceedings.<\/p>\n

Therefore, secured creditors do not submit their claims to the bankruptcy administrator in the same manner as bankruptcy creditors.<\/p>\n

They are also required to notify the competent unit of the Financial Agency of their rights, the legal basis for their right, and the part of the debtor\u2019s assets to which their right applies.<\/p>\n

Also they have to provide a statement of consent or refusal of consent for the exclusion of the asset to which their right relates to in order to implement the restructuring plan, all within 21 days of receiving the restructuring plan.[\/vc_column_text][vc_empty_space height=”25px”][\/vc_column][\/vc_row][vc_row triangle_shape=”no”][vc_column]\n

\n\tSettlement<\/h3>[vc_empty_space height=”20px”][vc_column_text]The settlement of a creditor with the right of seperation is executed by returning the assets over which the right exists.<\/p>\n

However, if before the opening of the bankruptcy proceeding the debtor unlawfully disposes of an asset whose exclusion could have been demanded, the creditor with the right of seperation can request the transfer of the right to a counter-performance if it has not already been fulfilled.<\/p>\n

If the counter-performance can be extracted from the bankruptcy estate, the creditor with the right of seperation can demand the counter-performance from the bankruptcy estate.<\/p>\n

On the other hand, if the right to the counter-performance is impossible or cannot be excluded, he has the right to claim damages.<\/p>\n

In the event that, before or after the opening of bankruptcy proceedings, the temporary bakruptcy administrator disposed of an asset whose exclusion could have been demanded, the creditor with the right of seperation may, at their discretion:<\/p>\n