Non-payment bottlenecks from completed transactions affect almost every business. How to recover your debts if the contractor declares bankruptcy? Many people wrongly believe that in such a case they are not able to recover the lost money. However, this is not true. After the declaration bankruptcy company assets it becomes the bankruptcy estate, which will be used to repay creditors. So what should you do in such a situation and how to join the bankruptcy proceedings?
Although it may not be possible to recover all the money owed, it is worth joining the bankruptcy proceedings, which will give you a chance to get some money back and minimize losses. Joining the bankruptcy proceedings is done by submitting a claim, i.e. a document indicating the amount of unpaid liabilities. The deadline for submitting this document is specified in the content of the decision on the announcement bankruptcy of the debtor.
Did you not meet the deadline? This is not a disaster. In the course of ongoing insolvency proceedings, you are entitled to join the proceedings with your claims once the procedure under the insolvency law has been implemented.
It is worth pointing out that the regulations specify in which order claims are satisfied in bankruptcy proceedings. The chance of recovering money is therefore higher or lower, depending on which category your claim falls into. However, if a claim exists, it is always worthwhile to proceed with insolvency proceedings. There is only a small group of claims that the trustee will take into account in insolvency proceedings ex officio. If you neglect to file a claim you may already have irretrievably lost the chance to recover your claim.
Contact us and we will prepare the necessary documents for you to secure your interests.
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