Non-payment bottlenecks from completed transactions affect almost every business. How do you recover your receivables if a contractor declares bankruptcy? Many people mistakenly believe that in such a case they are unable to recover their lost money. However, this is not true. After declaring bankruptcy, the company's assets become the bankruptcy estate, which will be used to repay creditors. So how should you proceed in such a situation and how do you join the bankruptcy proceedings?

Although it may not be possible to recover all the money owed, It is worth joining insolvency proceedings, which will give you the chance to recover some of your money and minimise your losses. Joining the bankruptcy proceedings is done by filing a claim, i.e. a document indicating the amount of outstanding liabilities. The deadline for filing this document is specified in the debtor's bankruptcy order.

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.