How can I protect myself as a creditor in the insolvency procedure?
June 2, 2022 | 30,00 EUR | answered by Katja Winterberg
Dear Lawyer,
My name is Alice Gerdes and I recently found out that a company to which I lent money has filed for insolvency. I am very worried that I may never see my money again. I have invested a lot of time and energy to earn the money that I lent, and it would be very distressing to lose it due to the company's insolvency.
I am now wondering how I can protect myself as a creditor in the insolvency process. Are there ways in which I can get my money back or at least recover a portion of it? What steps should I take to represent my interests as a creditor and maximize my chances of repayment? Are there specific deadlines or procedures that I need to follow to assert my claims?
I would greatly appreciate it if you could provide me with some advice on how to best handle this difficult situation. I want to ensure that I exhaust all legal options to protect my financial interests. Thank you in advance for your help.
Sincerely,
Alice Gerdes
Dear Mrs. Gerdes,
I understand your concerns and fears regarding the insolvency proceedings of the company to which you have lent money. It is a difficult situation you find yourself in, and it is important that you know how to act as a creditor in the insolvency proceedings to protect your financial interests to the best of your ability.
First and foremost, it is important to know that creditors in insolvency proceedings are usually divided into different groups, depending on the nature and amount of their claims. As a creditor, you generally have the right to file your claims in the insolvency proceedings. To do so, you must provide the insolvency administrator with all necessary documents that prove your claim against the insolvent company.
There are various ways in which creditors can be treated in insolvency proceedings. Typically, creditors are served in a predetermined order, with priority creditors, such as employees with outstanding wage claims, being served first. If there is still assets remaining after serving all priority creditors, the remaining creditors will be served.
It is possible that as a creditor, you may only receive a portion of your money back or even receive nothing at all. This depends on various factors, such as the amount of your claim in relation to other creditors and the assets of the insolvent company. It is important to have realistic expectations and prepare yourself for the possibility that a full repayment of your claim may not be possible.
To best represent your interests as a creditor and maximize your chances of repayment, I recommend seeking legal advice. An experienced insolvency lawyer can help you assert your claims in the insolvency proceedings and assist you in enforcing your rights. The lawyer can also assess whether there may be claims against third parties that could contribute to the repayment of your claim.
It is important to adhere to all deadlines and procedures in the insolvency proceedings to effectively assert your claims. Missed deadlines can result in your claim not being considered and you receiving nothing. Therefore, it is advisable to promptly contact an insolvency lawyer to secure your claims and increase your chances of repayment.
I hope this information is helpful to you and encourages you to take appropriate steps to protect your financial interests as a creditor to the best of your ability. If you have any further questions or need legal assistance, I am at your disposal.
Sincerely,
Katja Winterberg
Lawyer specializing in insolvency law.
