What documents are needed for the insolvency application?
January 21, 2022 | 45,00 EUR | answered by Katja Winterberg
Dear lawyer,
My name is Wilhelm Weber and I am facing the difficult situation of having to file for insolvency. The reason for this is that my company has suffered greatly in recent months due to the economic situation and the impact of the Corona pandemic. Revenues have drastically declined and debts continue to accumulate.
Since I have never had to deal with insolvency law before, I am now unsure about which documents I need for the insolvency application. I have already started to gather all relevant documents, but I am not sure if I have taken everything necessary into account.
My concerns mainly lie in the possibility of making mistakes in the application that could lead to further problems. Therefore, it would be very helpful for me if you could clearly outline which documents are mandatory for the insolvency application.
I would also like to know if there are specific deadlines by which the documents must be submitted and if there are any other steps I should consider to make the insolvency application process as smooth as possible.
Thank you in advance for your support and assistance on this important matter.
Sincerely,
Wilhelm Weber
Dear Mr. Weber,
Thank you for your inquiry regarding bankruptcy filing. I am sorry to hear that your company has been affected by the effects of the Corona pandemic and that you now have to deal with the difficult situation of insolvency. I am happy to help you gather the necessary documents for the bankruptcy filing and answer your questions in detail.
The following documents are mandatory for the bankruptcy filing:
1. Commercial register extract or business registration
2. Balance sheet of the last financial year
3. Overview of outstanding receivables and liabilities
4. List of creditors
5. Tax returns from the past years
6. Payslips of employees
7. Rental and lease agreements
8. Bank statements from the last few months
9. Contracts with suppliers and customers
10. Other relevant documents reflecting the financial situation of the company
It is important that you carefully and completely compile all of these documents in order to submit the bankruptcy application correctly. Errors in the application can lead to problems and delay the process.
In terms of deadlines for submitting the documents, there are certain legal requirements that you must adhere to. Generally, you must file the bankruptcy application within three weeks of insolvency. Therefore, it is advisable to start gathering the documents early to meet the deadline.
In addition to the mentioned documents, please note that you may need to appoint a bankruptcy administrator who oversees the bankruptcy process. Also, make sure not to delay the bankruptcy filing, as this could be considered as delaying the insolvency, even though insolvency has already occurred.
I hope this information is helpful to you and supports you in preparing the bankruptcy filing. If you have any further questions or need assistance, please feel free to contact me.
Best regards,
Katja Winterberg, Attorney at Law
