Will my insolvency proceedings be made public?
June 23, 2024 | 40,00 EUR | answered by Katja Winterberg
Dear lawyer,
I am reaching out to you as I am currently in a difficult financial situation and considering filing for bankruptcy. My name is Paul Maier and I work as a self-employed craftsman. Due to some unfortunate circumstances and a decrease in orders, I was unable to pay my bills and am now facing bankruptcy.
My biggest concern is whether my bankruptcy proceedings will be made public. I certainly do not want my customers, suppliers, or business partners to find out, as I fear it could harm my business and my reputation. Additionally, I want to protect my family and prevent them from suffering under public scrutiny.
So my question to you is: Will my bankruptcy proceedings be made public? Are there ways to prevent this or at least limit it? I would like to know what impact bankruptcy could have on my reputation and my professional future, and how I can best prepare for it.
I thank you in advance for your support and look forward to your professional advice.
Sincerely,
Paul Maier
Dear Mr. Maier,
Thank you for your inquiry regarding the insolvency proceedings. It is understandable that you are concerned about the public visibility of your insolvency proceedings, especially in relation to your customers, suppliers, and business partners. It is important to understand that insolvency proceedings are generally public since they are registered in the insolvency register. This register is accessible to everyone and can be viewed by interested parties.
However, this does not necessarily mean that your customers, suppliers, or business partners will automatically become aware of your insolvency. You can decide for yourself whom you want to inform about your financial situation. Nevertheless, there is a possibility that third parties may become aware of your insolvency through research in the insolvency register or through insolvency announcements in newspapers or on the internet.
To assess the impact on your reputation and professional future, it is advisable to seek professional advice. An insolvency lawyer can help you understand the legal consequences and assess potential risks. Additionally, they can inform you about how to best prepare for the insolvency proceedings and what steps you should take in the future.
There is also the possibility to restrict certain information about your insolvency. For example, you can request that certain data in the insolvency register not be published. This could help protect your privacy and reduce public pressure. However, such requests must be justified and are subject to the decision of the insolvency court.
It is important that you seek professional support early on to find the best possible solution for your financial situation and mitigate any negative consequences. Do not hesitate to contact an insolvency lawyer to discuss your individual situation and receive comprehensive advice.
I hope this information is helpful to you and I am available for any further questions.
Sincerely,
Katja Winterberg
Insolvency Lawyer
