The position of a creditor in an insolvency case is built entirely on regulation: when and how the application must reach the debtor, who compiles the creditors' register and within what period, which transactions the manager may challenge, when a creditors' committee is mandatory, and in what order the mass is distributed in the bankruptcy regime. This page explains these rules for the creditor who wants to protect a claim as effectively as possible in the insolvency process — from the filing of the application to the final distribution.
Registration of the Application and Delivery to the Debtor
Where an application on insolvency is filed by a creditor, the court chancellery ensures its registration and hands to the creditor a mailing — copies of the application and of the attached documents — for delivery to the debtor. The creditor is obliged, within 1 month of receiving the court mailing, to ensure its delivery to the debtor by post, through a court courier, by another means agreed by the parties, or by email; a mailing sent by email is deemed delivered where the debtor confirms receipt by electronic means.
The document confirming delivery must be submitted by the creditor to the court before the expiry of that period. The debtor, for its part, is obliged to submit, within 7 days of receipt of the court mailing, its own opinion on its insolvency or expected insolvency and on the opening of a rehabilitation or bankruptcy regime. Ignoring these deadlines halts the process, which is why the creditor's very first steps must be documented flawlessly.
The Creditors' Register and Its Boundaries
The claims of creditors are verified and the creditors' register is compiled by the manager or supervisor within 60 days of the ruling declaring the application admissible — on the basis of information received from the creditors and the debtor or of information procured by the manager itself. Only those creditor claims that the manager reasonably accepts are entered into the register; claims subject to ongoing enforcement proceedings are reflected in the register automatically, unless the creditor refuses their entry.
The manager has no right to recognise a penalty and overdue interest where their total amount exceeds 10 percent of the principal debt. The creditor must overcome this boundary by a claim to the court — with a demand to impose the unrecognised interest and penalty on the debtor and to enter them in the register. A claim is reflected in the national currency, and where the creditor enjoys a right of set-off under the relevant special regime, special rules apply to the set-off agreement.