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.