If your debtor is going through an insolvency or bankruptcy procedure, No worries! We can help you taking part in the proceedings; claiming and protecting your rights as a creditor.
Does your debtor insolvent and does not have the capacity to pay to their creditors? Or does your debtor already running through insolvency proceedings? We can still help you initiating bankruptcy proceedings or claiming your credit by contacting and registering your claim to the trustee.
The European Insolvency Regulation
Insolvency law in the EU is regulated primarily through Regulation No 1346/2000 as updated by regulation 2015/848 which comes into effect from 26th of June 2007.
The 2000 regulation which came into force on 31 May 2002 was the first attempt at rules designed to facilitate cross border insolvency proceedings. It established common rules on:
What can Creditors do if a debtor is already going through an insolvency proceedings?
- Any foreign creditor may lodge its claim using the standard claims form called ‘Lodgment of claims’
- The use of this form is not compulsory
- Claims may be lodged in any official language of the institutions of the Union. It may require the creditor to provide with a translation in the official language of the State of the opening of proceedings
- Claims shall be lodged within the period stipulated by the law of the Member State of the opening of proceedings
- There is a specific protection for foreign creditors: that period shall not be less than 30 days following the publication of the opening of proceedings in the insolvency register of the Member State of the opening of the proceedings