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If your customer goes bankrupt, you must submit the claim to the trustee. The bankruptcy trustee then places the claims on a (provisional) creditor list. The trustee then tries to repay as many creditors as possible by selling the bankrupt estate. You will hear how much you will receive when the bankruptcy is settled.
Sometimes invoices are not paid due to the (imminent) bankruptcy of a customer. When there is an outstanding claim with a bankrupt company, the collection process is different than with a company that is still active. In addition, there are usually not only outstanding invoices, but current contracts for which a solution must be sought.
The bankruptcy of a customer therefore creates a lot of uncertainty. What are your rights and obligations? And how do you ensure that the bankruptcy of your customer has as little impact as possible on your own company? You often have several options and it depends on each situation which is the best option.
If your debtor goes bankrupt, you must pass on the claim to the bankruptcy trustee as soon as possible. The trustee only approaches creditors that are known to him. If the bankrupt company does not have its administration in order, you may not be visible to the bankruptcy trustee. So do not wait for the curator to contact you but contact him yourself. Or let us do that.
We take care of your claim and will submit it to the trustee on behalf of your organization. It is important that supporting documents are included, such as invoices, order(s) or a contract with the bankrupt company. It regularly happens that the trustee rejects a claim because it has not been submitted correctly.
When the claim has been submitted, the bankruptcy trustee accepts your claim on a creditors list. The trustee then tries to repay as many creditors as possible by selling the bankrupt estate. You will learn how much you will receive when the bankruptcy is settled. In many cases, there is little to gain from a bankrupt company, leaving little for your organization. Nevertheless, we have succeeded several times in getting very large receivables paid from a insolvent company.
Do you have outstanding invoices from a bankrupt customer for goods that have been delivered? Then it is also a possibility to retrieve the goods instead of getting the invoice paid. This way you can retrieve goods that have been delivered subject to retention of title. You can also invoke the right of advertising under certain circumstances. However, keep in mind that when there is a cooling off period, it is (for the time being) not possible to collect your goods from the bankrupt company.
If you have included in your general terms and conditions that there is a retention of title, you as a supplier remain the owner of the delivered goods until your customer has paid. Only when your customer has paid, they are the legal owner of the goods.
Are the invoices not paid? Then you can retrieve the goods, after all they are still yours. This also applies in the event of bankruptcy, in which case you may also invoke the retention of title. You must then inform the trustee that you want to retrieve the goods. You must prove that the goods have been delivered by you, that there is a retention of title and that the corresponding invoices have not yet been paid.
In practice it appears that it is not always easy to retrieve goods that have been delivered subject to retention of title. It regularly happens that the bankruptcy trustee rejects the request, for example because you cannot prove that you are the legal owner of the goods. Do you want to prevent this? Then consult us for advice.
If you have outstanding invoices from a bankrupt customer for goods that you have delivered, it is quite possible to retrieve the goods instead of getting the invoice paid. This way you can retrieve goods that have been delivered subject to retention of title. You can also invoke the right of advertising under certain circumstances. However, keep in mind that when there is a cooling off period, it is (for the time being) not possible to collect your goods from the bankrupt company.
By invoking the right of claim, the purchase agreement is dissolved. Unlike the normal dissolution, when the right of claim is invoked, the ownership also reverts to the seller. This means that the seller is again the owner of the good and can also reclaim the goods as owner. Because the right of claim is regulated by law, in principle every creditor can claim this right. The right of claim therefore does not have to be included in the general terms and conditions, as with the retention of title.
Based on the right of claim, you can reclaim your items within 60 days of delivery. You have the legal right to reclaim (to complain) ownership of a delivery within two months. Please note: this right expires as soon as:
It is therefore important not to wait too long before invoking the right of advertising. You claim this right by sending a letter to the curator. He is obliged to cooperate. If he doesn’t do this, you can sue. You can consider this: do you prefer to go after the money, or do you want your stuff back?
You can withhold something from the customer until the payment obligation has been met. For example, if you are a garage owner and the owner of the car you have repaired goes bankrupt, you can withhold the car until the repair costs are paid.
However, in the event of bankruptcy, the effect of this right is limited. The trustee could decide to pay the bill. With this he gets the case (the goods/services of the customer in your possession) back. However, he can also breach the right of retention and claim the case after all. You still have priority over the proceeds of the case in question. Incidentally, this is often a sham in practice, because the bankruptcy costs will first be paid from the proceeds.
If you would like to know more about the guidance we can provide in the event of your customer’s bankruptcy, please contact us. Click on one of the buttons below or call 088-5054700 or mail to email@example.com
We submit the claim on your behalf and monitor the recognition of the claim by the trustee.
In addition to submitting your claim to the bankruptcy trustee, we also help with the retrieval of the goods.
We take care of the bankruptcy, consultation and negotiation with the bankruptcy trustee.