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Creditors register their claims with the insolvency court using a prescribed form, and may do so from the opening of insolvency proceedings until the set deadline.
Creditors register their claims with the insolvency court using a prescribed form, and may do so from the opening of insolvency proceedings until the deadline set in the insolvency decision, which is two months regardless of the insolvency method. Claims filed after the deadline are disregarded by the insolvency court and cannot be satisfied in insolvency proceedings. Claims that have already been filed with a court and enforceable claims, including those that are being recovered by enforcement or execution, are also registered. A creditor who files claims or who is regarded as a registered creditor may withdraw the registration of their claim at any time during the insolvency proceedings.
A claim registration application must explain how the claim that is being filed arose and what value it has. A claim must always be quantified in monetary terms, even if it is a non-monetary claim. Any documents to which the claim registration application refers need to be attached to the application. The enforceability of a claim is demonstrated by an authentic instrument.
For the purposes of the limitation period or the time limit until the extinguishment of rights, a claim registration application has the same effects as an action or other invocation of a right before a court; this period starts on the date on which the application is submitted to the insolvency court.
The creditor is responsible for the accuracy of information contained in a claim registration application. The insolvency court, acting on a motion from the insolvency practitioner, may impose penalties if the amount of a registered claim is overstated (by more than 100%) by ordering payment of an amount to the insolvency estate that is determined with consideration for all circumstances relating to the registration and on the basis of a review of the claim itself, up to the amount by which the sum at which the claim was registered exceeds the actual value ascertained.
A creditor’s right to have their registered claim satisfied from security is disregarded if it is registered in a different order from that in which it should have been, or if, when reviewed, it is found that the level to which it was secured has been overstated by more than 100%. In this case, the insolvency court may penalise the creditor by ordering them to pay a (monetary) amount in favour of secured creditors who registered claims with security pertaining to the same assets. The insolvency court sets that payment with consideration for all circumstances in which the right to satisfaction from security has been exercised and reviewed, up to the amount by which the value of the security indicated in the application exceeds the security value ascertained.read more
Reference to legal acts
Sections 173 to 187 and Sections 203 and 204 of Act No 182/2006 on bankruptcy and the management thereof (the Insolvency Act), as amended
Responsible Public Authority
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Last checked at 26.11.2020