If you are a creditor in bankruptcy proceedings or have purchased an apartment from a construction company that has entered bankruptcy, it is essential to know how to file your claim and protect your rights. This article explains the process of filing a claim, the types of creditors, how claims are settled from the bankruptcy estate, and what to do if your claim is not recognized.
What is a Claim Filing?
A claim filing is a document that creditors submit to register their claim in bankruptcy proceedings. The claim must include the amount, the basis for the claim (e.g., contracts, invoices), and evidence of fulfilling the contractual obligations.
✅ Filing Deadline: Claims must be filed within the deadline set by the court after the bankruptcy is declared. The deadline is 15 days from the date of publication in the official gazette, which invites creditors to file their claims. Late submission may result in the loss of the right to repayment.
Types of Creditors in Bankruptcy Proceedings
- Exclusionary Creditors
These creditors have the right to demand the removal of items that are in the debtor’s possession but not owned by the debtor.
Example: A leasing company requests the return of equipment leased to the debtor. - Secured Creditors
Secured creditors have claims backed by collateral (e.g., mortgages or pledges). They have priority in repayment from the sale of the secured property.
Example: A bank with a mortgage on real estate has the right to repayment from the sale of that property. - Bankruptcy Creditors
These creditors do not have secured claims and are repaid from the bankruptcy estate—the debtor’s assets sold to satisfy the creditors. The repayment is proportional, depending on the size of the claims and the available funds.
What is the Bankruptcy estate , and How are Funds Distributed?
The bankruptcy estate consists of all the debtor’s assets that are sold to satisfy creditors’ claims. Secured creditors have priority, receiving repayment from the sale of secured property. Other creditors (bankruptcy creditors) share the remaining funds proportionally after priority creditors have been repaid.
Right to Fulfillment of a Purchase Agreement for an Apartment from a Construction Company in Bankruptcy
If you have purchased an apartment from a construction company that has entered bankruptcy and fulfilled your part of the agreement (full payment or installments), you have the right to demand the fulfillment of the contract.
- Filing the Claim: Submit your claim to the bankruptcy administrator along with the purchase agreement and payment receipts.
Claim Recognition: If your claim is recognized, you will receive the apartment as part of the contract fulfillment.
Dispute Referral: If the bankruptcy administrator or court does not recognize your claim, you will be referred to litigation to establish your right. This lawsuit will proceed in regular court, where you must prove that you fulfilled your obligations and have the right to the apartment. - How to Protect Your Claim?
File Your Claim on Time in Written Form with Proof of Submission: This ensures that your claim will be reviewed and considered.
Provide Relevant Evidence: Submit agreements, invoices, and payment confirmations.
Monitor the Process: If your claim is rejected, be prepared to pursue your right through litigation.
Why is Timely Claim Filing Important?
Timely filing ensures that:
- You can participate in the distribution of funds from the bankruptcy estate.
- Your right to the apartment or other agreed items is protected.
- You avoid the risk of exclusion from repayment or distribution.
- You can initiate a lawsuit to establish your right if your claim is not recognized.
Closing arguments
In bankruptcy proceedings, it is crucial to file your claim on time and provide appropriate evidence to support your rights. Creditors without security will receive repayment from the bankruptcy estate after the secured creditors are paid.
If you have purchased an apartment from a construction company in bankruptcy, you must file your claim with all necessary documents. If the bankruptcy administrator does not recognize your right, you will be referred to litigation to establish your right, where you must prove your claim.