Debt Enforcement and Bankruptcy

Our office draws on the experience gained over many years in pursuing and concluding both personal and commercial claims, in following merchants' bankruptcy proceedings before the courts and bankruptcy administrations, and in completing the liquidation stages.

The choice of proceedings is decisive

The nature of the document you hold determines the route you will follow. For claims based on negotiable instruments such as cheques, promissory notes or bills of exchange, a faster special procedure applies in which the debtor's scope for objection is limited. For claims based on invoices or a current account, by contrast, proceedings are brought by way of general attachment and a simple objection by the debtor halts them.

In proceedings without judgment, if the debtor objects within seven days of service of the payment order, the proceedings are stayed. The creditor must then apply either to annul or to set aside the objection; the one-year period prescribed for an action to annul the objection is a forfeiture period.

Bankruptcy, composition and liquidation

For merchants who have become unable to pay their debts, bankruptcy offers creditors the possibility of satisfaction collectively and on equal terms. Upon the opening of bankruptcy the bankrupt's assets form the bankruptcy estate and liquidation is conducted by the bankruptcy administration.

For companies in financial difficulty, composition with creditors offers a route to restructuring debts and continuing operations. The process begins with an application for a provisional moratorium and requires the submission of a detailed financial report and projections. On the creditor's side, registering the claim with the estate correctly and within time is of critical importance.

What we handle in this area

• Commencing and conducting enforcement proceedings with and without judgment
• Attachment proceedings specific to negotiable instruments
• Actions to annul and to set aside an objection
• Negative declaratory and restitution actions
• Following attachment, sale and realisation procedures
• Applications for precautionary attachment and asset investigation
• Proceedings by way of realisation of pledges and mortgages
• Bankruptcy and postponement of bankruptcy processes
• Applications for composition with creditors and creditor representation
• Ownership claims and actions to set aside dispositions

Frequently asked questions