FAQs

How do I find out about an insolvency?
As a rule, you will be directly contacted by the insolvency administrator as a creditor. You can also obtain information about the current insolvency procedure by visiting the website www.insolvenzbekanntmachungen.de.

How do I lodge my claim?
Directly with the insolvency administrator – in writing or with the aid of the insolvency administrator through the Creditor Information System (CIS) provided on the administrator’s website.

What will happen to my claim after I lodge it?
The claim will be verified. The results of the examination will be published on a reporting date (1st creditors’ constituency). You will also be informed in writing. The claim can be established in the schedule or be contested. If the claim is contested, then legal recourse is possible.

What does it mean if my claim is established in the schedule?
This means that your claim will be a part of the proportional settlement. The exact amount of the ratio can only be determined over the course of the insolvency procedure and is announced in the insolvency administrator’s final report. In some circumstances, a preliminary distribution of the insolvent’s liquid assets will take place over the course of the insolvency procedure.

What will happen with the advance payments I made?
Advance payments in the insolvency procedure were often not secured and are regularly treated as an insolvency claim. If the advance payment was counted before the insolvency filing, then the advance payment must be allocated to the insolvency estate. Those who made advance payments then participate in the insolvency ratio with their claim.

According to § 103 of the Insolvency Statute, the insolvency administrator has the option of fulfilling or not fulfilling the contract. Contract fulfilment makes sense for the insolvency administrator in some cases if the purchase object has already been manufactured and he will receive the outstanding portion of the purchase price upon delivery. However, the insolvency administrator can also refuse contract fulfilment and insist on settlement of the advance payment. Those who made advance payments can ask the insolvency administrator to exercise his option.

In individual cases, legal regulations may exist that restrict or exclude an insolvency risk for advance payments (example: § 651k of the Civil Code in the case of the insolvency of a tour operator).In principle, it is possible to ensure yourself from such an insolvency risk as a buyer by securing an advance payment guarantee or advance payment bond.