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Imagine a fellow businessman owes you money but does not have sufficient funds to pay. That business owner could voluntarily go to the court to declare themselves bankrupt. As a creditor, you can also request the court declare them bankrupt. If there are multiple creditors, they can try to recover their debt from the assets of the bankrupt businessman. But which creditor is given priority?
The law sets out what the ranking of creditors will be. The main rule is that every creditor has equal rank, but there are many exceptions. As a creditor, you want to avoid coming away empty-handed. There are a number of options you can take to improve your position, providing extra certainty about collecting your debt. De Haij & Van der Wende has included this information and drafted sample letters for you in a white paper, which we have made free to download – “The improved position of a creditor during bankruptcy”.