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Imagine a fellow businessperson owes you money but does not have sufficient funds to pay you. That businessperson could voluntarily request the court to declare the individual or the legal entity bankrupt. As a creditor, you can also request the court to declare this businessperson or the legal entity bankrupt. If there are multiple creditors, they can seek recovery from the assets of the bankrupt company. But which creditor comes first?
The law makes clear which creditors have priority. The main rule is that each creditor has equal priority, however, there are many exceptions. As a creditor, you don’t want to come away empty-handed. There are a number of ways to improve your tier position, giving you that extra assurance you need in collecting your debt. You’ll find in De Haij & Van der Wende’s whitepaper information and sample letters. You can download them for free – “How to improve your position as creditor in a bankruptcy”.