The law makes a distinction between secured and unsecured creditors.
A secured creditor is a creditor whose claim is secured by assets belonging to the estate in the form of a lien, right of retention, conveyancing restriction, fiduciary transfer of a right, assignment of a claim to the collateral, or similar right under foreign law. As a matter of principle, secured creditors are satisfied from the full amount of the proceeds generated by the realisation of the estate, less the insolvency practitioner’s fee and the costs of managing and realising the estate. Their claims may be satisfied at any time during the proceedings, with respect for the time when a security has been established. Any claims of secured creditors that remain unsatisfied in bankruptcy proceedings do not disappear, but are satisfied pro rata alongside the claims of unsecured creditors.
All creditors who are not secured are classified as unsecured creditors. Their status in the insolvency proceedings is weaker. Statistical data indicate that they can typically expect their claims to be satisfied to a much lower extent.
Registration of creditors’ claims
Review of creditors’ claims
Satisfaction of creditors’ claims
Set-off by creditors