JOINT ACTIONS

Such actions may concern the adjudication of bankruptcy subsequent to the debtor (individual or company) filing a declaration of suspension of payments in the Commercial Court or on summons by a creditor.

Declaration of debt
The declaration of debt is the instrument used by a creditor to inform the creditors’ representative in bankruptcy proceedings of its debt.

Follow-through of contested debts
Such actions include follow-through before the Court or other competent judicial body of possible objections made by the bankrupt relating to the creditor’s declaration of debt.

Action for lifting foreclosure
The action for lifting foreclosure is applicable to any creditor, which has not declared the debt owed to it within the legal time limit.

Action for claim on rented equipment
Such actions are open to any creditor who has let out property / equipment so that it can obtain recovery thereof.

Action for claim on goods sold subject to a reservation of ownership clause
Such actions allow any unpaid seller to lay claim on the goods sold with a reservation of ownership clause making the transfer of ownership subject to receipt of full payment of the price thereof, providing the said goods are still in kind (have not been converted to cash or otherwise).

Action for claim on price of goods sold subject to a reservation of ownership clause
Such actions allow any seller, who has sold goods with a reservation of ownership clause making the transfer of ownership subject to receipt of full payment of the price thereof, to claim the price or part of the price paid by a third party buyer after the debtor is declared bankrupt.

Follow-through of economic/financial recovery plan
Such actions concern administrative follow-through of the bankruptcy proceedings, if necessary with claim of dividends on due dates of payment provided for in the economic / financial recovery plan approved by the Court.

Action for appointment of controller
The controller (creditor) assists the judicial bodies in the bankruptcy proceedings. He has a general power relating to obtaining information.

Action against acquisition by third party
Such actions allow any seller, who has sold goods with a reservation of ownership clause making the transfer of ownership subject to receipt of full payment of the price thereof, to institute legal proceedings against a third party buyer, who still owes all or part of the price of the said goods to the bankrupt company.

Action for rescission of plan
Such actions allow the creditor to ask for the rescission of an economic / financial recovery plan (providing for liabilities to be paid off by instalment) in case of failure to satisfy the terms thereof.