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German insolvency law is only one of insolvency proceedings (Insolvenzordnung), the program either by the debtor or by a creditor, then the Court will appoint a trustee in bankruptcy, the administrator is usually the lawyer, later determined by thetrustee in bankruptcy is a liquidation or restructuring or part of a reorganization of the company. Under normal circumstances, bankruptcy proceedings in Germany is divided into primary insolvency proceedings and bankruptcy proceedings.
Primary insolvency proceedings for 3 months, then transferred to the main insolvency proceedings. Primary Manager becomes the primary receiver of the insolvency proceedings, and after entering the main insolvency proceedings, the junior receiver will become the primary receiver. But the investigation if the debtor's assets may not be sufficient to cover the related costs of the insolvency proceedings (mainly for costs of insolvency), even the primary insolvency proceedings will not start.
When faced with a German buyer insolvency, relief measures for Chinese enterprises as a creditor may include:
1, if has the right to retain provisions in the contract, then the contract claims to priority have been paid off;
2, registration also is not in Hong Kong or in Hong Kong's cargo in the future, priority in liquidation;
3, the debtor can continue to operate the dealer can play a decisive, may be specified by the trustee as "key suppliers", prior to its bankruptcy filing date to the buyer for the goods can be part or all of the priorities have been paid off; after the bankruptcy date to the buyer for the goods, may request of payment full payment before.
If the above conditions are not met, the creditor usually at the end of the bankruptcy proceedings will just have to wait a few years later according to the amount of its claim in proportion to receive part of the proceeds, but usually very low percentage.
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Copyright 2012-2018. ALL RIGHTS RESERVED (International Trade Law)
Telephone：0086-13315171023 QQ:1215545143
Email：tradelawchina@hotmail.com Technical support：ZW0311