The list of admitted claims in insolvency proceedings

Mihail Tomov, Lawyer | Varna

Under Article 686(1) of the Commerce Act, within seven days after the period under Article 685(1) expires, the insolvency administrator draws up a list of admitted claims in the order in which they were lodged, a list of the claims under Article 687, and a list of claims lodged but not admitted in the trader’s insolvency proceedings.

The law does not require the administrator to give reasons for each decision or to include a statement of reasons in the list. An interested party can use the remedies provided by law to protect its interests, both by objecting under Article 690 of the Commerce Act and by bringing an action under Article 694.

Under Article 657(2) of the Commerce Act, the competent provincial court may remove the administrator at any time, on its own initiative or at the request of the debtor, a creditor or the creditors’ committee, if the administrator fails to perform their duties or acts in a way that jeopardises the interests of the creditor or debtor.

If you are about to lodge claims in insolvency proceedings or have legal questions about the insolvency of a company, it is advisable to consult a lawyer experienced in commercial law and insolvency matters.