One of the most frequent and important questions to consider if you are seeking to obtain compensation from Silverpoint is what happens if the company goes bankrupt? As explained below, even if a company goes bankrupt you can still receive a payment.
Is Silverpoint bankrupt?
Firstly, it is important to stress that at the time of publication, the Court has not said that Silverpoint is currently in bankruptcy proceedings.
What happens in bankruptcy proceedings?
If bankruptcy proceedings are initiated against Silverpoint they will be in the commercial court. This entails a study of the liabilities and assets that the company may have. Many times, these proceedings end with the liquidation of the company, in which the assets the company may have will be sold and attempts are then made to pay as many creditors as possible.
Sometimes, at the end of the bankruptcy proceedings, the company’s administrators (directors) are declared to be “culpable” for the insolvency. In these cases, the administrators may be personally responsible with their own assets.
Can I claim against a company that is going bankrupt?
It is important to know that in order to have a credit in the bankruptcy proceedings you must go to court and obtain a firm judgment in your favour. For the moment the applications must continue to be filed in the court of first instance of Arona, since Silverpoint’s offices are registered in the Arona district.
What happens to a civil procedure against a company that then goes bankrupt?
If there is a civil procedure in process against a company that then goes bankrupt, it is possible to have a contingent credit (that is a possible future credit). It may even be possible, depending on the administrator of the bankruptcy, to start the civil procedure after the bankruptcy proceedings have begun.
How quickly can I start a lawsuit?
Without a doubt it is advantageous to start a lawsuit as soon as possible. The Nordic Consulting commits to submitting cases to the court of Arona within 30 days of receiving the required paperwork.