In theory, the bankruptcy of a debtor should definitely eliminate any chances to recover the debt. After all, this is a situation when its inability to repay debts is confirmed by court. And sometimes the amounts are very high.
This is certainly a very problematic situation for creditors, so a pragmatic company should do whatever possible to predict it and to avoid it – by stopping providing services or deliveries early enough, or, preferable, by not starting co-operation. Considering the possibilities to obtain economic information that are available to business intelligence agencies, factoring companies or insurance companies – it is certainly possible.
However, this does not mean that we will be 100% secure from the start, because certain situations are simply unpredictable. Each time when a debtor declares bankruptcy we should ask ourselves the question, whether it is an actual insolvency or rather a smart attempt to escape?
Everybody has heard about companies registered “in the name of the wife”. This is apparently supposed to guarantee protection against creditors. As usually, this is not completely true, because it still leaves some possibilities to recover the money due.
Any steps are based on the assumption that is present in the Polish legal system, that actions aimed at harming creditors are unacceptable. Thus, if we are able to prove in court that transferring the company ownership to a family member resulted from a wilful action to the detriment of creditors – we will have a chance to win.
Nevertheless, court proceedings are never simple. What is the worst, they are also time-consuming. Companies that do not have large legal departments specialising in debt collection, a detailed analysis of the debtor’s situation may be very difficult.
However, even in such situation it is still possible to settle the dispute amicably. It depends only on whether the negotiations – i.e. debt collection – are effective. Considering the scale of the problem, debt collection agencies are well prepared to cope even with such situations, so consulting a specialist may be the best solution.
Published on: 9 November 2016