Ukrainian Law Blog
Freedom means the supremacy of human rights everywhere
Sunday, April 15, 2018
What To Do When You Receive A Bankruptcy Notice
The Ag industry continues to face financial challenges. The potential of a bankruptcy notice remains ever present. Ignore a bankruptcy notice at your own peril.
Pay close attention to any mail involving a bankruptcy case – because every bankruptcy case in which the Debtor owes you or your institution money, or has property you or your institution may have an interest in, has the potential to affect your interests. Consider the following hypotheticals:
Imagine that a customer of your institution files bankruptcy. In that bankruptcy, the Debtor proposes to pay none of the outstanding balance owed to the institution. How can the institution protect its right to receive full payment for the outstanding balance?
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