enforcement of claims

Stronger position of creditors

It may be possible to obtain quicker, cheaper payment of debts secured by a bank guarantee, insurance guarantee, bank letter of credit or bank surety.

Better to file petition to enforce claim before the debtor is declared bankrupt

Sometimes creditors put off commencing an action to enforce a claim when it could worsen the debtor’s financial position. As a result, they must wait until the bankruptcy proceeding is over before filing suit.