For the debtor
- After the bankruptcy ruling the debtor loses all control over his assets.
- All debts, even those that are not yet due, become due automatically.
- All individual collection actions are immediately suspended.
- No new individual collection actions for debts that were incurred before the bankruptcy ruling may be filed.
For the creditor
- The creditors can file their claims with the trustee.
- Contracts aren’t automatically suspended; however it lies within the discretion of the creditor’s committee if contracts are to be fulfilled.
- In certain cases the creditor can withdraw from the contract provided the purchase item was not delivered.
- Creditors can offset any counterclaims of the debtor with his claim, provided his claim originates from before the bankruptcy ruling.
For legal actions
- After the bankruptcy ruling the courts, where legal actions are already pending, suspend all legal actions. Exceptions can be made for urgent matters that cannot be delayed.
- The creditor’s meeting can decide to proceed with pending legal actions.