DO CREDITORS HAVE ANY SAY IN HOW THE PROPERTY OF THE BANKRUPT IS HANDLED ?.

Salim sold building material to Nalongo worth about 30 million. After demanding for over 6 months, he decided to confront her about it. That’s when he found out that Nalongo was being sued by about 4 banks for unpaid loans. To make matters worse, he has now found out that Nalongo is officially bankrupt and that he cannot directly demand for his 30 million. He however knows about a beer distributor business of hers that is worth about the same money and he went to the court asking that he just takes over that business as compensation.

WHAT DOES THE LAW SAY?

The creditors (those who demand money from someone), are entitled to a say in how the property of the bankrupt is managed for the paying of their debts.

The law allows creditors the right to appoint someone (called a trustee) to be in charge of the management of the property of the person who is unable to pay their debts.The role of this person is to manage and use the property of the bankrupt to pay off the debts to all the creditors.

Another way the law allows to participate is by giving creditors the right to be part of a special committee (committee of inspection) which supervises and receives reports on how the trustee is carrying out his/her duties. This means that the creditors can ask about the progress of the bankruptcy process, call for meetings, help the trustee in his/her duties or even ask court to replace the trustee or modify his/her duties and powers.

So Salim cannot claim Nalongo’s beer business but he has a say in who is appointed as a trustee and how the property is managed until he gets his money.

📷:Unsplash

#BarefootLaw

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