Treatment of creditor claims

• Author: United Nations Commission on International Trade Law
• Pages: 19-21

Section one. UNCITRAL Legislative Recommendations on Insolvency of Micro- and Small Enterprises 19

Rights not affected by the stay

318. e insolvency law providing for a simplied insolvency regime should

specify that the stay does not aect:

(a) e right to commence individual actions or proceedings to the extent nec-

essary to preserve a claim against the debtor;

(b) e right of a secured creditor, upon application to the competent authority,

to protection of the value of the asset(s) in which it has a security interest;

(c) e right of a third party, upon application to the competent authority, to

protection of the value of its asset(s) in the possession of the debtor; and

(d) e right of any party in interest to request the competent authority to grant

relief from the stay. (See recommendations 47, 50, 51 and 54.)

I. Treatment of creditor claims

Claims aected by simplied insolvency proceedings

319. e insolvency law providing for a simplied insolvency regime should

specify claims that will be aected by simplied insolvency proceedings, which

should include claims of secured creditors, and claims that will not be aected by

simplied insolvency proceedings. (See recommendations 171 and 172.)

Admission of claims on the basis of the list of creditors

and claims prepared by the debtor

320. e insolvency law providing for a simplied insolvency regime may require

the debtor to prepare the list of creditors and claims, with the assistance of the

competent authority or an independent professional where necessary, unless the

circumstances justify that the competent authority prepares the list itself with the

assistance of the debtor or entrusts an independent professional with that task. It

should specify that:

(a) e list so prepared should be circulated by the competent authority to all

listed creditors for verication, indicating the time period for communicating any

objection or concern as regards the list to the competent authority;

(b) In the absence of any objection or concern communicated to the competent

authority or the independent professional as applicable within the established time

period, the claims are deemed to be undisputed and admied as listed;