A possible procedure is outlined below. In addition, you will receive detailed information on the individual phases.
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Firstly, it must be examined to what extent you are a creditor of the insolvency proceedings and whether an insolvency claim can be filed for you in the insolvency proceedings; here, a distinction must be made between the capital investments you have made.
As a stockholder, you are a co-partner of the insolvency debtor and thus in principle not a creditor of the insolvency proceedings; any agreement to the contrary would violate § 57 AktG. If, however, you are entitled to claims for damages against the insolvency debtor beyond this position under company law, which may result, for example, from omitted or incorrect capital market information, this claim for damages can be filed as an insolvency claim on your behalf in the proceedings.
As a bondholder, the situation is usually different and you can file the contractual claims to which you are entitled in the insolvency proceedings; in particular, it will be necessary to examine to what extent subordination of the claim has been negotiated and whether this agreement is effective.
Please be aware that the insolvency administrator is not your representative, because he represents the interests of the insolvent company. He will not examine claims for damages if you only receive a quota from the insolvency mass. Experience has shown that the insolvency proceedings usually last many years, during which claims for damages against those responsible - e.g. founders, management, auditors - expire.
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