Claim registration – Bills of Exchange
May 22, 2017
- Each holder who held a Bill of Exchange on April 9th 2017 (a Holder) should register their claim by June 9th 2017.
- When filing a claim and/or a request for registration of a contingent claim under a Bill of Exchange the following should be delivered:
- A verified copy of both sides of the Bill of Exchange – the serial number and endorsements on the back of the Bill of Exchange must be visible
- The documentation for the original transaction underlying the Bill of Exchange
- The underlying documentation for the transaction that resulted in the Holder obtaining title to the Bill of Exchange from a previous holder (ie. that resulted in the last endorsement on the back of the Bill of Exchange)
3. A Holder of a Bill of Exchange is not allowed to return must not return the Bill of Exchange to the issuer.
4. Secondary debtors (joint debtors/guarantors of the bankruptcy debtor) – who have not yet made any payments instead of the primary debtor should submit a request for registration of a contingent claim in the amount equal to the amount they would be entitled to as a bankruptcy creditor according to Art. 143, Section 2 of the Bankruptcy Law, and provide all documentation evidencing their obligations as a secondary debtor under the Bill of Exchange
5. Secondary debtors (joint debtors/guarantors of the bankruptcy debtor) – who have already made payments instead of the primary debtor (prior to or following the activation of extraordinary administration) and have obtained the right of recourse can register their claim in the same way as other creditors, by using Form 18 in which they should name the holder of the Bill of Exchange and how it was acquired
6. Where a claim based on Bills of Exchange is in a foreign currency, the applicable exchange rate shall be the bid price of the Croatian National Bank (HNB) on the day when the Extraordinary Administration was activated, April 10th 2017.
Please note that the instructions above are for information only and are not meant as, and should not be relied on as legal advice. We encourage you to consult your legal advisors in order to receive legal advice from a qualified source and to secure your rights in the process of extraordinary administration.