The company undergoing reorganisation should record all known claims, including the creditor, basis of the claim, amount, due date and any existing security. In a merger, it must be determined which company assumes the obligations as legal successor. In a division, the reorganisation plan must assign each liability to one of the companies involved in a clear and traceable manner. Creditors should be able to identify whom to contact before and after the date on which the reorganisation takes legal effect. If the specific procedure requires claims to be filed, the creditor information must clearly state where, how and by what deadline to file them. A claim should be reviewed and documented against a contract, invoice, statement or other supporting documents. If the restructuring creates a specific risk that the obligation will not be fulfilled, a right to appropriate security may be available under the applicable rules. A creditor may also consider whether it is entitled to object or raise another challenge because its claim has been impaired. Such an objection does not automatically prevent the reorganisation in every case; its effect depends on the relevant legal basis and the specific procedure. Claims lists, received filings, decisions on security and resolved objections should be fully documented in the reorganisation file.
Treatment of Creditor Claims in a Company Reorganisation in Georgia
Existing creditor claims do not lapse solely because of a company reorganisation in Georgia. They must be assigned to the continuing or successor company and handled in accordance with the applicable rules on filing claims, requesting security and raising objections.
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Creditor claims remain in force despite a reorganisation and must be clearly assigned to a continuing or successor company. Filing a claim, requesting security and objecting are separate protective measures, each with its own requirements. The reorganisation should therefore include a complete claims register and record of how each claim was handled.