The Order Chart In The Execution Bankruptcy Code
WHAT IS THE SEQUENCE RULER?
If there are more than one creditors in an enforcement proceeding and the money in the enforcement file is not enough for all creditors, the creditors are placed in a certain order by the enforcement department. This order is called the sequence ruler. According to article 140 of the execution bankruptcy code, ‘If the sale amount is not enough to fully pay the receivables of all creditors, the execution department makes a sequence line of creditors’ and explained the sequence line. The sequence chart is a document that is important in terms of determining which priority you will receive and which will be met.
The reason for creating the sequence chart is that the debts of the creditors participating in the foreclosure cannot be fully paid. If there is no problem in paying the creditors’ debts, there will be no need for a sequence chart.
The sequence line may be involved in follow-ups through both foreclosure and bankruptcy. In foreclosure, the sequence ruler is made after the sale, while in bankruptcy, the sequence ruler is made without cashing in the table goods.
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