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I was declared as Insolvent in Germany - what's next?

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I was declared insolvent in Germany and my account is blocked. What's next?

As a bank, bunq has legal obligations when it comes to users who are declared insolvent in Germany.

If a relevant court declares the debtor insolvent, bunq is legally obliged to block all liable monetary accounts which belong to the natural person and/or all liable company/ies. When that happens, a curator is appointed by the court to manage your funds.

At this point you’re no longer authorized to dispose of bank balances; your insolvency administrator will be the one handling all your funds until the legal proceedings are concluded or bunq is provided with a written document from the insolvency administrator or the relevant court for release of the monetary accounts covered by the insolvency.

What is next ?

Step 1. bunq will let you know

When we’re contacted by an insolvency administrator and receive all the necessary documentation from them we block all available monetary accounts in your name, unlimitedly liable companies are included and keep them blocked until we receive a request by the court-appointed Insolvency administrator to unblock one or all available monetary accounts and inform you right away via in-app notification.

To check your received messages from bunq, you can follow these steps:

Go to Profile
Click on “See More” under Activity
Check out the announcement/s sent there;

For how long your account will remain blocked solely depends on the insolvency administrator.

Step 2. Collecting the debt

Throughout this whole process, we comply with a variety of requests which the curator may have, keeping in mind the limitations of the applicable law.

When the insolvency administrator requests all available funds in your liable sub-accounts, we’ll transfer said amounts to the dedicated bank account created for the purpose of resolving your German insolvency.

Step 3. Unlocking your sub-accounts

When the relevant court which declared you German insolvency issues another order where it’s stated that your sub-account/s must be unblocked, we equally comply with said court order. Your curator may also contact us with the same request.

Keep in mind that the insolvency administrator has the legal right to request the permanent termination of your bank account with all available monetary accounts, which is a request we’re obliged to comply with.

Step 4. I have another question about my insolvency

You can always contact your insolvency administrator for more information. They'll be able to answer all of your questions right away.