Rank Schedule and Objection to Rank Schedule: What You Need to Know for Debtors and Creditors
The order table is a table that shows the order and amount of the debtor’s debts to his creditors in bankruptcy or foreclosure proceedings. This table determines in what order and at what rate creditors will collect their receivables. Therefore, it is an important document for both debtors and creditors.
Preparation of the Order Table
The rank order is prepared by the executive director based on the following information:
• Claims of creditors: Each creditor declares the amount and basis of his receivable to the enforcement directorate.
• Land registry and cadastral records: The debtor’s real estate and obligations such as mortgages are determined from these records.
• Other official documents: Documents such as court decisions, judgments and bills showing the existence and amount of receivables are also taken into consideration.
Information in the Rank Table
The main information in the order table is as follows:
• Rank Number: The rank of each creditor is indicated by this number.
• Creditor Name: The name, surname or title of the creditor is written here.
• Receivable Amount: The total debt amount requested by the creditor from the debtor is stated.
• Basis of the Receivable: The type of receivable (voluntary or legal), source (contract, writ, etc.) and date are written here.
• Precautionary Measure: It is stated whether the receivable is protected by precautionary measures or not.
• Lien Right: It is stated whether the receivable has a lien on any real estate and, if so, on which real estate the lien is placed.
Objection to the Order Table
Creditors may object to the enforcement court within seven days regarding the information included in the order table. In order for the objection to be accepted, there must be a valid reason for objection. Valid grounds for objection are:
• Incorrect calculation of the existence or amount of the receivable: If the amount the creditor will receive is less or more than the amount stated in the order table, this may be a reason for objection.
• Incorrect determination of the order of the receivable: The fact that the receivable is placed in a different order in the order table compared to its legal order may be a reason for objection.
