Gift cards are increasingly used in commerce to please a loved one or yourself. Unfortunately, sometimes the business where you can use your gift cards goes bankrupt. So, discover in this mini-guide, the solutions that you can resort to if you still hold gift cards from such a company.
Some solutions to overcome this problem
When you have a gift card from a company that goes bankrupt, there are several solution approaches you can use to be successful. In the first place, you have the option of turning to a trader of the same banner. Once there, you will have to check with this merchant if the latter will be able to honor your card.
The second solution is to check the refund or exchange policy, as all merchants are free to set their own refund terms. Thus, they are therefore obliged to respect the reimbursement and exchange rules that they have established. In reality, this solution only intervenes if you only bought your gift cards from an intermediary. It can be a business or a company that sells different packages.
Opt for a legal solution or call a lawyer
If you bought your gift cards for large sums, you can consult a lawyer to get reimbursed by the bankrupt company. Since you are the creditor, you can go to the commercial court to file a claim. Once there, you will have to make a declaration on honor that clearly mentions the amount of your claim on the business that has closed. The registration of this declaration is free. However, to be satisfied, you must file the said declaration no later than one year after the company is declared bankrupt.
On the other hand, if you are a gift card or voucher buyer, you are considered by law to be an ordinary creditor. You are therefore among the last creditors to repay. When allocating the proceeds from the sale of assets, you will be unprivileged. Most of the time, the trustees are forced to start with the repayments of loans taken from the bank, then the company’s workers and tax debts.
It is for this reason that some creditors do not engage in legal proceedings, because, for them, it is not worth it. This is justified by the fact that after the repayment of the priority creditors, there is hardly anything left for the company which is bankrupt.