Can the company as the third party gain access to its shareholder’s bankruptcy proceedings files
Publication date: May 13, 2026
In the practice of commercial law, an event often occurs in which the legal status of one entity directly impacts the stability and functioning of another. A particular example is the bankruptcy of a shareholder in a commercial company. Although from a legal perspective, the bankruptcy of a shareholder affects their personal assets, in practice it undermines the very foundations of the company’s operations. Shares or stocks, previously part of a stable ownership structure, become part of the bankruptcy estate, over which the trustee assumes control. For the company, this means entering into a relationship with a new, compulsory “shareholder”, whose actions may be fundamental to the company’s future development. Some of the most important information regarding bankruptcy proceedings that a company may wish to obtain includes whether and when the trustee intends to liquidate the shares and who will exercise corporate rights at shareholder meetings. Despite such obvious interdependencies, a commercial company rarely has the formal status of a party to its shareholder’s bankruptcy proceedings. This situation creates a significant conflict between the principle of open court proceedings and the debtor’s privacy. Therefore, it is necessary to consider whether the commercial company has the right to access the bankruptcy case files concerning the shareholder.
