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Insolvency Law

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Chapter Summary

The basic law which covers insolvency is the Law on Insolvency (bankruptcy) of 2002. The Civil Code also has some provisions on the insolvency of juridical persons. The insolvency procedure is initiated by an application for the recognition of the debtor by the court as bankrupt. The commercial court has exclusive jurisdiction in bankruptcy cases, regardless of whether the debtor is a juridical person or an individual. The debtor, creditor, and "empowered bodies" are entitled to apply to court for the recognition of the debtor as bankrupt. The Law set common rules for administrators appointed for observation, financial restoration, external administration, and bankruptcy procedures. An amicable settlement can be made between the debtor and the creditors including the empowered bodies at any stage of the procedure. The Law provides for subsidiary liability of founders and executives of the debtor organisation, who, by their fault, caused the bankruptcy of the organization.

Keywords: bankruptcy procedures; Civil Code; commercial court; empowered bodies; insolvency law; insolvency procedure

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