To the bankruptcy and failure act
Vol.1,No.2(1993)
Abstract
Pages:
54–69
The purpose of the bankruptcy and failure act (see § 1) is to put the property means of the debtor in order, if he is in the failure. "The purpose of the bankruptcy is .... to accomodate equably, although only partly, the creditors from the takings of sale of the debtor's property. The outstanding debts don't expire by this short accomodation. They can be demanded on the debtor after the end of bankruptcy from his property he has left or he earns later until they are fully accomodated." If there is any.
The act specifies two situations in which the debtor comes into a failure. The first one doesn't distinguish what a person is in the question (generaly it can be a natural or a juristic person, with a business licence or without it). In this case, the debtor is in the failure if he has more creditors and he isn't able to meet his mature obligations (by this rule the operation was postponed by § 67 of the act and later by the amendment; today this law is operative). The other case is the failure of a natural person if s/he is an entrepreneur or that of a juristic person (the law doesn't say anything about the enterprise), if it is overburdened with debts.
54–69
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