Objects of Bankruptcy Proceedings and Administration of such Objects

Bankruptcy assets are the object of the bankruptcy proceedings. The definition of the mentioned term is stipulated in § 6 par. 1 of the Act on Bankruptcy and Settlement Proceedings according to which the bankruptcy assets are understood such property upon which the bankruptcy proceedings are declared. The second paragraph of § 6 provides a more detailed definition of § 6 par. 1 as it stipulates that the bankruptcy proceedings concern property that belonged to the debtor on the day on which the declaration of the bankruptcy proceedings was made and property gained by the debtor during the bankruptcy proceedings. The salary or other similar revenues are also considered the concerned property. The bankruptcy assets do not comprise property not affected by the execution of the ruling, however, property used for carrying out business activities is not excluded from the bankruptcy assets. The valid definition of the bankruptcy assets is, in fact, a simplified definition stipulated in § 3 of the Bankruptcy Proceedings Order from the year of 1931 according to which the bankruptcy assets were understood the property of a debtor used for satysfying the debtor's creditors.