Bankruptcy and Reparation Law

Purpose: Introduces a single approach to insolvent companies that would facilitate the creation of new companies based on the assets of bankrupt companies. Companies fearing bankruptcy, registered with the National Court Register, could opt for reparation proceedings overseen by the courts. In some circumstances, private persons who go bankrupt could have their debt remitted once bankruptcy proceedings were complete. Overall, the bill would strengthen the position of creditors and weaken legal protection of debtors. Affected: Creditors and debtors.