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Bankruptcy (Insolvency)

Bankruptcy (insolvency) ľ is the dully determined by a court, debtor's inability to fully satisfy creditors' claims with respect to monetary obligations and/or to perform obligation with respect to compulsory payments (further referred to as "bankruptcy").

Bankruptcy cases are the subject of the jurisdiction of Arbitration Courts at the place of location of a debtor (ôlocal actionö). A claim with the subject to determine a debtor as the bankrupt shall be filed with the court by the debtor, a bankruptcy creditor and the authorized bodies. As a general rule, a legal entity may be found bankrupt in case if a debtor proves to be unable to meet in corpore the claims of creditors in relation to monetary obligations and/or to perform the duty of making mandatory payments within three months from the date since such obligations must have been performed. Upon consideration of the bankruptcy claim, the arbitration court involves the implementation of one of the bankruptcy proceedings and appoints the receiver (arbitration insolvency practitioner).