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The Concept of Bankruptcy and Principal Bankruptcy Procedures 191 a mechanism for eliminating competition, for tax evasion and for improper redistribution of assets. The most critical problems that still remain in the area of insolvency (bankruptcy) at present are: — violation of the rights of the debtor and of the founders of the debtor including: initiation of bankruptcy procedure using false documents, or when the debt in question is small and the debtor has not been given an opportunity to pay it off; and lack of any ability of the founders of the debtor to conduct a reorganization under the supervision of the creditors when a bankruptcy case has already been instituted; — violation of the rights of minority creditors in bankruptcy procedures and weak protection of creditors whose claims are secured by collateral; — violation of the rights of the government as a creditor on tax payments; — lack of transparency of bankruptcy procedures and inadequate regulation of bankruptcy procedures, which allow external administrators and other parties in the case to abuse their authorities; — exclusion of debtor assets for the benefi t of specifi c groups of creditors during external administration and bankruptcy proceedings; — absence
Review of Central and East European Law – Brill
Published: Jan 1, 2005
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