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Special Features of the Initiation of an Insolvency (Bankruptcy) Case

Special Features of the Initiation of an Insolvency (Bankruptcy) Case 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 http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Central and East European Law Brill

Special Features of the Initiation of an Insolvency (Bankruptcy) Case

Review of Central and East European Law , Volume 30 (2-4): 191 – Jan 1, 2005

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Publisher
Brill
Copyright
© 2005 Koninklijke Brill NV, Leiden, The Netherlands
ISSN
0925-9880
eISSN
1573-0352
DOI
10.1163/1573035054732979
Publisher site
See Article on Publisher Site

Abstract

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

Journal

Review of Central and East European LawBrill

Published: Jan 1, 2005

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