INSOLVENCY LAW

Insolvency law contains numerous laws and regulations defining insolvency proceedings. It includes regulations which make it possible to carry out proceedings inside the redress system both by creditors and unremitting debtors. The law determines effects of declaring insolvency.

According to the laws and regulations, both creditor and debtor are entitled to file for insolvency. The insolvency law determines two kinds of insolvency proceedings – arrangement proceedings and bankruptcy liquidation. The choice of proceedings depends on the financial condition of the debtor.

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