Fresh changes to the Insolvency Law 

Jul 02, 2009

As of July 1, 2009, changes to the Law on Insolvency and related changes to the Civil Process Law take effect. The main thrust of the amendments is to increase access for companies that have encountered temporary financial difficulties to utilize the possibility to obtain temporary relief through a ‘legal protection process’, and to make the insolvency process more accessible for natural persons.  Under the old version of section 38 of the Insolvency Law, a company wishing to avail itse ...

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