New personal bankruptcy law - without minimum payment

Insolvency & Restructuring

Alexander Isola, ILO-Newsletter dd. June 2, 2017

One of the objectives of the Bankruptcy Code is to allow trustworthy debtors a right to be discharged from debts remaining unpaid after insolvency proceedings. In practice, however, low-income debtors cannot always avail themselves of residual debt relief.

In its 2017/2018 "Moderne Insolvenzrecht-Kultur des Scheiterns" working programme, the Austrian government therefore introduces an amendment of the personal bankruptcy process. The new personal bankruptcy law was already adopted on 28 March 2017 by the Council of Ministers, is planned to enter into force on 1 July 2017, and will be applicable to all bankruptcy proceedings that are opened thereafter. 


Alexander

Dr. Alexander Isola

M.C.J. (NYU) Partner
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