ILO Insolvency & Restructuring - Austria

Insolvency & Restructuring

Legislature Impedes Assertion of Claims of Bankruptcy Estates Without Asstes.

October, 16th 2009

The enforcement of civil law claims involves litigation costs (eg, court and witness fees). Bankruptcy estates that have no assets cannot cover these costs. Nevertheless, by virtue of the free legal aid system provided for in Section 63 of the Code of Civil Procedure, a receiver could still initiate civil proceedings since the bankruptcy estate would be exempt from paying the litigation costs. 


Dr. Alexander Isola

M.C.J. (NYU) Partner