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Insolvency & Restructuring
Austria
The Supreme Court recently ruled that in the event of bankruptcy proceedings, lease agreements can be terminated under Section 23 of the Austrian Bankruptcy Code. However, since Section 23 contains no termination deadlines for the receiver to adhere to, no particular deadlines will apply. This is the case even where the lease agreement concerns immovable property.
Pursuant to an amendment to the Industrial Code, individuals are prohibited from commercial trading activities if convicted of recklessly endangering a creditor’s interests or defrauding creditors, among other things. Where an individual is found guilty of a specific bankruptcy-related offence, the prohibition applies automatically.
Overview (January 2003)
Including: Debtors v Creditors; Common Practice; Problems of Current Legislation; Recent Developments and Proposed Legislative Changes; Legal Framework; Foreign Jurisdictions; Personal Liability; Triggering a Formal Procedure; Out-of-Court Restructuring; Management; Insolvency Proceedings; Key Players; Financial Information; Funding and Priority for New Money; Creditors; Antecedent Transactions; 'Cram-Downs'; Creditor Protection.
