Abstract
The new Bankruptcy Law is supposed to provide faster and cheaper procedure, which should lead to the more efficient collection of payment. In the bankruptcy proceedings based on the provisions of the new law, the novelties that already appeared as beneficial are more clear and simple definitions of the authorities in the bankruptcy proceedings: the judge, bankruptcy administrator, general meeting of creditors and board of creditors, and preclusive deadlines for submitting applications related to creditors' claims. The most interesting issue is the introduction of the 'automatic bankruptcy' and the time and practice will show their positive and negative consequences.
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