Insolvent Debtor Research Articles

Problems of fulfillment of obligations of a bankrupt debtor by a third party in the framework of bankruptcy procedures of an individual

This article is devoted to the problem of fulfilling the obligations of a bankrupt debtor by a third party in the framework of bankruptcy procedures of an individual and the possibility of applying the rules provided for debtors – legal entities. The question of the need to observe not only a certain sequence of actions of a third party, an arbitration manager and a court, but also the study of such additional issues as confirmation of the source of funds. When studying the issue, an analytical research method was used, which is expressed in the analysis of judicial practice. The choice of this particular research method is dictated, firstly, by the need to obtain information about law enforcement and, secondly, by the lack of research on this issue.  Every year there are more cases of bankruptcy of individuals, in this regard, there is an increasing need to apply the rules on the performance of obligations by a third party for the debtor. Within the framework of the institution of bankruptcy of individuals, there are no such norms, but law enforcement practice demonstrates the need for norms on repayment of creditors' claims by a third party as part of debt restructuring procedures and the sale of a citizen's property. The rules provided for in Articles 113 and 125 of the Bankruptcy Law may be applied when resolving the issue of repayment of creditors' claims of a debtor – an individual by a third party. At the same time, in addition to observing the formal procedure for repayment of claims, it is necessary to investigate the issue of the source of funds from a third party.

Liquidation of the Bankruptcy Estate in Poland

The purpose of this study is to present the general principles and general issues of liquidation of the bankruptcy estate under Polish law. It should be stressed that liquidation of the bankruptcy estate is intended to satisfy the creditors of the insolvent debtor. Therefore, the manner of liquidation of the bankruptcy estate has an obvious impact on the final bankruptcy dividend for the creditors. The rules governing the liquidation of the bankrupt’s assets are of the key-importance for the theory of law and the practice. The article defines the directional principles of liquidation of the bankruptcy estate, procedure of liquidation of the bankruptcy estate. The subject of this paper there is the liquidation of the bankruptcy estate in dealing with insolvent consumers and the so-called prepared liquidation (pre-pack), which is to simplify and accelerate the liquidation of the debtor's assets. The issue of the liquidation of the bankruptcy estate became seriously important because of the crisis after SARS-CoV-2 epidemy.

Legal analysis of mechanisms of influence on debtors

This article is dedicated to exploring legal mechanisms that can be used against debtors to satisfy creditors' rights and interests. The purpose of the study is to determine the list of measures aimed at exercising effective influence on the debtor, provided by law, and to formulate criteria for their application. The author draws attention to changes in the current legislation in this area in recent years and stresses the urgency of maintaining discipline in obligations, given the difficult economic situation in the country and the global financial crisis. One of such positive changes should be the establishment of the keeping of the Unified State Register of Debtors in Ukraine, whose functioning makes it possible to identify the debtor's property and impose restrictions on it, prohibit alienation and so on. And all this provides an opportunity to meet the property needs of creditors. For the first time, the study reveals the criteria that should be used to determine the areas of influ-ence for entities with debt to the lender: characteristics of the individual (individual / legal entity, etc.); the area of law that sets the obligation for the debtor (civil / family / commercial law, etc.); the causes of the debt (insolvency / liability of the debtor, etc.); the personal position of the debtor and / or creditor in the situation that has arisen (initiation of debt resolution / restructuring, etc.) The article also analyzes the specifics of choosing measures to influence debtors who have certain statuses. Such a feature exists in particular for an individual, a legal entity, a state-owned enterprise, an alimony debtor, an insolvent debtor, and others.

عقوبة المدین المماطل مالیا دراسة فقهیة مقارنة

يهدف الباحث من خلال هذه الدراسة إلى: بيان أراء الفقهاء والعلماء المعاصرين في حکم عقوبة المدين المماطل ماليا. اشتمل البحث على مقدمة، ومطلب تمهيدي، وستة مباحث، وخاتمة. تحدثت في المطلب التمهيدي عن التعريف بمفردات عنوان البحث. وأما المبحث الأول فتناولت فيه أنواع المطل والحکم الشرعي لکل نوع. المبحث الثاني: حکم فرض عقوبة مالية على المدين المماطل لصالح الدائن مقابل الضرر الناتج عن فوات الربح، أو وقوع ضرر حقيقي. المبحث الثالث: حکم فرض عقوبة مالية على المدين المماطل لجهات خيرية عامة. المبحث الرابع: حکم عقوبة المدين المماطل بحلول الأقساط المؤجلة. المبحث الخامس: حکم فرض عقوبة مالية على المدين المماطل عن طريق القرض التعويضي. المبحث السادس: حکم إلزام المدين المماطل بدفع تکاليف الشکاية، ونفقات التحصيل. اعتمدت في هذا البحث على المنهج المقارن. خلصت هذه الدراسة إلى عدة نتائج، من أهمها: - حرمة عقوبة المدين المماطل ماليا لصالح الدائن على القول الراجح. - اتفق الفقهاء على أنه لا يجوز في حق المدين المعسر اشتراط حلول الأقساط المؤجلة عند المماطلة أو تأخر سداد بعضها، بل يجب إنظاره إلى أن يوسر. - جواز اشتراط حلول الأقساط المؤجلة بالمماطلة إذا کان المدين موسرا مليا على القول الراجح. - جواز عقوبة المدين المماطل ماليا للجهات الخيرية العامة على القول الراجح. - حرمة القرض التعويضي على الراجح؛ لأن حقيقته هي الوقوع في الربا المحرم. - إذا کان الذي عليه الحق قادرا على الوفاء، ومطل صاحب الحق حقه حتى أحوجه إلى الشکاية، فما غرمه بسبب ذلک، فهو على الظالم المماطل، إذا کان غرمه على الوجه المعتاد. Abstract : Through this study, the researcher aims to: Clarify the opinions of contemporary jurists and scholars regarding the ruling on the penalty for a financially procrastinating debtor. The research included an introduction, a preliminary requirement, six topics, and a conclusion. I spoke in the preliminary requirement about defining the vocabulary of the title of the research. As for the first topic, I dealt with the types of divorce and the legal ruling for each type. The second topic: the ruling on imposing a financial penalty on the procrastinating debtor in favor of the creditor in return for the resulting damage The third topic: the ruling on imposing a financial penalty on the procrastinating debtor for public charitable organizations. The fourth topic: the ruling on the punishment of the procrastinating debtor by the time of deferred installments. The fifth topic: the ruling on imposing a financial penalty on the procrastinating debtor through a compensatory loan. Topic Six: Ruling on obligating the procrastinating debtor to pay the costs of the complaint and collection expenses. In this research I relied on the comparative approach. This study concluded with several results, the most important of which are: -Prohibition of punishment for a debtor who is financially procrastinating in favor of a creditor, according to the preponderant statement. - The Jurists have agreed that it is not permissible for an insolvent debtor to stipulate that installments will be settled when he is delaying or delaying payment of some of them. Rather, he must be looked after until he becomes easier. - It is permissible to stipulate the solutions of delayed installments if the debtor is wealthy, according to the preponderant statement. - It is permissible to punish the financially procrastinating debtor of public charitable organizations, according to the preponderant statement. - The prohibition of a compensatory loan for the preponderant; Because his truth is falling into forbidden usury. - If the one who owes the right is able to fulfill the fulfillment, and the right holder extends his right until he is obliged to complain, then what is he fined because of that, then he is the wrongdoer who is procrastinating, if he is a fine in the usual manner.

Legal Protection for Debtors over Separatist Creditors' Rights Related To Bankruptcy

Indonesia, as a rechtstaat country, has consequences for the protection and respect of human rights of every class of society; for this reason the law in Indonesia must be able to realize the mandate of Article 28D paragraph (1) of the 1945 Constitution of the Republic of Indonesia. This includes legal protection for debtors over the rights of separatist creditor billing when bankruptcy occurs. In fact, the implementation of legal protection for debtors has not been able to do fairly up to now; this can occur because 1) the requirements for requesting bankrupt statements make it easy for debtors to go bankrupt, even though the debtor is actually in a state of solvency; 2) the PKPU mechanism has not provided extensive opportunities for debtors to improve company performance; and 3) efforts in bankruptcy are dominated by the authority of creditors. While, the problems that have resulted in the implementation of legal protection for debtors over the separatist creditor's collection rights so far are as follow: 1) there has been no funds for the costs of arranging and clearing bankrupt assets; 2) the bankrupt debtor is not cooperative and 3) the debtor sells / transfers his assets before being declared bankrupt. The method used in this paper is sociological juridical with non-doctrinal approach.Keywords: Debtor; Separatist Creditor Rights; Bankruptcy; Legal Protection.

Set‐off under the European insolvency regulation (and English law)

This paper addresses critically the meaning and effect of the set‐off provisions in the European Insolvency Regulation. The Regulation sets out the authority of EU Member States to open insolvency proceedings and provides that, subject to exceptions, the law of the State that opens insolvency proceedings shall apply to those proceedings. Setoff is one such exception for the opening of insolvency proceedings does not affect the rights of creditors to demand the set‐off of their claims against the insolvent debtor. Set‐off is intended to perform a guarantee type function for creditor claims. Nevertheless, the Regulation does not define what is meant by set‐off nor clarify whether set‐off rights under the law of a third country (such as English law) may be relied upon. The paper provides valuable clarification and critical analysis.

Legal Policy Granting Status of Fresh Start to the Individual Bankrupt Debtor in Developing the Bankruptcy Law in Indonesia

The objectives of this research are to identify and assess the granting of discharge as of debt in the bankruptcy law in Indonesia and legal policy regarding granting status of fresh start to individual debtors, which are in a good faith and is not able, after termination of bankruptcy, in order to develop bankruptcy law in Indonesia. The analysis is directed to explain the legal policy on granting status of fresh start to the individual bankrupt debtor in order to develop the Bankruptcy Law in Indonesia. Bankruptcy was originally conceived as a punishment for an act that is considered a criminal conduct because of the debtors’ bad faith to avoid debt. Modern bankruptcy law is aimed as an exit from financial distress. The bankruptcy law system in Indonesia adheres to a principle of “debt collective” which comes in the form of a general seizure over the debtor’s bankruptcy assets as collateral for debts repayment. This study offers an novelty in that bankruptcy law in Indonesia does not adhere to the principle of “debt forgiveness”, in which bankruptcy is a legal institution used as a way to ease the burden of debtors due to financial difficulties through the form of elimination of individual debtor’s remaining debt. After the bankruptcy ends, creditors obtain his execution rights over the property rights of the debtor, particularly on the receivable that have not been fully paid which the debtor is obligated to pay up in full.

The Meaning and Declaration of Commercial and Civil Insolvency under the Provisions of the Jordanian Insolvency Law No. 21 of 2018

The present study aimed to shed a light on commercial and civil insolvency under the provisions of the Jordanian insolvency law No. 21 of 2018. It aimed to explore the meaning and procedures of insolvency under the latter law. Under the latter law, the commercial insolvency is governed by the provisions of the insolvent debtor. Under the latter law, there are two types only of insolvency; imminent and actual insolvency. Under the latter law, the ones entitled to lodge an insolvency petition are: the creditor, debtor and the officer acting on behalf of the companies control department. Contrary to that, under the repealed provisions of the Jordanian commercial law, the ones entitled to lodge a bankruptcy petition are: the creditor, debtor, the court, and the public prosecution department. Several recommendations are suggested. For instance, the researcher recommends adjusting the criteria adopted by the Jordanian legislator for identifying the ones considered insolvent debtors to include more categories. Such criteria must include greater categories, such as: banks and insurance companies. He also recommends adjusting the latter criteria in order to exclude the ones who do not meet such criteria. He recommends authorizing the court to declare the insolvent debtor by itself as officially insolvent. He believes that such a power mustn’t be limited to debtors, creditors and the officer acting on behalf of the companies control department only. He recommends granting the power of lodging an insolvency petition to the court and the public prosecution department.

Insolvency and Bankruptcy Code 2016: Impact on Markets and the Economy

This is the text of a keynote address given at a conference with the same title held in New Delhi on 16 December 2019. In the address, I suggest that the defining feature of the approach taken by the drafters of India's new Bankruptcy Code was their decision to treat creditors as presumptively entitled to determine how the assets of an insolvent corporate debtor should be deployed, and that this represented a radical break from the old law. I suggest that there are very good reasons to favour a creditor-centric approach, but take some issue with the particular way in which creditors exercise control rights under the Code. I contrast the model of indirect creditor control we observe under English law with the more direct model of creditor control used in the Code, and suggest that direct creditor control may make it more difficult (and therefore costlier) for a third party to acquire the debtor's business. In cases in which value would be most likely to be maximised by leaving the assets in the hands of the debtor, I suggest that the decision to entrust the decision on a reorganisation plan to financial creditors sitting in a single class is potentially problematic on a number of levels, and that aspects of the treatment of non-financial creditors and senior (secured) financial creditors could be revisited. I conclude that if there is any appetite for reforms of the kind that I suggest, there is very good reason to think they could be implemented: since the Code has entered into force, it has been amended in a number of sensible ways, and it is clear that lawmakers are making every effort to ensure that the new law maximises the value of an insolvent debtor's estate for the benefit of its creditors.

Juridical Implications of Bankruptcy on Debtor`s Property as a Business Entity CV

Bankruptcy has a big impact on people's lives. One of them is the impact on the debtor's property. All objects belonging to the debtor are in general confiscation and the control and settlement cannot be carried out by the debtor but in the hands of the curator. The debtor in this case is the debtor who is a business entity in the form of Commanditaire Vennootschap (CV). This study aims to determine and analyze the juridical implications of debtors' property and legal protection for creditors holding property guarantees in the event of bankruptcy. The research method used is juridical normative by examining legal principles, legal regulations as well as various concepts and theories related to the juridical implications of bankruptcy on debtors' property. The results showed that since the bankruptcy verdict was pronounced by the court, the debtor's assets were in general confiscation as bankruptcy assets. Such objects can no longer be controlled and managed by the bankrupt debtor but are in the hands of the curator under the supervision of the Supervisory Judge. Objects that are the object of material collateral should be executed directly by the creditors, because of the separatist creditor position. The fact shows that the rights of separatist creditors are limited by the automatic stay of 90 days and the sale period of only 2 months. There are arrangements that are not synchronous between legislation and between articles in the same regulation.

NINA/LILA debtors under the Portuguese Insolvency Act: A hidden problem in plain sight?

AbstractNo income, no assets (NINA) and low income, low assets (LILA) debtors are a non‐negligible part of the increasingly ‘financialized’ market economy. Falling outside the financial market or accessing it through low quality financial products, NINA/LILA debtors appear to be under prioritized by both legal and judicial regimes and public policies. Focusing on the legal and judicial dimension, and taking as an illustration the Portuguese context, we discuss how preinsolvency and insolvency solutions still remain ill‐adjusted for such cases. In spite the existence of some legal provisions aiming at fostering access to law and courts regardless individuals' financial conditions, they do not perform very well with insolvent debtors lacking a regular income. Addicionally, there are non‐legal barriers that prevent those with less economic means to fight properly for their social and economic rights.

Eksekusi Aset Debitor yang Berada Di Luar Negeri dalam Penyelesaian Sengketa Kepailitan

In order to carry out business activities, it is not uncommon for someone to make a debt to have enough capital. These accounts payable activities of course require objects that are a guarantee to give a sense of security to creditors. In its development it is not uncommon for collateral objects to be held by debtors abroad. However, if the collateral object is located abroad, it will not be easy to execute as a debt repayment tool because of the state sovereignty that must be respected and the territoriality principle adopted by a country. The problem in this writing is about how Indonesia's national legal regulation regarding debtors 'assets is located abroad and how efforts can be made so that debtors' assets residing abroad can be executed as debt repayment tools. This research will be conducted using a type of normative juridical research with a type of legislative approach (concept approach) and a conceptual approach. According to the provisions of Article 212 PKPU UUK, that property owned by bankrupt debtors abroad can be used as bankrupt boedel. The provisions of the article give the right to a creditor to obtain repayment by using debtor's assets which are not bound to him which are outside the jurisdiction of the Unitary State of the Republic of Indonesia. In order for collateral objects to be used abroad to be used as a debt repayment tool, a number of ways can be taken, namely by a general court process, bilateral agreements (diplomatic agreements), diplomatic channels, or using the UNCITRAL Law on Cross Model. Border Insolvency with Guide to Enactment.

Perlindungan Hukum Terhadap Kreditur Atas Debitur Asing yang di nyatakan Insolvensi oleh Putusan Pengadilan Indonesia

The fundamental reason for the Insolvency of Penaga Timur (M)  SDN.BHD Shipping Companies from Malaysia is because they did not submit Peace Proposals at the Creditor Meeting as stipulated in Law Number 37 of 2004 concerning Bankruptcy and PKPU, and at that time the Bankruptcy Institution was no longer accepting The peace between the creditor and the debtor, as a result, the Curator appointed by the court must immediately issue all the assets of the bankrupt debtor, but is constrained by the location of the bankrupt debtor's assets outside the territory of the Republic of Indonesia, and of course this is very detrimental to PT. WAS and PT UML as Creditors as Justice Seekers. Researchers conducted descriptive-exploratory research with a juridical-normative approach. From the results of the research that has been done, the researcher did not find a situation where the East Penol (M) SDN BHD insolvency was caused by the cash flow test approach method, or the balance sheet test or going concern value concept and also had no relation to the assessment of debtor financial ratios such as liquidity (liqidaty), solvency (solvability), profitability (profitability) and leverage as it applies in the Perspective of Bankruptcy Regime in general, and in this case the lack of regulation regarding the provisions of International Law relating to the Ordering of a Bankruptcy and / or Cross Border Insolvency in general. The curator has not been able to fulfill the rights of creditors for bankruptcy bodies outside the territory of the Republic of Indonesia.

Judicial Review of Customs Billing in Bankrupt Debtor

Research aims to determine the position privilege of Indonesian Customs and Excise to be fulfilled first thanother debts, Indonesian Customs and Excise’s as a Preferred Creditor for bonded zone companies that havebankrupt and define effectiveness of the confiscation process as the Commercial Court Decision on bondedzone companies that have assets outside Indonesia. Research method that is being used is juridical normativemethod. The results showed that Indonesian Customs and Excise position as preferred creditor remained inaccordance with the Customs Regulations. However along with the breakthroughs in legal issues and legaldevelopments, the state's position as the preferred creditor is no longer a priority. Legal issues arising relatedto the implementation of confiscation of debtors who have assets abroad will be constrained by the principleof state sovereignty which can impact on the portion of Indonesian Customs and Excise’s debt collectionobligations. Based on the results of the study it was concluded that Indonesian Customs and Excise has thepreferential right to fulfill bankruptcy debtors even with the shift in priority payments by labor wages, so theeffort that must be done is to mitigate risks before bankruptcy and the maximum collection. The universalprinciple in implementing bankruptcy decisions will make it difficult for the execution of debtor assets outsideof Indonesian jurisdiction.

Does pre‐packed bankruptcy create value? An empirical study of postbankruptcy employment retention in The Netherlands

AbstractIn recent years, there has been growing interest in whether pre‐packed bankruptcy can be a mechanism through which firms facing imminent insolvency can preserve value. Although an extensive body of literature exists on “pre‐packs,” whether such techniques really preserve value remains ambiguous. By analysing bankruptcy proceedings filed with Dutch courts in the period 2012–2018 through the lenses of real options and debt overhang theory, we examined employment retention postbankruptcy as a consequence of the type of bankruptcy proceeding (pre‐packed bankruptcy and conventional bankruptcy) and the severity of prebankruptcy financial distress. The results show that in the Netherlands, a pre‐packed bankruptcy, when compared with a conventional bankruptcy proceeding, positively impacts employment retention rates after bankruptcy. The severity of financial distress before bankruptcy does not affect employment retention rates postbankruptcy. This implies that despite the amount of resource slack, the preservation of employee value is better served under a pre‐packed bankruptcy than a conventional bankruptcy proceeding. This finding is important for insolvency practice, as up to 22 June 2017, employee rights in the Netherlands (including redundancy) were not considered to be automatically transferred to the firm acquiring the bankrupt debtor's assets when a pre‐packed bankruptcy was applied. Implications for insolvency regulation and practice are discussed.

Bankruptcy and Order

This article argues that bankruptcy achieves order. It achieves not only commercial order, by regulating insolvent debtors and managing the collection and distribution of their bankrupt estates, but also order on many levels, including social and political order. From the 5th century BCE, when the first seeds of the idea of bankruptcy were planted in Republican Rome, through changes in outlook and approach to the present day, bankruptcy has acted as collective risk insurance protecting against the possibility of failure, while at the same time fostering business confidence. Although its underlying philosophy has changed over time, bankruptcy's function of delivering order and predictability has remained consistent.

Bank bail-in and disputed claims: Can it cope? The case for and against a vis attractiva resolutionis

Within the Banking Union and the European Union as a whole, the so-called bail-in of liabilities has come to be accepted as probably the core element of the new harmonised toolbox for the resolution of systemic bank insolvencies. While the recent debate has focused on the economic conditions that must be fulfilled if the tool can be relied upon in future cases, the present paper examines yet another aspect of the instrumentarium, namely the treatment of disputed claims in bail-ins: claims owed by or to the institution in resolution, whose existence and/or dimension is subject to controversy or even subject to litigation between the institution and the relevant counterparty. The paper argues that disputed liabilities—especially in the case of large claims—inevitably will have an impact on the calibration of the bail-in tool and examines how the resulting problems are addressed under the BRRD and the SRM regulation. It is argued that—in contrast to traditional insolvency procedures, which are designed to facilitate a comprehensive resolution of distributional conflicts between an insolvent debtor and its counterparties—bank resolution does offer no such mechanism. Specifically, disputed claims cannot adequately resolve within the valuation and calibration procedure, given the special nature of resolution as an instrument to protect the public interest in the preservation of financial stability and the protection of public budgets. This insight lends further support to the notion that the application of the bail-in tool should be reserved to pre-defined, designated bail-inable instruments.

KEABSAHAN KEWENANGAN KURATOR DALAM MEMBUAT PERJANJIAN PERDAMAIAN SETELAH GAGALNYA PKPU DAN DEBITOR DINYATAKAN PAILIT (Contoh Kasus: Putusan No.486 PK/Pdt/2018)

Debt is something that is common in the business world. This loan must be approved in accordance with the period agreed upon by the parties. Loans given by Creditors to Debtors are carried out with approval.If within a predetermined time limit, the Debtor has not been able to repay the loan, the Debtor may request approval for Delaying Obligations of Debt Payment or PKPU. However, in this study, PKPU failed to do PT. Dewata Royal International was immediately bankrupt. After the bankruptcy was read out by the Court, Curator was appointed, Swandy Halim. Swandy Halim in carrying out his duties as a Curator has made a Peace Agreement with Rustandi Jusuf as the Managing Director of PT. Dewata Royal International. In UUK, PKPU approved the Curator's task was to bankrupt and not make a Peace Agreement, especially with the Bankrupt Debtor, because it was the Debtor with his Kreditors who made the Peace Agreement.The research method used by the author is normative legal research that focuses on the use of secondary data using descriptive analytical specifications. Then, the analysis of the data used by the author is qualitative research.In this study, conclusions were obtained about the Curator being able to make a Peace Agreement with a bankrupt Debtor as long as the above mentioned Peace Agreement is from bankrupt assets so as not to cause a loss to the bankrupt property. then, the Peace Agreement made by Curator Swandy Halim was then approved legally.

ANALISIS PERLINDUNGAN HUKUM TERHADAP TENAGA KERJA PT UNIVERSAL FOOTWEAR UTAMA INDONESIA AKIBAT KEPAILITAN PERUSAHAAN BERDASARKAN UNDANG-UNDANG NOMOR 13 TAHUN 2003 TENTANG KETENAGAKERJAAN (STUDI KASUS PUTUSAN NOMOR 12/PDT.SUS-PKPU/2016/PN. NIAGA.JKT.PST)

The case faced in writing this scientific paper is how the legal protection of the workers of PT Universal Footwear Utama Indonesia who were declared bankrupt in Decision No. 12/Pdt.Sus-PKPU/2016/PN.Niaga. Jkt Ps t who have not paid salaries for 3 months and severance pay until now in 2018 and how the responsibility of the curator for the bankruptcy of PT Universal Footwear Utama Indonesia after auctioning off the auction for salaries and severance labor. The research method used in this study is normative legal research. The results showed that the legal protection of the workers of PT Universal Footwear Utama Indonesia who were declared bankrupt in Decision No. 12/Pdt.Sus-PKPU /2016/PN.Niaga/Jkt.Pst who have not paid salaries for 3 months and severance pay until now in 2018, in principle all wages of arrears of workers (employee salaries) must be paid after the assets of the bankrupt Debtor have sold and the Distribution list has been determined by the Court on the proposal of the curator. The responsibility of the curator for the bankruptcy of PT Universal Footwear Utama Indonesia after the bankruptcy of the auction was sold against the salary and severance of employment was based on Article 74 of the Bankruptcy Act. The task of the curator is to share the proceeds of the sale of bankruptcy to the creditors in the order (their respective ranks

LA REGLA PAR CONDICIO CREDITORUM: ¿MITO O REALIDAD DEL DERECHO CONCURSAL? DE LOS ORÍGENES HISTÓRICOS DE LA REGLA Y SU EXPRESIÓN EN EL DERECHO CONCURSAL ACTUAL

t he paper proposes a reflection on the rule of equality of the creditors in order to verify what is myth or reality about it in the context of the current bankruptcy law. For this purpose, he undertakes a study of the origins of the rule in Rome in order to unravel the dogmatic context in which he was born, concluding that the rule par condicio creditorum was not established as a rule of equalization of credits, but rather as an assurance similar opportunities for creditors in the insolvent debtor’s contest, by eliminating the rule prior in tempore, potior in iure . Assuming the validity of this premise, the author argues that the rule is not a myth but a reality that, with specific exceptions for certain creditors and in certain collective proceedings, receives numerous recognitions in the bankruptcy law and in the judgments of the courts.