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Term "Insolvency" and Legal Means of Overcoming in Commercial Law

Author

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  • Margarita Bachvarova

    (University of Economics - Varna)

Abstract

The scientific study analyses various meanings of the term "insolvency" in economic and legal theory. Any legal means for overcoming it are systemized in accordance with the commercial legislation. Selection criteria are suggested for the application of a particular method of overcoming insolvency relating to: the legally protected interest, objective, competent body, grounds and legal consequences. The scientific thesis that the Bulgarian commercial legislation applies the contract model to the regulation of any legal means for overcoming insolvency is maintained. A plan or agreement between a debtor and creditors is needed based on a reached agreement for the application of specific means of strengthening the debtor's enterprise and overcoming the financial difficulties.

Suggested Citation

  • Margarita Bachvarova, 2017. "Term "Insolvency" and Legal Means of Overcoming in Commercial Law," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, issue 1, pages 189-194, November.
    • Handle: RePEc:vra:journl:y:2017:i:1:p:189-194
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    More about this item

    Keywords

    insolvency; restructuring; bankruptcy; financial difficulties;
    All these keywords.

    JEL classification:

    • A00 - General Economics and Teaching - - General - - - General

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