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

Margarita Bachvarova ()
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Margarita Bachvarova: University of Economics - Varna

Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, 2017, issue 1, 189-194

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.

Keywords: insolvency; restructuring; bankruptcy; financial difficulties (search for similar items in EconPapers)
JEL-codes: A00 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:vra:journl:y:2017:i:1:p:189-194

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