Bankruptcy in Croatia

Financial instability is present in European as well as in Croatian capital market. Therefore legal persons are much more careful when entering into new business. One must always bear in mind the possibility of bankruptcy of his/her business associate. Thereat, all legal persons must be aware of certain legal consequences of bankruptcy: If the bankruptcy creditor, over the last sixty days prior to the bankruptcy petition or afterwards, by courts enforcement or by forced courts insurance, obtains a separate satisfaction right or similar right on debtors property within the bankrupt’s estate, this right ceases i.e. the ongoing procedure stops when bankruptcy...