Statutory deadlines (preclusive periods) in pre-bankruptcy and bankruptcy proceedings

Pre-bankruptcy and bankruptcy proceedings are special non-contentious court proceedings conducted with the aim of resolving a debtor's illiquidity or insolvency. While pre-bankruptcy proceedings focus on preserving the business and restructuring the debtor in cooperation with creditors, bankruptcy proceedings aim to liquidate the debtor's assets and ensure equal settlement of creditors according to the order determined by the Bankruptcy Act. An important aspect of both proceedings is the observance of statutory deadlines (preclusive periods) – legally defined time limits within which participants in the proceedings must take certain actions. Failure to meet these deadlines results in the loss of rights. Statutory deadlines (preclusive...

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