Conditions for sale of bankruptcy debtor as a legal entity under new bankruptcy regulations

The reform of bankruptcy regulations that has been applied with the implementation of the new Law on bankruptcy and its related by-laws, has brought innovations in regulating the sale process of the bankruptcy debtor as a legal entity. In the introductory part of this article, the general rules regarding the manner of realization of bankruptcy estate were presented and distinction was clearly made concerning different objects of bankruptcy sale. Besides, the rules on bankruptcy debtor sale in former legal acts were presented as well as a short comparative overview of the bankruptcy laws of the neighboring regional countries, in regard to this matter. Hereafter, the author analyzed in detail the condition that have to be set and fulfilled in order for this aspect of sale to be favored. Finally, the author concludes that certain solutions that were offered in the Law on bankruptcy and in the Regulation establishing the national standards for administering the bankruptcy estate, even-though inspired by the need for the better and more complete protection of the creditors, could also produce some negative effects such as prolongation of the sale procedure and the increase of the expenses of the bankruptcy process.