!!!Konkurs

Bankruptcy, legal proceedings granting cost-saving sale of property of 
insolvent debtors (adjudicated bankrupts, i.e. legal or natural 
persons, the latter can also claim private bankruptcy). The claims 
asserted and ascertained are satisfied in quotas, according to the 
principle of equal treatment. Preferential claims (e.g. costs of the 
proceedings, claims of employees) are totally satisfied. The 
adjudicated bankrupt continues to be liable for claims not satisfied 
with that part of his/her property which is safe from bankruptcy or 
property s/he has acquired later on. In order to protect employed 
persons the  Insolvenz-Ausfallsgeld-Fonds was established in 1978.

!Literature
R. Holzhammer, Oesterreichisches Insolvenzrecht, 
%%sup 5/%1996.


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