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Legal Briefing
Austria: The new insolvency law – A real reform looks different
Practice Area: Corporate
Sector: Business services
Jurisdiction: Austria
Published: 03 May 2010
Law Firm: Schoenherr
Overview
The Austrian Insolvency Law knew two separate insolvency proceedings: (i) composition proceedings aimed solely at restructuring and (ii) bankruptcy proceedings, which either end in a compulsory composition or a liquidation of the debtor. The Insolvency Reform Law 2009 (Insolvenzrechtsänderungsgesetz 2009; IRÄG 2009) removes this duality of bankruptcy and composition and creates a single insolvency proceeding. Legislatively the current bankruptcy act was adapted and renamed the Insolvency Act.
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