TERMINATION OF PARTICIPATION IN COMMERCIAL COMPANIES BY THE INSOLVENCY ADMINISTRATOR – AN ACTION TO REPLENISH THE BANKRUPTCY ESTATE OR TO LIQUIDATE IT?
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Date
2025-12-01
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Plovdiv University Press
Abstract
This study provides an analysis of the power of the insolvency administrator under Art. 658, Para 1, item 13 of the Commerce Act to terminate the debtor’s participation in commercial companies in order to characterize it as an action directed to replenish the bankruptcy estate or to liquidate it. In the study, the legal text has been analyzed through various interpretive methods. It is concluded that the answer lies in the civil enforcement procedure as a basis for constructing a collective executive procedure. Insofar as the termination of the participation in a commercial company according to the CCP is an element of a complex enforcement method requiring the existence of an executive title, it is defended that, even within the framework of bankruptcy proceedings, the termination of the participation in a commercial company should also be considered as an act of liquidation, which can be done only after declaring the debtor bankrupt.
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termination of debtor’s participation in a commercial company, power of the insolvency administrator, liquidation of bankruptcy estate, declaration of bankruptcy