PROPOSALS FOR STANDARDIZATION OF THE INSTITUTE OF CONSUMER BANKRUPTCY IN THE LEGAL SYSTEM OF BOSNIA AND HERZEGOVINA

Internacionalni univerzitet u Goraždu, Bosna i Hercegovina
Bosnia and Herzegovina


Abstract

Bankruptcy regulations of the Federation of Bosnia and Herzegovina and the Republika Srpska determine that a bankruptcy debtor may be a legal entity. In doing so, the legislator goes a step further in terms of the debtor's liability, and projects the liability of the individual debtor, in such a way that his property can be covered by the bankruptcy procedure. The individual debtor is a general partner in a limited partnership and the founder of a limited liability company. In contrast, it is not prescribed that bankruptcy proceedings may be instituted against a natural person. This means that our legal system does not recognize the implementation of the so-called. consumer bankruptcy. The situation is completely different in the member states of the European Union and the countries from the immediate vicinity (Republic of Croatia), where this institute is legally regulated. However, even if we agree that it is necessary to involve this institute in the domestic legal system, the question arises whether to regulate it through the current bankruptcy regulations or a special legal regulation? Then, the question is which model of consumer bankruptcy would be an adequate solution? We will try to shed light on these issues by noticing the advantages and disadvantages of this legal institute as a possible new legal solution in the legal system of Bosnia and Herzegovina.

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