Bankruptcy of Natural Persons // Stečaj fizičkih lica


  • Vladimir Čolović Fakultet pravnih nauka Panevropski Univerzitet „Apeiron“ Banja Luka



The bankruptcy of natural persons or personal bankruptcy differs from the bankruptcy of companies. The two most important elements of personal bankruptcy are the personal management and the exemption of the remaining debts. The main characteristic of personal management is that the debtor, under the supervision of the trustee, manages its assets. The basic question is whether the personal management is a form of reorganization or not. The exemption of the remaining debts is the main purpose of personal bankruptcy. This institute is connected with the certain conditions and terms. The purpose of the personal bankruptcy is the assistance provided to the debtor-natural person in order to fulfill its obligations. In the procedure of the personal bankruptcy is applied, in addition to the general rules of bankruptcy procedure, the special rules that bind to the character of the debtor. We must distinguish the natural person - debtors who are engaged in a business carried on from the “ordinary” citizen – consumer. The paper analyzes and criticizes the regulation of the bankruptcy of natural persons in the Act of Bankruptcy of the Republic of Srpska, which defines the partner and complementary as the debtors. Attention is, also, paid to the legislation of Croatia in this area, as well as to the models of regulation of personal bankruptcy in Anglo-Saxon and continental law.