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Effects of bankruptcy on spouses' personal debts

10/12/2018

A previous article discussed the effects of a company's insolvency on its administrators (for further details please see The personal bankruptcy of company administrators). This article examines the effects of a bankruptcy between spouses and focuses on the waiver of remaining debts after the closure of the bankruptcy.

Bankruptcies opened prior to 1 May 2018 are governed by the former Bankruptcy Statute of 1997. This statute included a principle that a natural person could be discharged of their remaining andoutstanding debts – a so-called 'waiver' – at the moment of a bankruptcy's closure.

For bankruptcies that have happened since 1 May 2018, the situation has changed. 

Learn more about it here.

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