What is Execution and Bankruptcy Law?
Execution and bankruptcy law is another area of law that is closely related to proceedings law. It addresses how the debt of a debtor will be collected from him/her in case of his/her failure to pay.
The proceedings against the debtor may be execution proceedings or bankruptcy proceedings in the presence of the necessary conditions. This area of law is interested in where and how the two proceedings will take place, which legal remedies the debtor may pursue against such proceedings, which legal means the claimant has in such a case, and how the assets of the debtor will be seized and liquidated in the event of failure to pay his/her debts in spite of the proceedings initiated.
Why does Execution and Bankruptcy Law Exist?
This is an area of law that specializes in seizing the movable and immovable assets of an insolvent debtor by the hand of government in order to pay his/her debt upon the request of the claimant.