protection of creditors

The Polish legislator has various instruments to ensure the protection of creditors.

Pan Am (see box on next page), Continental and Eastern have been able to stay aloft only under the protection of creditors provided by chapter 11 of America's bankruptcy laws.

Still reeling from the financial Panic of 1819, state politicians had split into two camps: those who supported legislation favorable to debtors (the Debt Relief Party) and those who favored the protection of creditors (typically called Anti-Reliefers.)

When it comes to such matters as the protection of creditors and third parties dealing with a company, the obvious way forward is for the Community to lay down in its Directives detailed rules which are to be given similar effect under national law in all member states.

If the creator of a self-settled trust is also a beneficiary of the trust, a particular problem in the context of protection of creditors and prevention of fraud is presented: the danger that the creator of the trust is trying to defraud creditors.