Maltese legislation governing bankruptcy of a commercial partnership : a comparative analysis with forcion legislations : highlighting particular shortcomings

Abstract

The scope of this work has been to have a closer look at the local legislation regulating bankruptcy, to highlight some of the shortcomings and to propose possible improvements upon the present system. Although the subject is mainly of a legal nature, it was tackled from the point of view of the accountant. The problems mentioned in the work are by no means exhaustive, but reference was only made to those problems which, in my opinion, are of major importance.

Chapter one gives a description of the provisions relating to bankruptcy mainly those found in the Commercial Code. Subsequent chapters tackle deficiencies referring to liability of directors, schemes of arrangement; qualifications of insolvency practitioners and rehabilitation of the bankrupt.

All along, comparisons are made with other foreign legislations namely; the U.K. and Luxembourg, the former having recent reforms, the latter having a commercial environment similar to that of our country.