Melcher, Martina; Lurger, Brigitta --- "AUSTRIA" [2019] ELECD 1194; in Kadner Graziano, Thomas; Bojars, Juris; Sajadova, Veronika (eds), "A Guide to Consumer Insolvency Proceedings in Europe" (Edward Elgar Publishing, 2019) 102

Book Title: A Guide to Consumer Insolvency Proceedings in Europe

Editor(s): Kadner Graziano, Thomas; Bojārs, Juris; Sajadova, Veronika

Publisher: Edward Elgar Publishing

Section: Chapter 3

Section Title: AUSTRIA

Author(s): Melcher, Martina; Lurger, Brigitta

Number of pages: 44

Abstract/Description:

Austrian insolvency law is technically still based on the original insolvency laws from December 1914 that came into force on 1st January 1915. However, the original laws have been subject to radical amendments since their promulgation. The Insolvency Law Amendment Act 2017 has brought significant and long-awaited changes regarding the rules on debt-relief for natural persons. Among other things, the duration of skim-off proceedings is reduced from seven to five years and the minimum repayment amount of 10 per cent was abolished entirely. These adjustments were made in order to facilitate discharge of debts, to encourage debtors to actively take part in the economic life of their communities, and to prevent delinquency and illegal employment.