Extension of limitation on enforcement of financial guarantees
A series of laws enacted in 2015 introduced limitations on creditors’ ability to enforce guarantees in prescribed circumstances, particularly as regards individuals with assets below a specified threshold. The Insolvency of Natural Persons (Personal Repayment Plans and Debt Exemption Decree) Law (No. 65(I)/2015) prohibits credit institutions from instituting proceedings to enforce guarantees against natural persons […]
