Summary

Bankruptcy is not the only solution of insolvency. In many cases agreements between debtors and creditors would be much more useful for both parties. The present article offers a survey of the main ways of the avoidance of bankruptcy in the case of insolvency. At the beginning of the article the difference between the formal and nude agreements concluded for the solution of insolvency is observed. Thereupon the main ways of the non–judicial solution of the insolvency of a legal person enabling to preserve an enterprise in its former form are described in greater detail. An extreme possibility of the avoidance of bankruptcy – a private non–judicial liquidation of an enterprise – is also described. At the end of the article some considerations on the expediency of striving for compromises depending on different circumstances are given.