Code of Commerce: Código De Comercio (Classic Reprint) - Softcover

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Excerpt from Code of Commerce: Código De Comercio

Congress took the initiative, and proposed modifications in the law relative to arrangements with creditors (concordato), an undoubted improve ment, as the bankruptcy was foreseen, and the moratoria (a prejudicial institution) sup pressed. Arrangement with creditors, a novelty in our legislation, was inspired by the general tendency towards preventive laws, the same as adopted in England and in Italy. Nevertheless, in spite Of such advantages, re mained the defect Of only partial reform, Of the which the principal drawbacks were modification Of procedure Of the general law, the introduction Of clauses inspired by a different legal criterion, and difficulty in concordance, leaving also funda mental deficiencies. What was necessary was not SO much a modification Of the Bankruptcy Law as of the entire Commercial Code, making a new law on new principles.

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