KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER AUSTRIAN LAW -

1. Introductory Remarks on Austria’s Legal System -

Austria has a civil law system, as opposed to the common law system of e.g., the United States or the United Kingdom. Practically all Austrian law is codified in statutes. The most important statutes in the fields of civil and commercial law are the Austrian General Civil Code and the Austrian Code of Commerce.

Austria is part of the EU. The EU currently consists of 27 member states. They have 27 distinct and often very different insolvency laws, i.e., the core of each insolvency law is different from country to country.