Civil Bankruptcy Procedure Highlights of Law 17/1992 Regulating the Status of Minors and Those in Their Care
DOI:
https://doi.org/10.58916/alhaq.vi.279Keywords:
Civil bankruptcy, guardianship of the bankrupt debtor, judge, Law No. 17 of 1992 regulating the affairs of minors and those in their position, termination of guardianship of the bankrupt debtor.Abstract
Bankruptcy is considered one of the reasons for legal incapacitation and comes in various forms, including civil bankruptcy, which applies to civil matters. The Libyan legislator has indirectly and erroneously adopted this concept under a different term: the debtor's assets being encumbered by debt. Civil bankruptcy requires an understanding of its procedures, including the necessary conditions for the court to consider and exercise its jurisdiction over the matter. If a debtor is declared bankrupt, this has multiple implications—some benefiting the creditor and others benefiting the bankrupt debtor.
The researcher has employed an analytical approach, incorporating the perspectives of Islamic jurisprudence due to its richness and foundational contributions to this topic. Additionally, the study is primarily based on Law No. (17/1992) concerning the regulation of minors' affairs and those in similar situations, with reference to the stance of other legal systems.
This study aims to assess the extent of legislative attention given to the procedural framework of civil bankruptcy in Libyan law.
Key Findings:
- The Libyan legislator, in Law No. (17/1992) on the regulation of minors' affairs and similar cases, has not established conditions for declaring a debtor bankrupt, nor has it specified the competent court and its powers in such cases.
- There is a lack of legislative policy in Libyan law regarding the regulation of the consequences of civil bankruptcy, whether for the benefit of the creditor or the bankrupt debtor.
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