In the period of recession in the country after the booming economic success, a part of society experienced financial problems due to the cuts in wages or even lost jobs. The number of borrowers, who encountered difficulties with the repayment of the loans, soared dramatically and therefore the government came up with the Insolvency Law of 1st November, 2007. With the rise in a number of insolvent persons, the number of guarantors refusing to pay climbed too, and the question, whether the guarantor should be responsible for the debts of the principal debtor, if the principal debtor has become insolvent, arose.
principal debtor, if the principal debtor has become insolvent, arose.
As to legal persons, until now it has been made quite clear - if the principal debtor, a legal person, has been liquidated due to insolvency, the creditor can turn to the guarantor. The guarantor cannot object, claiming that if the principal debtor no longer exists than the debt too ceases to exist and the guarantor’s liability ends. Quite the opposite, the court has repeatedly decided that termination of the debt after insolvency of a legal person is an exception from the guarantee accessority principle. In case of insolvency proceedings of a legal person a guarantee stops being an ancillary obligation and becomes an independent, principal obligation.
Shall a guarantee become a principal obligation in case of insolvency proceedings of a natural person? This and other questions are examined in this study work.