English translation: bankrupt's estate or bankrupt estate
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Article 1. The purpose of the Law
The purpose of this Law of Georgia "on Bankruptcy Proceedings" is a substantial resolution of economic and financial difficulties of an insolvent debtor through a sanction or liquidation by the court. Liquidation on the basis of bankruptcy is inadmiss ible without previous verification of possibilities of sanction. Herewith, unreal and unjustified sanction must not delay necessary liquidation.
OPENING OF BANKRUPTCY PROCEEDINGS
Article 2. Foundation to the Bankruptcy Proceedings
1. The rule for bankruptcy proceedings is used in the insolvency of physical or juridical person subjected to the private laws. Bankruptcy proceedings against juridical person also takes place when it is involved in debt.
Article 3. Jurisdiction
The court (court examining the case of bankruptcy) shall examine the case in accordance with permanent residence or residence of the debtor.
Article 4. The Rule of Examination of Bankruptcy Case in the Court
Article 5. Bankruptcy Mass
Bankruptcy proceedings includes the insolvent debtor's property in Georgia and abroad owned by him or her at the moment of opening of proceedings except the things and requests not subjected to independent forcible execution in accordance w ith civil procedural legislation of Georgia (bankruptcy mass).