Abstract

Th e issue indicated in the title deserves attention for many reasons. It is of essential practical importance, and at the same time gives rise to serious doubts in case law. It is also interesting from the viewpoint of the application of laws, since it emphasises the diffi culties involved in re-construing, analysing and evaluating individual arguments which are considered in the interpretation of the law. It undoubtedly involves the need to protect creditors against speculating with the debts of the prospective bankrupt. However, the exhaustive legal analysis of the issue should take into account the conclusions to be drawn from the contents of the provision, the structure of the legal act, and the eff ects of other provisions which may be applicable hereto. Finally, within functional interpretation other noteworthy arguments may be raised, in particular safety of commerce.