Transfer of a debt in company reorganization

The article focuses on debt transfer as a legal construction and reorganization as a type of termination of a company ratio. The Author suggests that the guideline of a company liquidation and reorganization is universal succession. Universal succession resulted from reorganization is proposed as a condition which excludes application of a debt transfer construction. Debt transfer and reorganization ratio encouraged to consider from the perspective of need for a creditor’s consent providing. In particular, there is a need for creditor’s consent under the debt transfer procedure. And there is no named rule under the procedure of reorganization. The Author described main doctrinal approaches and national judicial interpretations regarding reorganization as a type of termination of a company and debt transfer legal construction. The study found that application of a debt transfer construction under the reorganizational legal relations is not possible. A need for application of a sui generis legal construction, which stands on necessity of application of a creditor’s consent under the reorganizational procedure, is defined as ill founded.