Compulsory settlement - Compulsory settlement

Bankruptcy procedures under the old Bankruptcy Law. The old Bankruptcy Law provided for a system of compulsory composition as a procedure under the Bankruptcy Law in which, after a bankruptcy declaration, the bankrupt and creditors could make concessions to each other regarding the amount of debt and the payment method, etc., different from the original amount of debt and the payment method, thereby terminating the bankruptcy procedure (Article 290 and following of the old Bankruptcy Law). This system existed as a system that was inexpensive and quick, and allowed the bankrupt to achieve economic rehabilitation and creditors to obtain favorable dividends, with the consent of both the bankrupt and creditors. This system was abolished with the revision of the Bankruptcy Law in 2004 (Heisei 16).

[Yoshinobu Homma]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

旧破産法上の破産手続。旧破産法は、破産宣告の後に、債務の額、支払いの方法などにつき、破産者と債権者とが互いに譲歩して、本来の債権額、支払い方法などと異なるものを定めることによって、破産手続を終結させる破産法上の手続として、強制和議の制度を定めていた（旧破産法290条以下）。破産者・債権者納得のうえで、安価で迅速な、また、破産者にとっては経済的更生を、債権者にとっては有利な配当を得ることの可能な制度として、存在した。この制度は、2004年（平成16年）の破産法改正に伴い廃止された。

［本間義信］

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