In the 1980s, especially under Anglo-Saxon influence, there was a change in mentality regarding bankruptcies. Especially on a humane level. While the bankrupt used to be pilloried and even imprisoned for not fulfilling his obligations, the bankruptcy law spoke of the 'unfortunate bankrupt natural person'. Bankruptcy was increasingly seen as the result of unfortunate circumstances.
More and more often it was the creditor – the shark that inexorably wants his money – who ended up in the eye of the storm. As a result, the creditor, who often desperately needs the payment of his claim, lost his rights, and no longer enjoyed protection. On the contrary, the protection of the bankrupt ensured that the creditor was left with frustrations and headaches.
In Europe, meanwhile, many efforts are being made to give unfortunate bankrupts every chance to start over. This is the so-called second chance principle - unless there is evidence of fraud. In addition, bodies have been set up, such as the Chamber for Enterprises in Difficulty, which preventively look for companies that threaten to go off the rails and then adjust them accordingly. This preventive approach must ensure the continuity of these companies, so that the rights of creditors are also safeguarded.