Article 65. Insolvency (Bankruptcy) of the Legal Entity

1. A legal entity, except for a treasury enterprise, institution, political party and religious organisation may be deemed insolvent (bankrupt) by a court's decision. A state corporation or a state company may be liquidated as a result of declaring it insolvent (bankrupt), where this is allowed by the federal law providing for establishment thereof. The Fund may not be declared insolvent (bankrupt) in so far as that is prescribed under the law providing for the setting up and operation of that fund.

The recognition of the legal entity to be bankrupt shall entail its liquidation.

2. Abolished.

3. The grounds for the court to deem a legal entity insolvent (bankrupt), the procedure for liquidating such a legal entity, and also the priority ranking for the purpose of satisfying claims of creditors shall be established by a law on insolvency (bankruptcy).