Natürliche Person
This term refers to the law of the country selected below.
Czech Republic
What is meant by the term ‘natural person’?
In legal terms, a natural person is a human being. A natural person has legal personality, which means that it is capable of holding rights and obligations (legal capacity). Only those who have legal capacity can, for example, be an owner, a debtor or an heir. Natural persons must be distinguished from legal persons (such as commercial companies).
The preferred form of insolvency proceedings for natural persons is debt relief, colloquially referred to as personal bankruptcy. Another option for resolving a natural person’s insolvency is bankruptcy, which involves the complete realisation of assets and the subsequent proportional settlement of established claims.
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