Bails, letters of responsibility, bank guarantees, transfer of titles and mortgages are other commonly used legal forms for securing the proprietor's rights. Their application depends on the type and character of the respective business transaction. The management of a company has to file for insolvency proceedings without any delay if the company is insolvent or its liabilities exceed its assets. Within a period of sixty days the management can then try to negotiate a solution with the creditors. An administrator is appointed at the same time by the Court who assumes control over the company.
All creditors have to file their claims at court to obtain a pro rata payment.
Upon acceptance and fulfilment of the composition proceeding the company will be discharged from all liabilities. A litigation case has to be presented in Austria in writing and in addition orally to the court. In countries with whom Austria has signed treaties on the enforcement of foreign judgment, Austrian court decisions are enforceable and vice versa. Austrian arbitration decisions are therefore valid in any signatory state of the New York Agreement. Notifications are still necessary in various cases merely for statistical purposes.