The bankruptcy estate is formed of the assets of the debtor at the beginning of this proceeding and all the assets achieved through the realization of the bankruptcy estate, the management of the bankruptcy estate and challenging the legal actions of the bankruptcy debtor. The realization of the bankruptcy estate includes activities connected with the sale of the assets of the debtor and the recovery of its claims and any other legal transaction for the exercise of its property rights. The sale of assets in bankruptcy proceedings takes place in five phases. In the first one manager acquires an assessment of the value of the property. In the second phase, the court shall issue a resolution on the sale by determining the method of sale, the starting price and the amount of the security on the proposal of the manager and on the basis of the opinion of the creditors' committee or the separating creditor. In the third phase, the procedure is determined by a resolution on the sale and in the case of success, the best bidder is selected, with which the manager signs a sales contract in the fourth stage of the sale. The fourth phase ends with a court decision, in which either it gives consent to the conclusion of a sales contract, or renounces it. If it issues a decision on consent to the conclusion of a sales contract, then the fifth stage follows in which the parties fulfil their obligations imposed on them by the sales contract. If the bankruptcy debtor has unpaid claims against his debtors, the manager must recover them. In doing so, he must assess whether the introduction of judicial or other procedures for the recovery of claims is reasonable in terms of the most efficient repayment of creditors. Management of the bankruptcy estate consists of the leasing of the assets of the insolvent debtor, the depositing of the monetary credit of the insolvent debtor and the conclusion of a judicial or out-of-court settlement or the execution of another legal transaction or an act with an equivalent effect. This Master’s thesis is trying to answer some of the opened issues regarding the management and realization of the bankruptcy estate.