Due to its nature and legal regulations the bankruptcy procedure is an in extremis procedure which aims to preserve the value of the payment means and protect the interest of creditors that receive payment from these means. However, the duration of the procedure is longer than the predicted (instructive) deadlines stipulated with the law. So in 2015 the reform of the complete bankruptcy legislation (new Bankruptcy Act, Personal Insolvency Act; the Act on Ensuring Workers’ Claims in Case of the Employer’s Bankruptcy was reformed and approximately 20 implementation regulations were passed) was performed with the purpose of improving the bankruptcy procedure’s quality indicator. Yet, despite the well-established legal framework, including that for conciliation and arbitration in bankruptcy, the anticipated goal i.e. the functionalization of the bankruptcy law protection has so far not been reached. The author analyses the institute and possibilities of performing mediation in bankruptcy proceedings as well as the active legitimacy for instigating the settlement of disputes on refuted claims in bankruptcy by arbitration and its reaches. The complexities of the subject of study and the set tasks have aff ected the choice of methods and the research applies primarily the normative law methodological approach. With the aim of fi nding as comprehensive of an answer as possible, the structure of the paper needed to follow this so it is divided in two parts even though this was formally not done.