Bankruptcy and Ways of Bankruptcy Solution in the Czech Republic according to New Legislation

Úpadek dlužníka a způsoby jeho řešení v České republice podle nového insolvenčního zákona

Monika Randáková

Český finanční a účetní časopis, 2008, vol. 2008, issue 4, 80-88

Abstract: The solution of emergent (urgent) crisis of enterprises in the Czech Republic was very discussed and controversial topic in the last few years. Actual discussion among the professionals (mainly lawyers and economists) and the general public ended in adoption of a new legislation based on US Bankruptcy Act amended by experience in application of this act in Germany and Austria. The result of emergent (opened) crises is above all the lower competitiveness, decrease in productivity, decrease in employment, corrupted suppliercustomer relations because of the insolvency. At the beginning of the period, it is mainly secondary/dependable insolvency, which can sooner or later result in primary insolvency and therefore it causes the heavy indebtedness of a company. The insolvency and heavy indebtedness of a company are the exact elementary signs of liquidation and therefore necessary condition for filing of draft for solving the crises by action at the court. If it is found out from objective reasons that the company goes bankrupt, one of the following solutions of this bankruptcy (based on new legislation) has to be chosen - bankruptcy, reorganization or discharge from debts. The aim of this article is to inform about the new regulation of bankruptcy and about possible ways of bankruptcy solution in the Czech Republic.

Keywords: Bankruptcy; Insolvency proceedings; Reorganization; Discharge from debts; Úpadek dlužníka; Insolvenční řízení; Konkurz; Reorganizace; Oddlužení (search for similar items in EconPapers)
JEL-codes: G33 M41 (search for similar items in EconPapers)
Date: 2008
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DOI: 10.18267/j.cfuc.293

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