Hungary's Bankruptcy Experience, 1992-93

Cheryl W Gray, Sabine Schlorke and Miklos Szanyi

The World Bank Economic Review, 1996, vol. 10, issue 3, 425-50

Abstract: Policymakers working on enterprise restructuring should take a close look at Hungary's experience with bankruptcy reform since 1992. This article provides detailed data on a randomly selected stratified sample of actual cases filed in the first two years after the enactment of the law. These data are supplemented with information obtained from interviews with judges, liquidators' and firms involved in the bankruptcy process to give an overall picture of the process in the first two years of its implementation. The bankruptcy process in Hungary has indisputably spurred institution building in the courts, the trustee profession, and the barks. It may also have succeeded broadly in separating viable from unviable firms. The changes in incentives and institutions that are needed to make bankruptcy work in transition economies invariably take time. Hungary's initiative, albeit imperfect, was a bold start toward reform. Copyright 1996 by Oxford University Press.

Date: 1996
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