Development in the Insolvency Procedure in the Czech Republic

Libuše Svobodová

Ekonomika a Management, 2013, vol. 2013, issue 1, 44-55

Abstract: Insolvency is in the Czech Republic daily problem of large numbers of people. In their midst there are debtors, creditors, bankruptcy trustees or insolvency courts employees. Numbers of insolvency proposals are rising mainly due to a higher number of individuals - non-entrepreneurs who are looking for a way to pay off their debts. The deterioration of the solvency occurred due to the economic crisis and due to low financial literacy. The bankruptcy is a very complicated process of correction. The moment the entrepreneur gets into financial trouble, which causes inability to meet its commitments and further pursue their goals, says he lost his solvency. Other businesses are protected against these companies by Act No. 186/2006 Coll., Bankruptcy and Settlement (the Insolvency Act). Entity law itself provides a means of resolving insolvency or impending insolvency. In this article we will focus on household debt, year on year comparison of proposals for insolvency proposals and the number of resolved cases from 1992 to 2012 on the site of administration of insolvency proposals and selected results of studies of Doing Business.

Keywords: insolvency; insolvence; Bankruptcy proposals; Debt Relief; Konkurzní návrh; Oddlužení (search for similar items in EconPapers)
JEL-codes: G30 (search for similar items in EconPapers)
Date: 2013
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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