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Czech Bankruptcy Procedures: Ex-post Efficiency View

Ondøej Knot () and Ondrej Vychodil
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Ondøej Knot: Center for Economic Research and Graduate Education-Economics Institute, Prague, Czech Republic,

No 2006/03, Working Papers IES from Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies

Abstract: The paper presents facts on the ex-post efficiency of the Czech bankruptcy procedures. First, it briefly summarizes in what aspects bankruptcy systems differ across countries and introduces the main observations made about the Czech case so far. Second, international data are presented to assess the Czech standings in four aspects of bankruptcies' ex-post efficiency – duration, recovery rate, administrative costs, and continuation/liquidation decision. Third, the paper provides a summary of statistical observations on ex-post efficiency based on data on 903 Czech companies whose bankruptcies were completed during 2004 by the distribution of returns to the claim-holders. In the paper, understanding the ex-post efficiency is meant as an important prerequisite for an analysis from the ex-ante efficiency prospective.

Keywords: bankruptcy; liquidation; ex-post efficiency (search for similar items in EconPapers)
JEL-codes: G33 K39 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2006-01, Revised 2006-01
New Economics Papers: this item is included in nep-eff, nep-law and nep-tra
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