Naslov
Death or Survival. Post Communist Bankruptcy Law in Action. A Survey

Autori
Schoenfelder, Bruno

Izvornik
Technical University Berakademie Freiberg-Freiberg Working Papers (0949-9970) 1 (2003), 1; 1-19

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
trustee; execution; fraudulent conveyance; reorganization; going concern sale

Sažetak
The paper discusses some major lessons to be learnt from the application of bankruptcy law in a post-communist environment. Its focus is on East Central Europe because elsewhere bankruptcy law is of rather limited practical relevance. The incentives and the selection of trustees turn out to be key issues if the loss of value typically occuring during bankruptcy procedures is to be contained within reasonable limits. Reorganization is a realistic option only if management has sufficient incentives to file bankruptcy in time. Post-communist legislation has tried to achieve this mostly by threat of punishment. This approach has proved inefficient. The paper also criticizes the tendency of post-communist legislation to deemphasize individual remedies against defaulting debtors.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA