Insolvency proceeding and liquidation of bankrupt companies are important topics in days of economic slowdown which aff ected all economies a er fi nancial crisis. This paper aims to fi nd main diff erences between insolvency proceedings in the countries of Visegrad four. The main goal is to describe insolvency law in member countries and then to compare it from the poin of view of main actors. This comparison can help to fi nd which changes and ideas could be applied to improve and make more eff ective the Czech insolvency system. The countries of Visegrad four was selected because of their common history and similar economic development. First of all, the legal background of insolvency proceedings which is possible for legal entities in these countries is examined. Then this paper deals with insolvency proceedings from the point of view of their participants -creditors, debtors and insolvency administrator. We have found that insolvency proceedings in these countries are very similar but there is still some inspiration for the Czech insolvency system.
Abstract. Th e article focuses on the impact of the 2008 Insolvency Act in Czech Republic, which introduced new consumer bankruptcy legislation designed to help debtors become free of unpaid debts. Th e survey included 664 insolvency proceedings of individuals started in 2008 and ended by 2013. A situation emerges in which we can for the fi rst time evaluate the level of creditors' satisfaction on the basis of concrete data mined from the insolvency register. Th e aim of article was to identify and compare trends between three key participants of insolvency proceedings -debtors, creditors and judiciary. Th e survey showed a higher initial debt among males, although they were at the same time able to repay a higher percentage of this debt. For creditors, the survey showed that almost a fi fth of receivables are secured, most frequently with real estate. Th e part focused on the court structure identifi ed diff erences in time needed for regional courts to pass the rulings.
The purpose of this contribution is to ascertain the rate of creditors’ satisfaction in debt relief. The aim of the paper is to set an approximation functions which guarantee a value of 100% of satisfaction of creditors’ receivables for a zero rate of debt and asymptotically nears a level of 30% with an increasing rate of debt. There are two methods used in this paper. Method of analysis was used to analyse of collected data on the course of debt relief of natural person. The method of the ordinary least squares method was used for setting the approximation functions. On the basis of a survey, it was found that individual creditors are satisfied to 50% of their ascertained receivables.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.