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Challenges for a mature insolvency system in a transitional economy: Lessons from Croatia

✍ Scribed by Domagoj Sajter

Publisher: John Wiley and Sons
Year: 2010
Tongue: English
Weight: 163 KB
Volume: 19
Category: Article
ISSN: 1180-0518
DOI: 10.1002/iir.183

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✦ Synopsis

Abstract

Being a post‐communist, central‐eastern economy, Croatia and its insolvency system resembles many transitional countries in the region. In order to achieve a better perspective of the current situation, problems, and their possible solutions, a broad research of the Croatian insolvency system was carried out. Questionnaires were sent out to bankruptcy practitioners, interviews with some of the most experienced experts in the field were performed, and extensive databases have been obtained.

The findings show a high level of tolerance of government institutions towards insolvency, making insolvency procedure in practice non‐compulsory even though the Corporations law (Article 626) proclaims non‐filing as punishable, with the penalties rising up to 2 years of imprisonment. As the data present, filing for bankruptcy does not necessarily have to be expected even in the case of long‐term (over 1 year) insolvency. This tolerance was present long before the recession and the global crisis of the late 2000s began. Copyright © 2010 John Wiley & Sons, Ltd.

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