Bankruptcy in Czech Republic – from the perspectives of debtors, creditors, and the judiciary, 2008-2013

Abstract

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.

Predictive Potential and Risks of Selected Bankruptcy Prediction Models in the Slovak Business Environment

“…Usually, traditional statistical methods were used, however in the recent past artificial networks started to be very popular (Bellovary et al 2007). In spite of available data needed for development of bankruptcy prediction models, in Slovakia and Czech Republic the development of bankruptcy prediction models is not very often in the research studies, when comparing with the other states (some research was conducted for example by Mihalovič 2016;Paseková et al 2016). Hence, for the purposes of this paper, we selected four models created in other than Slovak conditions to validate them on the sample of Slovak companies.…”

Failure and Insolvency. A Proposal for Polish Prediction Models

“…The legislator has achieved the basic purpose of the regulation, which was to broaden the scope of protection of economic interests of Polish consumers [Gurgul, Podczaszy 2016] Differentiation of the bankruptcy and bankruptcy process In economic practice, applications for bankruptcy are reported too late [Kopczyński 2016] Presentation of the results of two surveys on the identification of bankruptcy prediction methods used by Polish enterprises Business entities operating in Poland do not use advanced tools to forecast bankruptcy 1 2 3 [Karbownik 2016] To examine the statistical significance of the impact of selected macroeconomic variables on the level of financial risk of enterprises of the TFL sector in Poland Macroeconomic variables should be included in the modelling of financial risk [Boratyńska 2016] Literature review combined with case analysis Evolutionary economics It provides tools for describing bankruptcy processes [Reizinger--Ducsai 2016] Review of bankruptcy risk modelling in the light of Basel II implementation Analysis of public data allows predictions of bankruptcy [Paseková et al 2016] Assessment of the degree of satisfaction of the debtor after the amendment of the Act Empirical studies indicate that the actual level of satisfying the creditor has been exceeded in relation to the minimum level required by law [Sobociński et al 2016] Identification of development trends on the market Probable crisis in the video game industry [Sabuhoro 2016] Comparison of the effectiveness of selected discriminant models and the bankruptcy probability measure in credit risk assessment…”