Český finanční a účetní časopis 2008(4):80-88 | DOI: 10.18267/j.cfuc.293

Bankruptcy and Ways of Bankruptcy Solution in the Czech Republic according to New Legislation

Monika Randáková
Ing. Monika Randáková, Ph.D. - odborná asistentka; Katedra finančního účetnictví a auditingu, Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3, Česká republika; <randakm@vse.cz>.

The solution of emergent (urgent) crisis of enterprises in the Czech Republic was very discussed and controversial topic in the last few years. Actual discussion among the professionals (mainly lawyers and economists) and the general public ended in adoption of a new legislation based on US Bankruptcy Act amended by experience in application of this act in Germany and Austria. The result of emergent (opened) crises is above all the lower competitiveness, decrease in productivity, decrease in employment, corrupted suppliercustomer relations because of the insolvency. At the beginning of the period, it is mainly secondary/dependable insolvency, which can sooner or later result in primary insolvency and therefore it causes the heavy indebtedness of a company. The insolvency and heavy indebtedness of a company are the exact elementary signs of liquidation and therefore necessary condition for filing of draft for solving the crises by action at the court. If it is found out from objective reasons that the company goes bankrupt, one of the following solutions of this bankruptcy (based on new legislation) has to be chosen - bankruptcy, reorganization or discharge from debts. The aim of this article is to inform about the new regulation of bankruptcy and about possible ways of bankruptcy solution in the Czech Republic.

Keywords: Bankruptcy; Insolvency proceedings; Reorganization; Discharge from debts.
JEL classification: G33, M41

Published: December 1, 2008  Show citation

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Randáková, M. (2008). Bankruptcy and Ways of Bankruptcy Solution in the Czech Republic according to New Legislation. Czech Financial and Accounting Journal, 2008(4), 80-88. doi: 10.18267/j.cfuc.293
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    References

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