Insolvency and Creditor Rights Systems : Czech Republic

Insolvency and Creditor Rights Systems : Czech Republic

This report assesses the Czech Republic's insolvency and creditor rights systems pursuant to a joint International Monetary Fund-World Bank program to observe compliance with international standards and codes (ROSC) in areas pivotal to a count...

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Bibliographic Details
Main Author:	Johnson, Gordon W.
Format:	Insolvency Assessment (ROSC)
Language:	English en_US
Published:	World Bank: Washington, DC 2013
Subjects:	ACCOUNTING AUCTION LAW BAD DEBTS BANK PRIVATIZATION BANK RESTRUCTURING BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAW BAR ASSOCIATIONS CASE LAW CIVIL LAW CLASSIFIED LOANS COMMERCIAL BANKS COURT DECISIONS COURT PROCEDURES COURTS CREDIT MANAGEMENT CREDIT RISK CREDIT RISK MANAGEMENT CREDITOR CREDITORS DEBT DEBT BURDEN DEBT COLLECTION DEBT EQUITY DEBT EQUITY RATIOS DEBT RECOVERY DEBT RESOLUTION DEBTORS EMERGING MARKETS EMPLOYMENT ENABLING LEGISLATION ENFORCEMENT POWERS FACE VALUE FINANCIAL PERFORMANCE FINANCIAL RESTRUCTURING FORECLOSURE INCOME TAX INDUSTRIAL SECTOR INSOLVENCY INVENTORY JUDGES JUDICIAL PROCEDURES JUSTICE LAWS LAWYERS LEGAL CAPACITY LEGAL FRAMEWORK LEGISLATION LIENS LIQUIDATION PENALTIES PRIVATIZATION PROFESSIONALS PROFITABILITY PROSECUTORS REGULATORY FRAMEWORK REORGANIZATION RETURN ON ASSETS SUBSIDIARIES TAX ADMINISTRATION TAX DEDUCTION UNSECURED DEBT VOUCHER PRIVATIZATION
Online Access:	http://documents.worldbank.org/curated/en/2001/04/6569800/czech-republic-report-observance-standards-codes-rosc-insolvency-creditor-rights-systems-br-czech-republic-report-observance-standards-codes-rosc-insolvency-creditor-rights-systems http://hdl.handle.net/10986/14991

Description
Summary:	This report assesses the Czech Republic's insolvency and creditor rights systems pursuant to a joint International Monetary Fund-World Bank program to observe compliance with international standards and codes (ROSC) in areas pivotal to a country's financial sector stability and market integrity. This particular assessment is based on the World Bank Principles and Guidelines for Effective Insolvency and Creditor Rights Systems (Principles), and reviews compliance in four key areas: (i) creditor rights (including secured transactions) and enforcement procedures; (ii) the legal framework for corporate insolvency; (iii) the regulatory framework to implement the insolvency system, and (iv) the enabling framework for credit risk management and informal corporate workouts. These systems constitute an essential cornerstone of commercial confidence and the bedrock for sound credit management and resolution. The conclusions in this assessment are based on a review of the Bankruptcy and Composition Act, the laws dealing with the creation, registration and enforcement of pledges and security interests (e.g., Commercial Code, Civil Code, Civil Procedure Code, Public Auctions Law, and the Execution Law), and other relevant pieces of legislation.