Slovak Republic : Insolvency and Creditor Rights Systems
The assessment team interviewed a cross section of country stakeholders regarding the effectiveness of the legal infrastructure, and its implementation supporting debtor-creditor relationships, corporate insolvency and credit risk management, and r...
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| Format: | Insolvency Assessment (ROSC) |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2002/06/6594041/slovak-republic-report-observance-standards-codes-rosc-insolvency-creditor-rights-systems http://hdl.handle.net/10986/14990 |
| id |
okr-10986-14990 |
|---|---|
| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTABILITY ACCOUNTING ADMINISTRATIVE COSTS AFFILIATE ASSET RECOVERY ASSET STRIPPING ASSET VALUE AUCTION AUCTION LAW AUCTIONS BAD DEBT BAD DEBTS BANKING LAWS BANKING REGULATION BANKING REGULATIONS BANKING SECTOR BANKRUPTCY BANKRUPTCY COURTS BANKRUPTCY LAW BID BOOK VALUE CAPITAL ADEQUACY CLASSIFIED LOANS COMMERCIAL BANKS COMMERCIAL LAW CONSOLIDATION COURT COURT CASE MANAGEMENT CREDIT INSTITUTIONS CREDIT RISK CREDIT RISK MANAGEMENT CREDITOR CREDITORS DEBT DEBT RECOVERY DEBT RESCHEDULING DEBTORS FACTORING FINANCIAL DATA FORECLOSURE FOREIGN INVESTMENT INCOME TAXES INSIDER TRANSACTIONS INSOLVENCY INSOLVENCY LAW INSTITUTIONAL DEVELOPMENT INTERNATIONAL ACCOUNTING STANDARDS JUDGES JUDICIAL CORRUPTION JUDICIAL PROCEDURES JUSTICE LAWS LAWYERS LEGAL FRAMEWORK LEGAL TRAINING LEGISLATION LIENS LIQUIDATION MARKET VALUE MOVABLE PROPERTY NATIONAL BANK OF SLOVAKIA NOMINAL VALUE NONPERFORMING LOANS PENALTIES PORTFOLIO PORTFOLIO MANAGEMENT PROCEDURES PROFESSIONALS PROFITABILITY REGULATORY ENVIRONMENT REGULATORY FRAMEWORK REORGANIZATION RETURN ON ASSETS RETURN ON EQUITY RISK EXPOSURE SECURED CREDITORS SECURITY LAW SUBSIDIARY SWAPS TAX LAWS TAX LIABILITIES TRANSPARENCY UNSECURED DEBT WRITE OFFS |
| spellingShingle |
ACCOUNTABILITY ACCOUNTING ADMINISTRATIVE COSTS AFFILIATE ASSET RECOVERY ASSET STRIPPING ASSET VALUE AUCTION AUCTION LAW AUCTIONS BAD DEBT BAD DEBTS BANKING LAWS BANKING REGULATION BANKING REGULATIONS BANKING SECTOR BANKRUPTCY BANKRUPTCY COURTS BANKRUPTCY LAW BID BOOK VALUE CAPITAL ADEQUACY CLASSIFIED LOANS COMMERCIAL BANKS COMMERCIAL LAW CONSOLIDATION COURT COURT CASE MANAGEMENT CREDIT INSTITUTIONS CREDIT RISK CREDIT RISK MANAGEMENT CREDITOR CREDITORS DEBT DEBT RECOVERY DEBT RESCHEDULING DEBTORS FACTORING FINANCIAL DATA FORECLOSURE FOREIGN INVESTMENT INCOME TAXES INSIDER TRANSACTIONS INSOLVENCY INSOLVENCY LAW INSTITUTIONAL DEVELOPMENT INTERNATIONAL ACCOUNTING STANDARDS JUDGES JUDICIAL CORRUPTION JUDICIAL PROCEDURES JUSTICE LAWS LAWYERS LEGAL FRAMEWORK LEGAL TRAINING LEGISLATION LIENS LIQUIDATION MARKET VALUE MOVABLE PROPERTY NATIONAL BANK OF SLOVAKIA NOMINAL VALUE NONPERFORMING LOANS PENALTIES PORTFOLIO PORTFOLIO MANAGEMENT PROCEDURES PROFESSIONALS PROFITABILITY REGULATORY ENVIRONMENT REGULATORY FRAMEWORK REORGANIZATION RETURN ON ASSETS RETURN ON EQUITY RISK EXPOSURE SECURED CREDITORS SECURITY LAW SUBSIDIARY SWAPS TAX LAWS TAX LIABILITIES TRANSPARENCY UNSECURED DEBT WRITE OFFS World Bank Slovak Republic : Insolvency and Creditor Rights Systems |
| geographic_facet |
Europe and Central Asia Slovak Republic |
| description |
The assessment team interviewed a cross
section of country stakeholders regarding the effectiveness
of the legal infrastructure, and its implementation
supporting debtor-creditor relationships, corporate
insolvency and credit risk management, and resolution
practices, including among others, members of the
Inter-Agency Commission for the preparation of a new
insolvency law, and members of the drafting team for the new
collateral law; and, various professionals serving as
trustees, executors, lawyers and accountants also provided
their input. The conclusions in this assessment are based
largely on the above interviews, a review of applicable
legislation, data and information, various reports prepared
by the Bank between 1999-2001, and other reports or analyses
pertaining to the areas assessed, including the project on
the new collateral legislation, and registration system for
pledges (charges). Some laws unavailable in English at the
time were discussed in a number of meetings with
institutions, and professionals in the public, and private
sectors, and, translations have been requested for
follow-up. In addition, at least three commercial banks
provided responses to a questionnaire pertaining to credit
risk management, and corporate recovery practices with
respect to distressed assets. Policy recommendations on
Creditors' rights and enforcement procedures need
development as follows: rules or legislation on sufficiency
of security/transfer/ownership documents should be
promulgated to remove the discretion of the land registry,
and prevent delay of transactions due to refusals of
district land registry offices to register documents;
auction procedures should be refined to allow for more
realistic minimum bids, more transparent and
corruption-resistant procedures, and less court involvement;
debtor mechanisms for delaying enforcement of their
creditors' rights should be reduced, and in many cases
eliminated. Debtor's rights can be protected through
summary proceedings, in a different forum dedicated to
routine debt enforcement; and, enforcement of first, but not
final judgments should be allowed subject to posting of
appropriate bond. In addition; the Bankruptcy Law should be
further amended to include mandatory deadlines, with
time-bound procedures, to avoid the decimation of asset
value over time. The moratorium on creditor action should be
effective from the time of filing the petition, and the stay
on secured creditors counter-balanced by safeguards to
protect, and preserve the value of a separate
creditors' interest in collateral from deteriorating in
value. Creditors' committee meetings should be convened
within 30 days of petition filing, and creditors'
powers to supervise dealings of the trustee, should be better. |
| format |
Economic & Sector Work :: Insolvency Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Slovak Republic : Insolvency and Creditor Rights Systems |
| title_short |
Slovak Republic : Insolvency and Creditor Rights Systems |
| title_full |
Slovak Republic : Insolvency and Creditor Rights Systems |
| title_fullStr |
Slovak Republic : Insolvency and Creditor Rights Systems |
| title_full_unstemmed |
Slovak Republic : Insolvency and Creditor Rights Systems |
| title_sort |
slovak republic : insolvency and creditor rights systems |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2002/06/6594041/slovak-republic-report-observance-standards-codes-rosc-insolvency-creditor-rights-systems http://hdl.handle.net/10986/14990 |
| _version_ |
1764427567759097856 |
| spelling |
okr-10986-149902021-04-23T14:03:16Z Slovak Republic : Insolvency and Creditor Rights Systems World Bank ACCOUNTABILITY ACCOUNTING ADMINISTRATIVE COSTS AFFILIATE ASSET RECOVERY ASSET STRIPPING ASSET VALUE AUCTION AUCTION LAW AUCTIONS BAD DEBT BAD DEBTS BANKING LAWS BANKING REGULATION BANKING REGULATIONS BANKING SECTOR BANKRUPTCY BANKRUPTCY COURTS BANKRUPTCY LAW BID BOOK VALUE CAPITAL ADEQUACY CLASSIFIED LOANS COMMERCIAL BANKS COMMERCIAL LAW CONSOLIDATION COURT COURT CASE MANAGEMENT CREDIT INSTITUTIONS CREDIT RISK CREDIT RISK MANAGEMENT CREDITOR CREDITORS DEBT DEBT RECOVERY DEBT RESCHEDULING DEBTORS FACTORING FINANCIAL DATA FORECLOSURE FOREIGN INVESTMENT INCOME TAXES INSIDER TRANSACTIONS INSOLVENCY INSOLVENCY LAW INSTITUTIONAL DEVELOPMENT INTERNATIONAL ACCOUNTING STANDARDS JUDGES JUDICIAL CORRUPTION JUDICIAL PROCEDURES JUSTICE LAWS LAWYERS LEGAL FRAMEWORK LEGAL TRAINING LEGISLATION LIENS LIQUIDATION MARKET VALUE MOVABLE PROPERTY NATIONAL BANK OF SLOVAKIA NOMINAL VALUE NONPERFORMING LOANS PENALTIES PORTFOLIO PORTFOLIO MANAGEMENT PROCEDURES PROFESSIONALS PROFITABILITY REGULATORY ENVIRONMENT REGULATORY FRAMEWORK REORGANIZATION RETURN ON ASSETS RETURN ON EQUITY RISK EXPOSURE SECURED CREDITORS SECURITY LAW SUBSIDIARY SWAPS TAX LAWS TAX LIABILITIES TRANSPARENCY UNSECURED DEBT WRITE OFFS The assessment team interviewed a cross section of country stakeholders regarding the effectiveness of the legal infrastructure, and its implementation supporting debtor-creditor relationships, corporate insolvency and credit risk management, and resolution practices, including among others, members of the Inter-Agency Commission for the preparation of a new insolvency law, and members of the drafting team for the new collateral law; and, various professionals serving as trustees, executors, lawyers and accountants also provided their input. The conclusions in this assessment are based largely on the above interviews, a review of applicable legislation, data and information, various reports prepared by the Bank between 1999-2001, and other reports or analyses pertaining to the areas assessed, including the project on the new collateral legislation, and registration system for pledges (charges). Some laws unavailable in English at the time were discussed in a number of meetings with institutions, and professionals in the public, and private sectors, and, translations have been requested for follow-up. In addition, at least three commercial banks provided responses to a questionnaire pertaining to credit risk management, and corporate recovery practices with respect to distressed assets. Policy recommendations on Creditors' rights and enforcement procedures need development as follows: rules or legislation on sufficiency of security/transfer/ownership documents should be promulgated to remove the discretion of the land registry, and prevent delay of transactions due to refusals of district land registry offices to register documents; auction procedures should be refined to allow for more realistic minimum bids, more transparent and corruption-resistant procedures, and less court involvement; debtor mechanisms for delaying enforcement of their creditors' rights should be reduced, and in many cases eliminated. Debtor's rights can be protected through summary proceedings, in a different forum dedicated to routine debt enforcement; and, enforcement of first, but not final judgments should be allowed subject to posting of appropriate bond. In addition; the Bankruptcy Law should be further amended to include mandatory deadlines, with time-bound procedures, to avoid the decimation of asset value over time. The moratorium on creditor action should be effective from the time of filing the petition, and the stay on secured creditors counter-balanced by safeguards to protect, and preserve the value of a separate creditors' interest in collateral from deteriorating in value. Creditors' committee meetings should be convened within 30 days of petition filing, and creditors' powers to supervise dealings of the trustee, should be better. 2013-08-09T21:17:09Z 2013-08-09T21:17:09Z 2002-06 http://documents.worldbank.org/curated/en/2002/06/6594041/slovak-republic-report-observance-standards-codes-rosc-insolvency-creditor-rights-systems http://hdl.handle.net/10986/14990 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Insolvency Assessment (ROSC) Economic & Sector Work Europe and Central Asia Slovak Republic |