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Czech Bankruptcy Procedures: Ex-post Efficiency View

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Abstract

The paper presents facts on the ex-post efficiency of the Czech bankruptcy procedures. First, it briefly summarizes in what aspects bankruptcy systems differ across countries and introduces the main observations made about the Czech case so far. Second, international data are presented to assess the Czech standings in four aspects of bankruptcies' ex-post efficiency – duration, recovery rate, administrative costs, and continuation/liquidation decision. Third, the paper provides a summary of statistical observations on ex-post efficiency based on data on 903 Czech companies whose bankruptcies were completed during 2004 by the distribution of returns to the claim-holders. In the paper, understanding the ex-post efficiency is meant as an important prerequisite for an analysis from the ex-ante efficiency prospective.

Suggested Citation

  • Ondøej Knot & Ondøej Vychodil, 2006. "Czech Bankruptcy Procedures: Ex-post Efficiency View," Working Papers IES 2006/03, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jan 2006.
    • Handle: RePEc:fau:wpaper:wp2006_03
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    Cited by:

    1. Jaka Cepec & Peter Grajzl & Katarina Zajc, 2016. "Debt Recovery in Firm Liquidations: Do Liquidation Trustees Matter?," Quaderni del Dipartimento di Economia, Finanza e Statistica 24/2016, Università di Perugia, Dipartimento Economia.
    2. Karel Janda, 2009. "Bankruptcies With Soft Budget Constraint," Manchester School, University of Manchester, vol. 77(4), pages 430-460, July.
    3. Jaka Cepec & Peter Grajzl & Katarina Zajc, 2016. "Debt Recovery in Firm Liquidations: Do Liquidation Trustees Matter?," CESifo Working Paper Series 6034, CESifo.
    4. Janda, Karel & Rakicova, Anna, 2014. "Corporate Bankruptcies in Czech Republic, Slovakia, Croatia and Serbia," MPRA Paper 54109, University Library of Munich, Germany.

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    More about this item

    Keywords

    bankruptcy; liquidation; ex-post efficiency;
    All these keywords.

    JEL classification:

    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • K39 - Law and Economics - - Other Substantive Areas of Law - - - Other

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