Hungary adopted a tough new bankruptcy law in late 1991 that took effect on January 1, 1992. It required managers of firms with arrears over 90 days to any creditor to file for either reorganization or liquidation within eight days (the so-called "automatic trigger") and provided a rather sympathetic framework in which to do so. The result: since January 1992, more than 25,000 cases have been filed - far beyond lawmakers' expectations. Both positive...
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INFORMATION
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1995/09/30
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Document de travail de recherche sur les politiques
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WPS1510
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1
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1
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2010/07/01
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Hungary's bankruptcy experience, 1992-93
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number of reorganization cases
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