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Bulgaria Report on the Observance of Standards and Codes: Insolvency and Creditor-Debtor Regimes(World Bank, Washington, DC, 2016-06) World Bank GroupThe World Bank Group assessed the insolvency and creditor/debtor regimes (‘ICR’) of Bulgaria pursuant to the joint IMF/World Bank initiative on the observance of standards and codes (‘ROSC’). The assessment has been undertaken on the basis of the ICR Standard. The conclusions in this assessment are based on a review of the legislation, and other regulations and procedures relevant to bankruptcy, restructuring, the creation and enforcement of pledges and other security interests over immovable and movable property, and debt enforcement. The Bulgarian legal framework governing creditor/debtor relationships provides several means for protecting credit and minimizing the risks of non-performance and default. However, the laws and institutions governing security rights over both immovable and movable assets need improvement. The bankruptcy legislation is rather comprehensive but in practice insolvency proceedings are not working effectively. This report tries to contribute to the authorities’ efforts aimed at continuing and further improving the laws and institutions related to credit relationships.
Slovak Republic : Insolvency and Creditor Rights Systems(Washington, DC, 2002-06) World BankThe 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.
Lithuania : Insolvency and Creditor Rights Systems(Washington, DC, 2002-02) World BankThe legal environment in Lithuania to support creditor rights and debt enforcement is reasonably effective, and collateral regimes have been largely centralized and modernized. Consistent with a modern system, security interests may be granted in immoveable and moveable assets, including equipment, inventory, goods, receivables, and future property. In practice, security tends to be restricted to more reliable and liquid assets, such as immovables or fixed assets. Markets for moveable assets remain poorly developed or illiquid. Appeals remain a source of delay, and other procedures could be improved. The insolvency process in Lithuania has been almost exclusively one of liquidation, plagued by delay and procedural obstacles. A new insolvency law was adopted in July 2001, bringing to three the number of insolvency laws currently in effect. At the same time, a new Enterprise Restructuring Law became effective. As of November 2001, only a few cases had been filed under the new law, which a growing consensus of stakeholders consider to be unworkable and unfavorable to creditors. The process may be aided by the developing training guides and programs. Regulation of insolvency remains fragmented and weak, but shows evidence of an evolving structure. Court efficiency is stifled by a lack of specialization among judges, who are overloaded and poorly equipped to deal with bankruptcy cases, especially rehabilitations. The administrators' profession is marked by low standards, over-licensing, inadequate training and skills, and inconsistent performance. While much remains to be done, the national association of bankruptcy administrators is working to improve licensing standards and to strengthen continuing education and training for its members.
Insolvency and Creditor Rights Systems : Czech Republic(World Bank: Washington, DC, 2001-04) Johnson, Gordon W.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.