Institut stečajnog plana i predstečajne nagodbe u hrvatskom pravu u kontekstu regionalnog i međunarodnog razvoja

croatian

2013

volume 39, issue 2

IUS SOFTWARE d.o.o.
(Obvezni izvod spletne publikacije)

Many corporations in Croatia have years of losses, huge liabilities, often with negative equities, without specializations and with excess employees. Such business entities have survived due to soft budgetary restrictions or state subsidies and reduction of capital. The financial crisis has underlined the need for a radical bankruptcy legislation reform. The Government of the Republic of Croatia adopted the Financial Operations and Plan on Financial Reorganization Act at the end of 2012 and launched a comprehensive program of bankruptcy procedures reform. The state is motivated by the accumulation of overdue liabilities between corporations and the negative impact of shell companies to prepare reforms designed to improve the functioning of the courts and to speed up bankruptcy procedures. Amendments to several laws have played an important role in speeding up the reorganization procedures, such as Company Act, Takeovers Act, Banking Act, Enforcement and Securing of Civil Claims Act, The Management of State Assets Act, Courts Act and Civil Procedure Act. The amendments have largely been already harmonized with the EU directives. Such modernized legal framework enables the liberalization of infrastructure environment in which the business entities operate, improves their performance and accelerates the privatization of public enterprises. Since legal reforms have yet to be materialized into (more) efficient bankruptcy procedure the question remains if this is enough.

18.01.2017