Personal Bankruptcy Regulations in Central and Eastern Europe

Abstract

Countries from Central and Eastern Europe are in different stages of development andimplementation of personal bankruptcy legislation. Austria has regulations comparable to those inWestern Europe, while the Czech Republic and Poland have recently developed regulationsregarding the bankruptcy of individuals. The solutions identified in countries that have followed asimilar path, namely the abandonment of a centrally planned economy and transition to afunctioning market economy, which consequently led to the problem of individual bankruptcy, canalso be applied selectively in Romania in the next period.

Keywords

• personal bankruptcy
• judicial procedure
• amicable settlement
• recovery plan