Fears over bankruptcy wave disappear

Slovakia registered only 301 bankruptcies during the first half of this year after 638 in 2000, quieting fears of a wave of business failures following an amendment to the Bankruptcy Law last year.

The amendment ostensibly cuts down on the time taken for bankruptcies and gives creditors more powers in bankruptcy procedures.

Institutions such as the World Bank and IMF had criticised the length of time taken for bankruptcies to go through courts before the amendment was introduced.

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