SLOVAKS unable to pay their debts will be able to declare personal bankruptcy as of next year, the daily SME wrote.
According to Branislav Pospíšil from the Justice Ministry, debtors who are unable to pay their debts for at least 30 days have to report their insolvency to a court.
Personal bankruptcy will prevent that the personal property of the debtor being seized. A court will appoint a bankruptcy trustee who will secure the sale of the property and the sum that is gained from the sale will be distributed proportionally among the individual creditors.
Compiled by Martina Jurinová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
13. Dec 2005 at 13:34