Number of personal bankruptcies skyrocketing in Slovakia

Amendment to the law has simplified the procedure.

(Source: Sme)

Recent months have brought a record number of personal bankruptcies in Slovakia, with 2,390 people declaring bankruptcy by the end of August. This is 284 percent more than the figure for the whole of 2016, according to the latest analysis published by the consulting company Bisnode on September 21. While 582 people declared personal bankruptcy in 2014, the figure was 692 a year later and rose by almost 200 to stand at 841 in 2016. Nevertheless, this year is a breakthrough. Bisnode connects the increase to an amendment to the bankruptcy law that came into force this March.

SkryťRemove ad
Article continues after video advertisement
SkryťRemove ad
Article continues after video advertisement

“It largely simplified personal bankruptcies,” said Petra Štěpánová, a Bisnode analyst, as cited in the press release. “We ascribe the enormous growth to this change in particular.”

Changes in bankruptcy legislation were aimed at a substantial decrease in costs related to launching the process.

Read also: Hundreds of people want help with personal bankruptcy Read more 

The amendment to the bankruptcy law has been in effect since March 1, 2017. A person can declare personal bankruptcy only once in 10 years. Before the change, those wanting to declare bankruptcy had to own property worth at least €1,650. The amendment has dropped this condition.

Top stories

News digest: Slovakia marks anniversary of Warsaw Pact invasion

Fire consumes vineyards in Bratislava, another tanker with LNG for Slovakia arrives in Croatia and the President's Office wants to lead by example by cutting its energy consumption.


13 h
The photo Bare-chested Man in Front of the Occupier’s Tank is exhibited almost at the same place as where it was taken.

Post-wedding bliss of the author behind the bare-chested man photo lasted only three days

Exhibition of Ladislav Bielik's photos from 1968 shows life in Bratislava before and after the invasion.


18. aug
Lake Kuchajda in Bratislava.

Weekend: At a big party, Vietnamese community will share their culture with Bratislava

A steam train ride, Pride Košice and other tips for this weekend.


17 h
SkryťClose ad