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Hungary's Bankruptcy Experience, 1992-93

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  • Gray, Cheryl W
  • Schlorke, Sabine
  • Szanyi, Miklos

Abstract

Policymakers working on enterprise restructuring should take a close look at Hungary's experience with bankruptcy reform since 1992. This article provides detailed data on a randomly selected stratified sample of actual cases filed in the first two years after the enactment of the law. These data are supplemented with information obtained from interviews with judges, liquidators' and firms involved in the bankruptcy process to give an overall picture of the process in the first two years of its implementation. The bankruptcy process in Hungary has indisputably spurred institution building in the courts, the trustee profession, and the barks. It may also have succeeded broadly in separating viable from unviable firms. The changes in incentives and institutions that are needed to make bankruptcy work in transition economies invariably take time. Hungary's initiative, albeit imperfect, was a bold start toward reform. Copyright 1996 by Oxford University Press.

Suggested Citation

  • Gray, Cheryl W & Schlorke, Sabine & Szanyi, Miklos, 1996. "Hungary's Bankruptcy Experience, 1992-93," The World Bank Economic Review, World Bank, vol. 10(3), pages 425-450, September.
    • Handle: RePEc:oup:wbecrv:v:10:y:1996:i:3:p:425-50
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    Cited by:

    1. Buch, Claudia M. & Heinrich, Ralph P. & Spinanger, Dean & Brücker, Herbert & Engerer, Hella & Lodahl, Maria & Schrettl, Wolfram & Schrooten, Mechthild & Gabrisch, Hubert & Linne, Thomas & Sigmund, Pet, 1997. "Die wirtschaftliche Lage Rußlands: Wirtschaftspolitik muß jetzt endlich Wachstumserfolge vorweisen. Elfter Bericht," Kiel Discussion Papers 308, Kiel Institute for the World Economy (IfW Kiel).
    2. Schaffer, Mark E., 1998. "Do Firms in Transition Economies Have Soft Budget Constraints? A Reconsideration of Concepts and Evidence," Journal of Comparative Economics, Elsevier, vol. 26(1), pages 80-103, March.
    3. Miklos Szanyi, 2001. "Life after death : Is it efficient to reallocate the assets of financially distressed firms? Result of an empirical survey," IWE Working Papers 120, Institute for World Economics - Centre for Economic and Regional Studies.
    4. Nivorozhkin, Eugene, 2004. "Financing choices of firms in EU accession countiries," BOFIT Discussion Papers 6/2004, Bank of Finland Institute for Emerging Economies (BOFIT).
    5. Miklos Szanyi, 2002. "Bankruptcy regulations, policy credibility and asset transfers in Hungary," IWE Working Papers 130, Institute for World Economics - Centre for Economic and Regional Studies.
    6. Robbie Mochrie, 2000. "An Appraisal of Debt Relief for Poor Countries," CERT Discussion Papers 0005, Centre for Economic Reform and Transformation, Heriot Watt University.
    7. Miklos Szanyi, 2002. "Spillover effects and business linkages of foreign-owned firms in Hungary," IWE Working Papers 126, Institute for World Economics - Centre for Economic and Regional Studies.

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