The Czech judicial system is unprepared to handle such an influx, Richter,
a lawyer in the Prague office of the international firm Clifford Chance,
told the business daily Hospodáské noviny.
Under current law, the debt relief process cannot begin without the
permission of creditors, unless it appears that the debtor will settle at
least 30 per cent of their debt, which can also include crippling interest
and fines.
In October 2016 then justice minister Robert Pelikán (ANO) laid out plans
to amend Czech insolvency law with the aim of allowing more people who
would otherwise declare bankruptcy climb out of debt. The current debt
relief model allows a debtor who pays off at least 30 per cent…
Read the full article at: http://www.radio.cz/en/section/business/co-author-of-czech-insolvency-act-warns-debt-relief-amendments-could-trigger-judicial-system-collapse
