Czech Cabinet approves much-awaited bankruptcy bill

The Czech government has approved a bankruptcy bill that should facilitate bankruptcies and increase creditors' powers. The Czech Republic has long been criticised for its existing bankruptcy legislation with proceedings dragging on for years and creditors in the end receiving only 17 percent of their claims, the lowest percentage in the EU. Bankruptcies in the Czech Republic by far exceed settlement with creditors. Some 4,000 petitions for bankruptcy are filed every year in the Czech Republic, while the cases of settlement number just several dozen.