Croatia's justice ministry urges for fast bankruptcy of troubled firms.

By bne IntelliNews April 26, 2011
Croatia's justice ministry urged for sped up bankruptcy proceedings for 250 firms, while requests for additional 700 firms are currently being prepared, Poslovni Dnevnik reported, quoting ministry data. The ministry explained the need for these proceedings, saying it aims to prevent accumulation of illiquidity and to remove firms with outstanding liabilities. Quick bankruptcy proceedings will be used for companies with no staff. As at end-February 18,974 firms with no employees and with an aggregate debt of HRK 13.5bn had their accounts blocked by the financial watchdog for over 360 days. They accounted for 73% of all companies with frozen accounts, while their debt stood at 53.8% of the total.
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