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.

Related Articles

Croatian govt to acquire four companies part of 3.Maj shipyard.

The Croatian government decided on Thursday, March 21, to take over the ownership of all four companies part of local shipyard 3.Maj after which the privatisation of the parent company will be ... more

Croatias Dukat to make takeover bid for Slovenias Ljubljanske Mlekarne.

Croatian dairy producer Dukat said it intends to place a takeover bid for the 49.7% stake it does not yet own in Slovenian peer Ljubljanske Mlekarne. Dukats current stake of 50.3% in the ... more

Croatia's construction output down 2.1% y/y in Jan 2013.

Croatia's construction output fell 2.1% on the year in January 2013 after dropping an annual 19.9% a month earlier, the statistics office said, quoting unadjusted data. Working-day adjusted data, ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335