A Positive Review Of Czech Insolvency Laws

Physics blogger Lubos Motl recounts his positive experience with the Czech Republic’s bankruptcy system for insolvent non-bank financial institutions and the Czech equivalent of the FDIC, after a credit union he invested in went under, probably due to fraud.

FWIW, I don’t agree with his analogy of this situation to the Greek government’s current financial crisis, which would imply quite extreme measures, even though some sort of institutional way for handling insolvencies of countries, dependencies and U.S. states (Puerto Rico is also in deep financial trouble, for example), similar to Chapter 9 of the United States bankruptcy code (for municipal bankruptcies), might be a good idea.

from Wash Park Prophet http://ift.tt/1LT9JR9
via Denver News

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