Within the scope of the 7. Research Framework Program of the European Union the Economy University of Warsaw applied for the promotion for a scientific project to research the effectivity of insolvency procedures in Europe. The partners of the University Warsaw include the Chair of Prof. Makwoicz, the European University Viadrina Frankfurt (Oder) and the Charles University in Prague.
The subject under study will be the effectiveness of legislative and institutional solutions adopted in three different legal systems (in Poland, Germany and in the Czech Republic) which are aimed at collective debt recovery from an insolvent entrepreneur. The research field will include the assessment of the fulfillment of economic and social goals set forth by the regulation together with a simultaneous research of the regulation enforced burden on economic entities, courts, public institutions and the society.
The research concepts are:
In an economy in turmoil legal regulations must create conditions that make it easier for swift company closure and an effective asset allocation.
- An innovative business requires a legal and institutional surrounding that favors entrepreneurship, which facilitate the restructuring of a company and reentering the market.
- An effective system of financial and individual sanctions towards managers must guarantee both safety of trade and entrepreneurship support.
- The decision to start an insolvency procedure must result from a calculation, in which social and economic benefits from keeping a company running are taken into account on one hand and the socio3economic costs of its closing on the other.
- The integrity of judiciary systems and their institutional compatibility is a condition for uniform implementation of the Second Chance Policy in the European Union.