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Orsula, David --- "SLOVAKIA" [2019] ELECD 1219; in Kadner Graziano, Thomas; Bojars, Juris; Sajadova, Veronika (eds), "A Guide to Consumer Insolvency Proceedings in Europe" (Edward Elgar Publishing, 2019) 875

Book Title: A Guide to Consumer Insolvency Proceedings in Europe

Editor(s): Kadner Graziano, Thomas; Bojārs, Juris; Sajadova, Veronika

Publisher: Edward Elgar Publishing

Section: Chapter 28

Section Title: SLOVAKIA

Author(s): Oršula, Dávid

Number of pages: 73

Abstract/Description:

The Bankruptcy and Restructuring Act (BRA) entered into force in 2006, permitting natural persons not performing an entrepreneurial activity to access to bankruptcy proceedings. There have been amendments to the BRA since 2006. Three of them have substantially changed the principles and concepts introduced in 2006. These came about in 2012, 2015 and 2017 respectively. The most recent amendment, which came into force on 1 March 2017, significantly changes the personal insolvency regime making it available to so-called no-income, no-asset debtors, while keeping the process smooth and cost-efficient.