authorities have been distributed over creditors, depositors, owners and the population at large in transition and emerging … economies, this paper explores a number of regulatory reforms that would alter the balance between seeking to avoid insolvency … and lowering the costs of insolvency should it occur. In particular it considers whether a lex specialis for dealing with …

, significant new legislation was passed that increased supervisory powers of financial market regulators and reformed bankruptcy … procedures, significantly decreasing the protection of creditors. We show that the introduction of these new laws resulted in …

appreciation, apart from rental income, is derived from house ownership. <p> The two last papers deal with bankruptcy forecasting …