Time, cost and effectiveness as legal instruments for recovery parameters
Journal Title: Zarządzanie i Finanse - Year 2014, Vol 12, Issue 3
Abstract
The creditor shall have the following possibilities to early recovery of debts: first, there is a possibility to use amicable, non-judicial recovery or judicial recovery – recovery with the use of state coercion. Court vindication may take the form of execution or enforcement of universal – bankruptcy. The choice of execution in the current legal status is left to the creditor. The creditor may also use an alternative method of vindication attractive due to the time and cost of such mediation. The article compares the above described legal instruments of recoveries. The analysis consists of following parameters: the time, cost and effectiveness. Time and costs have an impact on the value of the recovered debt. The effectiveness of the proceedings sets the boundaries of the cost-effectiveness of recoveries. The time factor and recovery costs will affect the company's value creation. The analysis showed low efficiency of the above-mentioned instruments. The cheapest way of vindication is mediation. But it is not used by creditors. The reasons for this lie in inadequate preparation of mediators to participate in the resolution of business disputes and the culture dispute which is dominant in Poland. The article presents the results of judicial practice in the area of insolvency proceedings conducted on a sample of 513 court files under the grant N N112180739 Efficiency of bankruptcy procedures.
Authors and Affiliations
Sylwia Morawska, Przemysław Banasik
Keywords
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