Justice ministry says bankruptcies reached over 4,400 in 2000 as more firms went bust

More than 4,400 companies declared bankruptcy in Poland in 2000, 41% more than in 1999, according to data collected by the Justice Ministry. At the same time, ministry officials point out that the number of bankruptcies continues to increase, while the average duration of bankruptcy proceedings is becoming shorter. They attribute the former to an ongoing downward trend in the country’s economy, while the latter they say results from the effectiveness of Article 17 of the bankruptcy law, which places stiff penalties on those who don’t file for bankruptcy in a timely manner, including loss of one’s privilege to carry on economic activities for up to five years and a ban on representing any company in a board member position or upper management. (Prawo i Gospodarka, p.2) M.S.-C.