Network of Bankruptcies and Dependencies

As an EU Member and NATO Ally, Czechia Is Not Risk-Free

4 June 2020

Albin Sybera

Visegrad Insight Fellow

Bankruptcies have changed the ownership landscape of the Czech energy industry at a time when the country is poised to enhance its nuclear capacity.

Insolvency laws in Czechia affect nearly one-tenth of the total population. Last year, the Guardian reported on the Czech debt crisis which affects close to a million people. Since then, there has been no measurable change to the situation.

Instead, the current system has helped to create a hitherto uncharted “business” field of the extortion of debts with additional fees and incurred late charges, often at a multiple of the value of the original debt.

Subsequently, private bailiffs have been able to amass fortunes and expand their activities into real estate, hotel or even ski business. This is explained in a video interview by Radek Hábl, founder of the Insolvency Prevention Institute.

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Albin Sybera

Visegrad Insight Fellow

Visegrad Insight Fellow. Albin is a freelance journalist, consultant and a former clerk at the State Environmental Fund of the Czech Republic. Besides Visegrad Insight, his texts can be also found at Britske listy or Balkan Insight.

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