Author： Schönfelder Bruno
Publisher： Routledge Ltd
ISSN： 1465-3958
Source： Post-Communist Economies, Vol.17, Iss.2, 2005-06, pp. : 173-204
Disclaimer: Any content in publications that violate the sovereignty, the constitution or regulations of the PRC is not accepted or approved by CNPIEC.
Abstract
This article is based on the hypothesis that the development of creditors' remedies and their actual practicability is a good yardstick for progress towards the rule of law. According to this measure Bulgaria achieved little progress throughout much of the 1990s, but this improved significantly after 1997. Legal reforms were only one among several factors driving this progress; among the others were macroeconomic stabilisation, privatisation, the disintegration of trade unions and the ultimate failure of attempts to keep most of the socialist giants alive. Only the recognition of this failure facilitated some crucial reforms; nevertheless these reforms have been too halfhearted to put creditors' rights on a secure footing. In actual fact debtors have remained a very well protected group.
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