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Not only is it not just hearsay: In some European countries it's even enshrined in law. For example in Austria, the leader of a company ("gewerberechtlicher Ge
by gyulai 5y ago
Not only is it not just hearsay: In some European countries it's even enshrined in law. For example in Austria, the leader of a company ("gewerberechtlicher Geschäftsführer"), including sole traderships, partnerships, and legal entities, cannot be a person who, within the past X years (can't remember what X is) has been in bankruptcy in any country in the world. The authorities check the relevant Austrian register before giving you a business permit. For a person who has not lived in Austria for that stretch of time, you have to bring proof from the countries you've lived in, that you're not in bankruptcy there either. For some countries, this can be pretty hard to prove, as the relevant registers may simply not exist there. I remember it being a major bureaucratic hurdle when I moved from the U.K. to Austria (being an Austrian native) to start a business there.
- marvin 5y agoNorway even has a special term for someone who has failed in entrepeneurship multiple times -- "bankruptcy jockey". You won't be banned from starting a business from a single bankruptcy, but if it happens multiple times and/or creditors end up losing significant money over it, you can be barred from starting a business for two years. I don't think these rules often directly prohibit a promising entrepeneur from starting a business, but it's pretty obvious that the whole culture provides a strong chilling effect.
- oblio 5y agoI think you're missing my point. I understand being banned from <<starting a new business>> after failing repeatedly. A bit extreme, but ok, it makes sense a bit. But he was saying he was banned from <<getting a bank account>> due to that. It is extremely unlikely that you won't be able to get a simple checking/deposit account at a commercial bank just because you went bankrupt.