Czech Republic

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The Czech Republic Report: Creditors with secured contingent and future claims have gained more certainty

On 1 July 2017, an extensive amendment to the Insolvency Act shall take effect. The amendment brings several substantial changes to a number of aspects pertaining to insolvency proceedings, including security of future or contingent claims (including ...

Resource Article - twallace@abiwor... - 11/08/2017 - 10:20 - 0 comments - 1 attachment

Czech Republic: Insolvency Act undergoes substantial overhaul

On 1 July 2017, a far-reaching amendment to the Czech Insolvency Act will come into force. This will bring the following changes, among others: (i) Negative assumption of bankruptcy. (ii) Barriers intended to curb what is known as ‘forum shopping’. ...

Resource Article - twallace@abiwor... - 08/30/2017 - 12:45 - 0 comments - 1 attachment

Country Reports Spring 2017

The decision from the Court of Appeal was handed down on 1 March 2017 and has confirmed that if a trust is created by an IVA that trust will continue in the absence of specific terms to bring it to an end. This is despite a debtor having received his cer ...

Resource Article - twallace@abiwor... - 08/14/2017 - 13:37 - 0 comments - 1 attachment

SR - Czech Republic - Frivolous insolvency motions recognised as criminal offence

According to a ruling by the Czech Supreme Court, filing a motion for the initiation of insolvency proceedings on the basis of knowingly false information (i.e., what is known as a “frivolous insolvency motion”) may qualify as a criminal offence – that o ...

Resource Article - twallace@abiwor... - 12/29/2016 - 13:18 - 0 comments - 1 attachment

Czech Central Banker Says Negative Rates May Help End Koruna Cap

below zero from the current 0.05 percent that would make the koruna less attractive, board member Tomas ...

Daily Headline - global.abi.org - 12/08/2016 - 22:12 - 0 comments

Czech Government Approves Loan To Help Miner OKD

The Czech government approved a 700 million crown ($29 million) loan to help keep afloat hard coal miner OKD, an insolvent unit of New World Resources , the prime minister and industry minister said on Wednesday, Reuters reported. OKD, a major employer i ...

Daily Headline - global.abi.org - 07/27/2016 - 21:05 - 0 comments

Czech Corruption Police Investigating Financial Operations at OKD Mining Company

The Czech corruption police investigate the financial management of the OKD black-coal mining company, which was declared insolvent in May and has debts worth billions of crowns, the Czech News Agency has found in the insolvency register. Detectives from ...

Daily Headline - abi_admin - 07/18/2016 - 11:11 - 0 comments

Czech Industry Minister Says NWR's Mining Arm Needs $42 Million Loan To Keep Operating

Czech coal miner OKD, the insolvent unit of New World Resources (NWR), urgently needs a state loan of up to 1 billion crowns ($42.1 million) to keep operating, Industry Minister Jan Mladek said on Wednesday, Reuters reported. Mladek, in a statement, said ...

Daily Headline - global.abi.org - 06/08/2016 - 19:09 - 0 comments

Czech Unions Join Investors To Bid For Insolvent NWR Arm

Czech miners' unions have teamed up with lignite mine owner Pavel Tykac and another investor to make on offer for New World Resources' insolvent mining subsidiary OKD, the unions said on Monday. The unions did not give any details of their offe ...

Daily Headline - global.abi.org - 05/23/2016 - 23:13 - 0 comments

Once Largest Prague IPO, Miner NWR Sees Break Up Prospects

New World Resources Plc, which entered the Prague Stock Exchange eight years ago as the largest Czech equity offering ever, may become the country’s biggest corporate failure in at least a decade, Bloomberg News reported. The mining company, controlled b ...

Daily Headline - global.abi.org - 05/04/2016 - 19:50 - 0 comments

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