Country reports from the Czech Republic and Germany by Petr Sprinz, Jiří Rahm, Michael Thierhoff and Axel Roth

The Czech Republic: In January, an amendment to the Bond Act came into effect. The amendment prepared by the Czech Ministry of Finance comprises new rules governing secured bonds as well as the introduction of a security agent in connection with bonds.

German ESUG: In 2012 the German legislator enacted a landmark reform of the German Insolvency Code aiming at three main goals...

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Debt relief under the amended Czech Insolvency Act

On 1 June 2017, a significant and extensive amendment to the Czech Insolvency Act came into force which brought, among other things, changes to debt relief as a means of resolving insolvency. The Insolvency Act in its previous manifestation determined that a debtor’s debt due to business operations does not prevent the resolution of the debtor’s bankruptcy by debt relief providing that the creditors of the corresponding receivables give their consent.
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Country report from the Netherlands

The Dutch Minister’s announcement of a multi-disciplinary approach to combat bankruptcy fraud has lead to a legislative programme that went into force last year, wherein the duty of the trustee is extended to combat bankruptcy fraud.
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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 certificate of discharge and confirmation that he has no liability to IVA creditors.
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Article from INSOL Europe (18 - 24 April 2016) GlobalINSOLvency Editorial Board

The Czech Supreme Court recently issued two decisions having a significant impact on the position of secured creditors (i.e. generally financial institutions) within insolvency proceedings. Both decisions stem from one of the first major insolvencies conducted under the (then new) Czech Insolvency Act effective from 2008, in respect of a group of companies in a glass-making business. This article briefly reviews those decisions and points out their practical effects on the rights of secured creditors.
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