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Long-awaited changes to restructuring rules in Slovakia

Summary

Slovakia, Banking, Insolvency & Restructuring, Taylor Wessing
Effective debt relief rules to be introduced in Slovakia

The Existing System

Despite its introduction to the Slovak legal system in 2006, current laws on debt relief within the framework of bankruptcy of natural persons have not been a viable solution.

Basing the legal institute of debt relief on a two-step procedure:

  • starting with bankruptcy (i.e. liquidation of (all) the debtor’s assets)
  • then followed by a three-year trial period at the end of which the court releases a resolution on the possibility of personal bankruptcy

has in fact hindered debtors from filing.

Slovakia, Insolvency & Restructuring, Litigation, Taylor Wessing, Bankruptcy, Debtor, Debt relief