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Creditors’ right to claim damages from directors of insolvent companies

Background

New rules strengthen the position of individual creditors and weaken the concept of insolvency proceedings as a means of final collective satisfaction of creditors. Taylor Wessing in Bratislava, as an advisor to the Ministry of Justice, has been actively involved in the creation of this new regime.

New provisions

Slovakia, Insolvency & Restructuring, Taylor Wessing
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
The 5th edition of the Bankruptcy Deadline Checklist, authored by Norman Pernick and edited by David Dean and Jonathan Grasso, has just been released by the American Bar Association

The Bankruptcy Deadline Checklist is a quick reference guide for those who handle bankruptcy cases including judges, lawyers, paralegals, credit managers, collection agents, professors, law students, and others.

USA, Insolvency & Restructuring, Cole Schotz PC, Bankruptcy, American Bar Association