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    Cross Border Restructuring and Insolvency Update - November 2016
    2016-11-25

    Victoria, Samnuggur and Titaghur

    The Scottish Court of Session considers the interaction of Indian insolvency proceedings for three Scottish Companies that had also been placed into Administration in Scotland.

    Background

    The Victoria Jute Company Limited ("Victoria"), The Samnuggur Jute Factory Limited ("Samnuggur") and Titaghur plc ("Titaghur") were all incorporated in Scotland, but had been carrying out their business in India.

    Filed under:
    Czech Republic, United Kingdom, Scotland, Insolvency & Restructuring, Litigation, Ashfords LLP
    Authors:
    Alan Bennett , Olivia Bridger , Rachel Maddocks
    Location:
    Czech Republic, United Kingdom
    Firm:
    Ashfords LLP
    Czech Republic and Poland: Parallel debt in court practice
    2017-02-17

    A syndicated loan involving several lenders requires a plain and transparent security structure that will be easy to enforce if an event of default occurs. For this purpose a security agent is often appointed, who holds all of the established security interests. In these cases a parallel debt is typically created according to which any amounts owed from time to time by any of the borrowers and/or guarantors to the lenders are also owed to the security agent (abstract acknowledgement of debt).

    Filed under:
    Czech Republic, Poland, Banking, Insolvency & Restructuring, Litigation, Noerr PartGmbB
    Authors:
    Barbara Kusak , Dr. Slawomir Morawski
    Location:
    Czech Republic, Poland
    Firm:
    Noerr PartGmbB
    Creditors with secured contingent and future claims will have more certainty, but all creditors in general should be prepared for some limitation of their rights
    2017-02-28

    On 14 February 2017 the President of the Czech Republic signed an extensive amendment to the Insolvency Act. The amendment brings significant changes to a number of aspects pertaining to insolvency proceedings, including security of con­tingent claims (including bank guarantees), the assessment of a company's insolvency and insolvency petitions, and discharge of debts. The amendment, inter alia, seeks to provide better protection against illegitimate insolvency petitions, and to clarify when a firm is actually insolvent.

    Filed under:
    Czech Republic, Insolvency & Restructuring, HAVEL & PARTNERS
    Authors:
    Dušan Sedláček , Petr Sprinz
    Location:
    Czech Republic
    Firm:
    HAVEL & PARTNERS
    Czech Republic - Insolvency Law Changes from 1 July 2017
    2017-03-09

    A significant amendment to the Czech Insolvency Act will take effect on 1 July 2017. It has been stated that the main aim of the amendment is to introduce measures against so called “insolvency mafia” and regulate consultancy services providers in connection with solving personal debts. The amendment brings changes to rules for personal bankruptcies, which are to be solved through a discharge from debts.

    Filed under:
    Czech Republic, Banking, Insolvency & Restructuring, Squire Patton Boggs
    Authors:
    Markéta Lukešová
    Location:
    Czech Republic
    Firm:
    Squire Patton Boggs
    Changes to Czech insolvency law - restriction of the creditors' rights?
    2017-03-31

    On 14 February 2017, the president of the Czech Republic signed a comprehensive amendment to the Czech Insolvency Act which will enter into force on 1 July 2017, and will significantly affect a vast number of insolvency institutions.  

    The purpose of the amendment is to lessen the administrative burden on the courts, protect against unjustified 'frivolous' insolvency petitions (literal Czech translation is bullying petitions), enhance the transparency of insolvency proceedings and regulate the advisors providing services in the area of debt relief. 

    Filed under:
    Czech Republic, Banking, Insolvency & Restructuring, Litigation, Wolf Theiss
    Location:
    Czech Republic
    Firm:
    Wolf Theiss
    Significant amendments to Czech Insolvency Act
    2017-04-21

    The new Amendment on the Czech Insolvency Act (the “Amendment”) will enter into force on 1 July 2017.

    The Amendment introduces a “liquidity gap” test, which will be used when a debtor (entrepreneur) needs to determine whether it is considered insolvent or not. The liquidity gap is the difference between a debtor’s due debts and its readily available funds. A debtor will only be considered insolvent if the liquidity gap is higher than 10% of its overdue debts.

    Filed under:
    Czech Republic, Banking, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Tomáš Matejovský , Pavla Krecková , Monika Mareková , Lukáš Valúšek
    Location:
    Czech Republic
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Nvrh novely insolvencnho zkona
    2016-05-11

    Dne 19. dubna 2016 byl vldou Poslaneck snmovn, jako snmovn tisk c. 785, pedlozen pomrn rozshl nvrh novely insolvencnho zkona. Nvrh krom poslen dohledu nad vkonem funkce insolvencnho sprvce ci regulace subjekt poskytujcch sluzby souvisejc s institutem oddluzen zejmna posiluje ochranu ped sikanznmi insolvencnmi nvrhy.

    Filed under:
    Czech Republic, Insolvency & Restructuring, Weinhold Legal, s.r.o. advokátní kancelá
    Authors:
    Daniel Weinhold , Milan Polák , Martin Lukáš
    Location:
    Czech Republic
    Firm:
    Weinhold Legal, s.r.o. advokátní kancelá
    Cross Border Restructuring and Insolvency Update - May 2016
    2016-05-31

    Short stories

    Amendments to the Czech Insolvency Act 2016

    Filed under:
    Czech Republic, Global, Hungary, India, Arbitration & ADR, Insolvency & Restructuring, Litigation, Ashfords LLP, Bankruptcy, Liquidation
    Authors:
    Alan Bennett , Emma Clayton , Olivia Bridger
    Location:
    Czech Republic, Global, Hungary, India
    Firm:
    Ashfords LLP
    The Issues 2014 - upcoming legal topics in the Czech Republic
    2014-01-24

    I am delighted to present the third edition of The Issues, an annual publication brought to you by our team at CMS Prague. As is tradition, the articles will look at general legislative developments as well as new opportunities and legal issues that you will be facing in the year ahead. We also look at sector specific topics from across industries such as consumer products, energy, financial services, hotels & leisure, lifesciences, real estate and technology, media & telecoms.

    Filed under:
    Czech Republic, European Union, Company & Commercial, Competition & Antitrust, Corporate Finance/M&A, Employment & Labor, Energy & Natural Resources, Healthcare & Life Sciences, Insolvency & Restructuring, Insurance, Internet & Social Media, Leisure & Tourism, Product Regulation & Liability, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP
    Location:
    Czech Republic, European Union
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Czech Republic: new rules for individual's business debt relief
    2014-04-04

    Debt relief procedure

    Filed under:
    Czech Republic, Insolvency & Restructuring, Litigation, Taylor Wessing, Debtor, Debt relief
    Authors:
    Thomas Rechberger
    Location:
    Czech Republic
    Firm:
    Taylor Wessing

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