Am 19. April 2016 hat die Regierung der Abgeordnetenkammer als Parlamentsdrucksache Nr. 785 den recht umfangreichen Entwurf der Novelle des Insolvenzgesetzes vorgelegt. Neben verbesserter Aufsicht ber die Ausbung der Funktion des Insolvenzverwalters oder Regulierung der sich mit Entschuldungsdiensten befassenden Subjekte strkt der Entwurf insbesondere den Schutz vor schikanierenden Insolvenzantrgen.
On 19 April 2016, the Government submitted the Chamber of Deputies with Parliamentary Bulletin No. 785, a rather extensive bill amending the Insolvency Act. In addition to strengthening oversight of insolvency administrator performance or the regulation of entities providing services related to the institute of debt relief, the bill also bolsters available protections against bullying insolvency petitions.
On 23 February, the European Commission (“Commission”) opened an in-depth investigation, to verify whether the measures notified in the context of the restructuring of the Czech national flag carrier Czech Airlines are in line with the EU rescue and restructuring aid guidelines. The measures comprise a loan of CZK 2.5 billion (around €94 million) granted by the State-owned undertaking Osinek under allegedly preferential conditions, its later de-collateralisation and transformation into equity capital and a potential guarantee for the purchase of an airplane.
Following last edition’s article on the insolvency proceedings of the market-leading Czech betting company, we would like to provide an update on the progress of the company’s insolvency proceedings.
In the last week of January, the Czech Government passed an amendment to the Insolvency Act, which was prepared by the Ministry of Justice. The aim of the amendment is to respond to the growing widespread practice of the filing of unjustified insolvency petitions by creditors. The amendment intends to allow courts to reject such petitions.
During the current economic downturn the number of insolvency proceedings in the Czech Republic continuously increases. The insolvency legislation plays a key role in insolvency proceedings. Given the tough conditions on the market, we are witnessing higher numbers of bullying insolvency petitions submitted against debtors.
The Czech Parliament passed an amendment to the Code of Civil Procedure (Act No. 99/1963 Coll., as amended) and the Act on Execution Procedure (Act No. 120/2001 Coll., as amended). Most of the provisions of the new legislation will be effective as of 1 January 2013. The amendment will, among other things, significantly modify the rules on enforcement of claims in the Czech Republic, as it changes some of the existing methods of enforcement under Czech law as well as introducing new ones.
Es war eine immer häufi gere Praxis der Gläubiger, grundlose Insolvenzanträge zu stellen, um einen Konkurrenten vom Konkurrenzkampf zu eliminieren. Auf diese reagiert die Novelle des Insolvenzgesetzes, die am 1. November 2012 in Kraft trat.
A Creditor did not register his claim against a debtor in insolvency proceedings due to missing information concerning the publication of the debtor's bankruptcy in the Insolvency Register. The creditor regularly searched for information regarding the debtor´s potential bankruptcy in the insolvency register and was always informed that a resolution on the debtor´s bankruptcy had not been made.
A Creditor registered his claim into insolvency proceedings against the debtor within 30 days of the publication of the resolution on the debtor's bankruptcy in the insolvency register. The Creditor´s insolvency application regarding the claim was refused by the insolvency court because the resolution on the debtor´s bankruptcy had been previously published in the file of the debtor’s spouse’s insolvency proceedings.