Introduction
schönherr journal www.schoenherr.eu 02/2017 S cílem harmonizovat a posílit ochranu proti odcizení obchodního tajemství na úrovni EU byla minulý rok přijata Směrnice Evropského parlamentu a Rady (EU) 2016/943 ze dne 8. června 2016 o ochraně nezveřejněného know-how a obchodních informací (obchodního tajemství) před jejich neoprávněným získáním, využitím a zpřístupněním (dále jen „Směrnice“). V návaznosti na zavádění Směrnice do českého právního řádu dozná určitých změn dosud platná právní ochrana obchodního tajemství.
Intensive debate is currently under way in EU bodies on the proposal for a directive that could have a substantial impact on insolvency proceedings and the restructuring process in individual EU Member States. The proposal No. 2016/0359/COD[1] (“Proposal”) submitted by the European Commission envisages, among other things, the establishment of a legal framework governing informal restructuring of corporations’ financial engagement (“Informal Restructuring”).
Welcome to the inaugural edition of 'Going concerns', in which we strive to bring you the latest updates on restructuring and insolvency law. For this issue, we focus on Singapore and provide:
The definition of insolvency is a key element of the insolvency law. It opens the gate for tools that enable creditors to safeguard their rights vis-à-vis their debtors. This week, the Czech Supreme Court published a ground-breaking decision which addresses a crucial aspect of balance-sheet insolvency. Many other issues, however, still remain unresolved.
Definition of insolvency
As in other jurisdictions, the Czech Insolvency Act anticipates two forms of insolvency -- cash-flow insolvency (illiquidity test) and balance-sheet insolvency (over-indebtedness).
Introduction
Regarding M&A deal activity in emerging Europe, 2019 seems to have been a year of mixed sentiments. While both the overall value and volume of M&A deals in the region were down year-on-year, many M&A professionals claim anecdotally that it was a more buoyant year than the previous one. There are also predictions that investment activity in emerging Europe will increase even further in the next 12 months.
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.
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.
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.
Short stories
Amendments to the Czech Insolvency Act 2016