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    Liability of the Statutory Bodies From an Insolvency Perspective
    2020-04-09

    With respect to the dynamic course of events regarding COVID-19 – commonly known as the coronavirus – we address the threat of insolvency and related liability of the statutory bodies (Directors) and provide a list of practical mitigating steps

    Filed under:
    European Union, Slovakia, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Coronavirus, European Commission
    Location:
    European Union, Slovakia
    Firm:
    Squire Patton Boggs
    EU Proposals for Harmonisation of Insolvency Practitioners and Judges
    2017-12-04

    Much has already been written about the proposal for the “Second Chance” directive (“Proposal“) published in November 2016 which is still being debated by the EU bodies – and rightly so. Harmonisation of insolvency law across the EU is needed as one in four insolvency proceedings is a cross-border insolvency and creditors need to know what to expect in other EU countries and that the courts and practitioners cooperate in an efficient way.

    Filed under:
    European Union, Slovakia, Insolvency & Restructuring, Litigation, Squire Patton Boggs, UNCITRAL
    Authors:
    Silvia Belovicova
    Location:
    European Union, Slovakia
    Firm:
    Squire Patton Boggs
    Cross Border Restructuring and Insolvency Update - January 2017
    2017-01-27

    ENEFI Energiahatékonysági Nyrt v Directia Generala Regionala a Finantelor Publice Brasov (DGRFP) [2016] All ER (D) 110 (Nov)

    The Court of Justice of the European Union ("ECJ") has handed down a notable judgment in the case of ENEFI Energiahatékonysági Nyrt v Directia Generala Regionala a Finantelor Publice Brasov (DGRFP) [2016] All ER (D) 110 (Nov), ruling that domestic laws governing forfeiture of a claim in insolvency proceedings apply to foreign creditors too.

    Filed under:
    European Union, India, Slovakia, United Kingdom, Insolvency & Restructuring, Litigation, Public, Ashfords LLP, Court of Justice of the European Union, Court of Appeal of England & Wales
    Authors:
    Alan Bennett
    Location:
    European Union, India, Slovakia, United Kingdom
    Firm:
    Ashfords LLP
    Snooze and you lose in Slovakia
    2016-08-10

    A recent decision of the Slovak Courts suggest that if main proceedings have been opened in one member state and the debtor has assets in Slovakia, the insolvency practitioner in the main proceedings must act quickly and sell those assets before secondary proceedings are opened in Slovakia, otherwise he runs the risk of losing the assets to the secondary estate. Legal title to the assets must have passed to the buyer before the secondary proceedings are opened; it is not enough just for contracts to have been exchanged.

    Filed under:
    France, Slovakia, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Debtor, Interest, Liquidation, Liquidator (law), Article 8 ECHR, Trustee
    Authors:
    Silvia Belovicova , Alexandre Le Ninivin
    Location:
    France, Slovakia
    Firm:
    Squire Patton Boggs
    Doing Business in the Slovak Republic
    2016-03-16

    Doing Business in the Slovak Republic 2016 Doing Business in the Slovak Republic 2016 Preface Since gaining its independence in 1993, the Slovak Republic has been adopting new laws at a rapid pace. As a country in transition, its legal system continues to develop. Therefore, the Prague office of Baker & McKenzie and its Slovak counsel Marek & Partners have prepared the document Doing Business in the Slovak Republic as a general guide for any company or individual considering an investment in the Slovak Republic.

    Filed under:
    OECD, Slovakia, Company & Commercial, Employment & Labor, Environment & Climate Change, Insolvency & Restructuring, Real Estate, Tax, Baker McKenzie, Income-Tax Act 1961 (India)
    Location:
    OECD, Slovakia
    Firm:
    Baker McKenzie
    Slovakia introduces ‘company in crisis’ regulation
    2015-12-16

    The new “company in crisis” special regime will become effective on 1 January 2016. It applies to limited liability companies, joint-stock companies and limited partnerships in which the general partner is not an individual.

    A company is deemed to be in crisis when it is insolvent (within the meaning of the Insolvency Act) or at risk of becoming insolvent, which is the case if a company’s equity (registered capital, reserve fund, other capital funds, etc.) to debt ratio is lower than 4/100. This will increase to 6/100 on 1 January 2017 and to 8/100 the year after.

    Filed under:
    Slovakia, Company & Commercial, Insolvency & Restructuring, Kinstellar, Joint-stock company
    Authors:
    Adam Hodon
    Location:
    Slovakia
    Firm:
    Kinstellar
    Effective debt relief rules to be introduced in Slovakia
    2016-07-28

    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.

    Filed under:
    Slovakia, Insolvency & Restructuring, Litigation, Taylor Wessing, Bankruptcy, Debtor, Debt relief
    Authors:
    Radovan Pala , Michal Michálek
    Location:
    Slovakia
    Firm:
    Taylor Wessing
    New Personal Insolvency Regime in Slovakia
    2016-12-16

    Starting from March 1, 2017, the Slovak personal insolvency regime will change. The new system aims to make personal insolvency available to a wider debtor audience, while keeping it simple and cost efficient. Today, only individuals with assets over €1,659.70 can seek declaration of bankruptcy. Otherwise, the proceedings could be stopped and the doors to a “fresh start” closed for “poor” debtors (also called No Income No Asset debtors (NINA)).

    Filed under:
    Slovakia, Banking, Insolvency & Restructuring, Squire Patton Boggs
    Authors:
    Silvia Belovicova
    Location:
    Slovakia
    Firm:
    Squire Patton Boggs
    New Year; New Personal Insolvency Regime for Slovakia
    2017-01-03

    The Slovak personal insolvency regime will change on March 1, 2017. The new system is aimed at opening personal insolvency to a wider debtor audience, while keeping it simple and cost effective. Today, only those individuals with assets over EUR 1,659.70 could seek a declaration of bankruptcy. Otherwise, the proceedings would be stopped and the doors to a “fresh start” would be closed for “poor” debtors (also called No Income No Asset debtors (NINAs)).

    Filed under:
    Slovakia, Banking, Insolvency & Restructuring, Squire Patton Boggs
    Authors:
    Silvia Belovicova
    Location:
    Slovakia
    Firm:
    Squire Patton Boggs
    Long-awaited changes to restructuring rules in Slovakia
    2017-02-01

    Summary

    Filed under:
    Slovakia, Banking, Insolvency & Restructuring, Taylor Wessing
    Authors:
    Radovan Pala , Michal Michálek
    Location:
    Slovakia
    Firm:
    Taylor Wessing

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