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    What board members and executives should know about impact of the Proposed Amendment to the Commercial Code on Personal Liability?
    2017-07-27

    Are you already a board member or executive of a Slovak company or about to become one? If so, you should know about the proposed amendment to the Slovak Commercial Code. The amendment aims to address the so-called “white horses” and “tunneling (asset stripping)” of the companies.

    Filed under:
    Slovakia, Company & Commercial, Insolvency & Restructuring, Squire Patton Boggs, Bankruptcy, Shareholder, Board of directors, Liquidation, Joint-stock company
    Authors:
    Jana Pagácová
    Location:
    Slovakia
    Firm:
    Squire Patton Boggs
    Creditors’ right to claim damages from directors of insolvent companies
    2017-11-01

    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

    Filed under:
    Slovakia, Insolvency & Restructuring, Taylor Wessing
    Authors:
    Radovan Pala , Michal Michálek
    Location:
    Slovakia
    Firm:
    Taylor Wessing
    The end of speculative Mergers and "shadow managers' immunity" in Slovakia.
    2017-12-28

    Do you know the new rules?

    The alarming increase in "speculative mergers" and the increasingly frequent occurrence of strawmen in commercial companies' management structures has long been seen as a major obstacle on the Slovak market. In response, the Ministry of Justice of the Slovak Republic has amended the Commercial Code to support and encourage business in Slovakia.

    Below we summarise the key changes that affect all business entities, not only with respect to mergers, but also in other areas of day-to-day commercial activity in Slovakia.

    Filed under:
    Slovakia, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Bird & Bird LLP
    Authors:
    Katarína Pfeffer
    Location:
    Slovakia
    Firm:
    Bird & Bird LLP
    Stricter and personal liability for executives under Slovak insolvency law
    2018-01-10

    As of 1 January 2018, those who are obliged to file a petition for declaration of bankruptcy of a company will face stricter liability in Slovakia. This could result in them being required to pay a fine/damages and can even result in their disqualification from sitting on boards of Slovak companies.

    Filed under:
    Slovakia, Insolvency & Restructuring, Squire Patton Boggs
    Authors:
    Silvia Belovicova
    Location:
    Slovakia
    Firm:
    Squire Patton Boggs
    Piercing of Corporate Veil and De-facto Directors in Slovakia
    2018-01-26

    The Slovak Ministry of Justice was very busy last year, and the recent amendment to the Commercial Code introduces a number of provisions that are aimed at fixing local malpractice related to mergers and liquidation of companies, use of “straw men” as executives and the impact of bad decisions of shareholders on the local affiliates.

    In a previous post, we covered the topic of increased liability of executives for not filing the petition for bankruptcy. However, the Ministry of Justice did not stop just there.

    Corporate Veil Pierced

    Filed under:
    Slovakia, Company & Commercial, Insolvency & Restructuring, Squire Patton Boggs
    Authors:
    Silvia Belovicova
    Location:
    Slovakia
    Firm:
    Squire Patton Boggs
    A light at the end of the tunnel for the Slovak capital markets
    2014-02-26

    Capital markets are the platform on which buyers and sellers, including both individuals and businesses, buy and sell financial securities, such as stocks, bonds and related debt and equity instruments. Capital markets help channel surplus funds from savers to institutions by facilitating an open, transparent and safe environment in which to trade securities. Capital markets consist of primary markets on which new issues of securities are traded, and secondary markets, on which existing or previously-issued securities are traded.

    Filed under:
    Slovakia, Capital Markets, Insolvency & Restructuring, Insurance, Tax, Barger Prekop sro, Foreign direct investment, Bond (finance), Security (finance), Health insurance
    Location:
    Slovakia
    Firm:
    Barger Prekop sro
    Major amendment of Slovak Commercial Code and Act on Bankruptcy and Restructuring vetoed by the President
    2014-12-02

    Slovakia is getting ready for a major amendment of the Commercial Code, which will also amend the Slovak Act on Bankruptcy and Restructuring. Significant changes are expected in the corporate as well as bankruptcy and restructuring law sector which is underperforming and provides insufficient protection to creditors, despite many previous attempts to improve the regulation of this area.

    Filed under:
    Slovakia, Company & Commercial, Insolvency & Restructuring, Taylor Wessing, Bankruptcy
    Authors:
    Radovan Pala
    Location:
    Slovakia
    Firm:
    Taylor Wessing
    Changes in corporate law resulting from an amendment to the Commercial Code
    2015-11-19

    At the end of April 2015 the National Council of  the Slovak Republic adopted Act No. 87/2015  Coll., which amends and supplements Act No. 513/1991 Coll. Commercial Code, as amended, and also amends and supplements certain acts (the Amendment). The Amendment will significantly affect the content of the corporate law in Slovakia.

    Filed under:
    Slovakia, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Jana Pagácová
    Location:
    Slovakia
    Firm:
    Squire Patton Boggs
    Doing business in the Slovak Republic
    2012-01-02

    Since gaining its independence in 1993, the Slovak Republic has adopted new laws at a rapid pace. As a country in transition, its legal system continues to develop.

    Filed under:
    Slovakia, Capital Markets, Company & Commercial, Competition & Antitrust, Corporate Finance/M&A, Employment & Labor, Environment & Climate Change, Insolvency & Restructuring, Real Estate, Tax, Trade & Customs, Baker McKenzie
    Location:
    Slovakia
    Firm:
    Baker McKenzie
    A new subordination rule entered into force: the role of related party creditors in bankruptcy post amendment to the Slovak Bankruptcy Act
    2012-03-12

    As of January 1, 2012, the Slovak Act on Bankruptcy and Restructuring (Act No. 7/2005 Coll.) has been amended to introduce a statutory subordination of claims of related credi-tors (Section 95(3) of the Slovak Bankruptcy Act). The Amendment affects the ability of creditors to obtain satisfaction from companies in bankruptcy by classifying claims by “related” parties as subordinate to other claims.

    Filed under:
    Slovakia, Insolvency & Restructuring, Schoenherr, Bankruptcy, Debtor
    Authors:
    Gudrun Stangl Lutz , Juraj Steinecker
    Location:
    Slovakia
    Firm:
    Schoenherr

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