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    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
    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
    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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