Under the pretext of helping certain of Váhostav’s unsecured creditors, and in response to related developments, on 23 April 2015 the parliament adopted significant amendments to the Bankruptcy and Restructuring Act (“Bankruptcy Act”) and to the Commercial Code (“Commercial Code”). The amendments have already been dubbed “Lex Váhostav”. Váhostav owes millions of euros to hundreds of unsecured creditors, many of them small and medium-sized companies that are subcontractors of Váhostav in its public procurement contracts with the government. Váhostav first offered an 85% haircut to its unsecured creditors. The subsequent uproar of both the creditors and the general public awakened the authorities.
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