Restructuring and Crisis Management
In January 1, 2008, entered into force the Act n. 182/2006 Coll. – the Insolvency Act – containing new regulation of the legal relations formerly qualified under the Act n. 328/1991 Coll. – Bankruptcy and Composition Act – this means such legal relations that occur in the situation when a debtor is unable to pay his debts to major number of creditors.
Compared with the former Bankruptcy and Composition Act the new Insolvency Act offers significantly more alternatives of the insolvency resolution; of importance is above all the possibility to draft and implement a reorganization of the undertakings of the debtor.
The new Insolvency Act accentuates an active approach of both debtor and creditors to the resolution of the particular insolvency situation. This emphasis on an active approach is reflected above all in setting of short and irremissible time-limits within the framework of the insolvency proceeding, of clear provisions about the liability of the debtor to its creditors for any losses or damages incurred by them due to untimely submission of the insolvency proposal, etc. Under such circumstances it is inevitable for the both the debtor and the creditors to actively search for solution of any critical situation in anticipation – i.s. before the debtor enters in an insolvency situation.
EEIP has a long-term experience with management in crisis and insolvency (i.e. is able to deliver to creditors, debtors and insolvency trustees rapid and efficient consultancy services in case of potential or actual insolvency – both during restructuring and bankruptcy).
Associate Director
tel: +420 224 232 754
fax: +420 224 238 738
jana.chvalkovska@eeip.cz