News archive

Interpretation of sec. 241 (5) (a) of the Insolvency Act – ineffectiveness of acts where a debtor grants (additional) security of its debts A decision of Czech Supreme Court file no. 29 ICdo 13/2012 was published recently which significantly refines the interpretation of so-called preferential acts of debtor which the debtor – being in a state of insolvency – makes in a certain period of time before the initiation of insolvency proceedings. This particular decision relates to provision of Sec. 241 (5) (a) of the Insolvency Act under which a security granted by a debtor in exchange for a duly…

Few days ago a draft no. 107 was submitted to the Parliament containing another from many amendments to Act no. 99/1963 Coll. Civil Proceedings Act and Act no. 120/2001 Coll. Act on Enforcement Proceedings. The purpose of these amendments is to lift the burden of the excessive amount of petty lawsuits (which are initiated only to obtain the reimbursement of legal costs) from the courts, thus putting a stop to a co-caller "receivables business".  The core of the proposed draft is the amendment that the parties shall no longer have a right for reimbursement of the fees for legal representation…

Within a batch of supplementary regulations accompanying the New Civil Code of which we already informed you, a new law was adopted revising the Civil Proceedings Act. This amendment passed in connection to the recodification of the private law brings not only a harmonization of Civil Proceedings Act terminology with the New Civil Code and a detachment of so-called non-dispute proceedings into a separate Act, but also brings changes which are not directly related to the aforementioned recodification. One of such changes which we would like to bring your attention to is reintroducing of 2 different options for enforcement of…

On October 18, 2013 the president signed the Statutory Regulation of the Senate on Amendment of Tax Laws Connected to Rrecodification of Civil Law and the Statutory Regulation of the Senate on Real Estate Acquisition Tax. These new laws shall become effective as of January 1, 2014 and introduce various changes. Hereby we would like to draw your attention to few of these changes: Real Estate Transfer Tax is replaced by Real Estate Acquisition Tax Probate Tax and Gift Tax are to be transferred into the Act on Income Tax which shall result in the incorporation of these transfer taxes…

Our law office has successfully restructured the loan exposure of Sberbank CZ amounting to hundreds of millions CZK towards a leading domestic commercial real estate developer group. The law office has accepted the mandate to implement regulations ensuing from the New Civil Code and to revise the template insurance documentation of the credit insurer KUPEG, the biggest Czech insurer of domestic loan risks.

Our law office has assumed representation of a leading Dutch agriculture producer in a dispute arisen from a delivery of faulty agriculture products. As a part of the continuing implementation of the New Civil Code the law office has initiated revision of template factoring documentation of a leading domestic provider of factoring services - CSOB Factoring.