Effectively as of April 1, 2011 the Constitution CourtGeneral assembly revoked Insolvency Act statute which excludes the right of creditors to deny authenticity, amount and succession of claims during insolvency proceedings. It is expected that creditors will start challenging filed immediately. We will bring further details as soon as the Constitution Court ruling in question is published.
Firm partner Jan Vavřina have successfully passed special insolvency administrator exams. The Firm was hired to represent a group of financing banks in a process of restructuring of a major domestic construction company.
Firm partner David Urbanec delivered an expert legal opinion in Czech Bill of Exchange Law during a hearing in arbitration proceedings conducted under ICC rules.
The Firm was hired to represent a group of financing banks in a process of restructuring of a major domestic engineering company.
Amendment of the real estate tax law cancelled the exemption for taxation of new buildings. As of 2010 all real estate owners are liable to real estate taxes. Effectively from 1/1/2010 the real estate tax rate doubled with an exception of land used for agriculture and forestry. The highest administrative court decided that neither the offence law nor other legal decree states that speeding should be always considered an offence. Administrative authorities are always bound to inspect if the speeding can be considered compromise of public interest.
The Government approved change of interest calculations on late payments. The amount will continue to be based upon repo rates. The interest will be the same for the entire default period. The change will take effect as of July 1st, 2010 and will be applicable for delays generated after this date.