News archive

News archive

Locus stand to enforce pledged receivables during the insolvency proceedings in the light of Supreme Court decision making practice

Friday, 20 February 2015

Locus stand to enforce pledged receivables during the insolvency proceedings in the light of Supreme Court decision making practiceIn the banking sector, a pledge of client’s receivables towards his business partners is an instrument commonly used by banks to secure their credit exposures. The secured creditor (i.e. the bank) has a right to demand that the debtor of the pledged receivable (i.e. the customer or so-called sub-debtor) pays him the debt as it becomes due and, correspondingly, the sub-debtor is obliged to pay the debt only to the secured creditor. As explained above in line with the obligation of the…

Successful completion of restructuring

Wednesday, 11 February 2015

Successful completion of restructuring In January 2015 we finalized the long-term restructuring of an investment loan provided by our client Sberbank CZ, a.s. for a development project (approx. 100 family houses in Jenštejn near Prague). The project was impacted negatively by the real estate crisis as well as lawsuits initiated by third parties which blocked the transfers of the real estate at the cadaster. Despite continued efforts the inanced real estate was not sold in several tenders organized in cooperation between the bank and the debtor throughout the years, however in the end the bank was able to minimize its…

Security over receivables from issued bank guarantees

Friday, 06 February 2015

Security over receivables from issued bank guarantees On August 26, 2014 the Supreme Court issued a decision which alters fundamentally the doctrine related to the security of receivables from bank guarantees.Besides the specific case of loan financing under Section 41 of the Act no. 182/2006 Coll. “Insolvency Act“ (hereinafter as “IA”), after the initiation of insolvency proceedings it is not possible to obtain a right for satisfaction from a security (collateral) which is a part of the insolvency estate. The courts were in the past inclined to apply the provisions of the IA prohibiting the rise of new security extensively…

Longtime lawsuit ends in victory

Monday, 26 January 2015

Longtime lawsuit ends in victory After many years we have been successful and finalized a lawsuit involving tens of millions of Czech crowns in which we represented the leading local factoring provider, ČSOB Factoring, a.s. In the lawsuit ČSOB Factoring, a.s. opposed a claim which disputed the very foundations of the factoring concept providing a protection against undesirable effects of bankruptcy proceedings. Our client’s victory in this lawsuit (initiated in 2005) was confirmed by the decision of the High Court of Prague.

Indications list for spa rehabilitation treatment care

Wednesday, 07 January 2015

Indications list for spa rehabilitation treatment care The Constitutional Court of the Czech Republic has revoked the Ministry of Health Decree no. 267/2012 Coll., on Setting an Indications List for Spa Rehabilitation Treatment Care for Adults, Children and Adolescents (Indications List) effective as of Dec 31, 2014 which provided time for the government and the Parliament to implement the Indications List into the Act on Public Health Insurance. However, due to various motions of the members of Parliament the hearing of the amendments was taking so long that there was a real threat of the Indication List not being passed…

PF 2015

Monday, 22 December 2014

Dear friends, clients and business partners,This year our law office has decided to send our annual PF’s electronically, kindly see enclosed.The money which would otherwise be spent on the PF’s, postage and other costs, is being donated to charity. This year we chose to donate to the Safety Line Association, which is our partner from 2012. The Safety Line Association helps children and young people in difficult life situations and provides advice for everyday problems and concerns. If you are interested in learning more about this important charity you may access their web-site on www.linkabezpeci.cz We would like to use…