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DUNOVSKÁ and PARTNERS has been recommended by the 2015 edition of the Legal 500 DUNOVSKÁ and PARTNERS has been (as in last years) recommended by the 2015 edition of the Legal 500 for Europe, Middle East & Africa as one of the leading law firms in the Czech Republic for the area of practice in respect of banking, finance and capital markets, with specific mentions for David Urbanec as recommended lawyer.

A member of our Firm appointed to the office of the Remonstrance Committee of the Ministry of FinanceOur junior associate, Mgr. Aleš Hradil, was in February 2015 appointed to the Remonstrance Committee of the Ministry of Finance. The Committee deals with appeals against decisions on pleas of bias decided by order of the Minister of Finance.Remonstrance Committee is an advisory body to the central government body. Remonstrance Committee proposes to the Minister how to decide in the remonstrance proceeding. Members of the Remonstrance Committee are appointed by the head of the central government body and the majority of members of…

Translations of Civil Code, Business Corporations Act and Act on Private International LawThe Ministry of Justice published four-language translations of the Civil Code, Business Corporations Act and the Act on Private International Law into English, German, French and Russian language. Translations can be found at http://obcanskyzakonik.justice.cz/preklady/

Deadline to register a claim acquired by assignment in insolvencyAt the end of 2014, the Supreme Court issued a decision No. 29 NSČR 126/2014 dealing with the issue of claims acquired by a foreign creditor by assignment and with registration of such claims in insolvency proceedings.The case related to an assignee with registered office in a member state of the EU who did not notify the debtor (insolvency trustee of the debtor) of the assignment before the lapse of the period set out by law to register claims in insolvency. The court dealt with two specific issues:(a) whether later (after…

Authorization to reduce VAT by amounts corresponding with claims against the debtors in bankruptcyAt the end of 2014, the Supreme Administrative Court issued Decision No. 9 Afs 170/2014 - 47, which dealt with the permission of creditors to reduce the value added tax on output by amounts corresponding with outstanding claims against the debtors in bankruptcy.According to § 44 para. 1 of Act no. 235/2004 Coll., On Value Added Tax, the taxpayer, who was, during the taxable event against another taxpayer, obliged to pay tax and whose claims had arisen six months before the bankruptcy decision at the latest and…

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…