Amendment of the Insolvency Act fundamentally changes a numerous aspects of the insolvency proceedings, from securing of the conditional receivables (including bank guarantees), through considering of the insolvency of companies and insolvency motions, until the debt reliefs.
Among other things, the changes relate also to the system of assigning of particular cases related to debt relief where the district court principle will be replaced by the similar principle as in case of the bankruptcy proceedings, namely authorization under the regional courts principle. In the view of the scope of changes of the Insolvency Act, we will pay more attention to this topic in the next special edition of the AK-PS Legal News.
Act no. 64/2017 Coll.
With effect from: 1.7.2017