Libor Basl



Insolvency law in the Czech Republic has recently been subject to significant changes in relation to a major amendment (“Amendment”) to Act No. 182/2006 Coll., on Bankruptcy and Settlement (Insolvency Act), as amended (“Insolvency Act”). The Amendment became effective on 1 July 2017 and is broadly perceived as one of the most important developments in Czech insolvency law in several years. Some old rules have been amended while some new have been added, one of the most significant changes being an introduction of the so-called “coverage gap” principle.