Category

Czech Republic

Category

As the 2019 Novel Coronavirus (COVID-19) continues to spread across the world, and governments and health authorities work tirelessly to defeat it, major economies are experiencing mounting pressure as consumer spending, production and investment are drastically curtailed due to virus-related risks.We recognize that many of our clients are also facing significant and urgent business impact and legal challenges.Our Baker McKenzie teams across the world are working with clients, regulators and various authorities to produce a…

Introduction

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.