Changes in Czech insolvency law in 2014

Major changes to the Czech Insolvency Act 2008 are due to enter into force on 1 January 2014.

An amendment to the Czech Insolvency Act 2008 was recently adopted by the Czech Parliament. The aim of this amendment is on the one hand a first major review of the Czech Insolvency Act after its coming into force in 2008 and on the other hand the adaption of Czech insolvency law to the major changes in Czech private law. The amendment is supposed to enter into force on 1 January 2014.

The decision on the nomination of an insolvency trustee for a specific insolvency proceeding shall not be made anymore by the chief judge of the pertinent insolvency court considering the complexity of the insolvency proceeding, the professional competence of the insolvency trustee, etc…

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