Act on Bankruptcy and Composition

(Regulation of the Ministry of Justice of the Slovak Republic No. 398/2001 Coll. amending the Regulation of the Ministry of Justice of the Slovak Republic No. 493/1991 Coll. administering certain provisions of the Act on Bankruptcy and Composition, as amended)

The Regulation administering provisions of the Act on bankruptcy and composition stipulates the position and performance of powers a bankruptcy administrator. The previous amendment to this Regulation (Act No. 389/2001 Coll.) stipulated the maximum amount of consideration of the bankruptcy administrator and his/her deputy at SKK 10 millions.

In connection with this limitation of the amount of consideration of the bankruptcy administrator and his/her deputy, the amendment also stipulates that this limitation applies also to the consideration of bankruptcy administrators and their deputies in commenced proceedings, in which as of 8 October 2001 the investigation trial (in Slovak: prieskumne pojednavanie) has not been completed.

At the same time, the amendment stipulates that advances on the consideration recognised according to the present regulations are not to be returned, even if these advances exceed the maximum amount of the consideration.

The amendment also regulates the legal regime administering selection and appointment of administrators and their deputies after 8 October 2001.

This Regulation is in force from 8 October 2001.

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