Slovak Financial Law News 2005

Operation of the Business after Declaration of Bankruptcy

Unlike the currently valid legal regulation, the priority is not given to maintaining the operation of the bankrupt's business after the declaration of bankruptcy over the bankrupt's assets. If the costs for the operation of the bankrupt's business exceed revenues on its operation, the trustee shall immediately notify the relevant authority of this fact and shall ask for an instruction whether and to what extent he/she should continue in the operation of the business. The Act regulates new powers as well as obligations of the trustee relating to the operation of the bankrupt's business.