Slovak Financial Law News 2005

New Act on Bankruptcy and Restructuring

Act No. 7/2005 Coll. on Bankruptcy and Restructuring and on amendment and supplementation of certain acts

Several Directives of the European Parliament and of the Council regulating mainly the reorganisation and winding up of credit institutions, insurance undertakings, further financial collateral arrangements as well as settlement finality in payment and securities settlement systems have been transposed into the Slovak legal system by the Act on Bankruptcy and Restructuring. This Act fully repeals the Act on Bankruptcy and Composition which is currently in force and effect.

• Purpose and Subject of the Act
• Petition for Declaration of Bankruptcy
• Lodging of Claims
• Specification of Some Terms
• Creditors' Meeting and Exchange of the Trustee
• Small-Scale Bankruptcy
• Objectionable Legal Acts
• Assets Subject to Bankruptcy
• Operation of the Business after Declaration of Bankruptcy
• Rights in rem to the Assets in Case of their Transfer against Consideration
• Partial Schedules of Proceeds
• Restructuring
• Discharge of Debts
• Cross-Border Bankruptcies
• Bankruptcy of Financial Institutions