Slovak Financial Law News 2005

Petition for Declaration of Bankruptcy

The Act expressly stipulates that the debtor that is insolvent is obliged to file a petition for declaration of bankruptcy within 30 days from the date when it has come to the debtor's knowledge or might come to its knowledge during the maintenance of its professional competence that it is insolvent. A creditor is entitled to file a petition for declaration of bankruptcy if the debtor is in delay with the fulfilment of its financial obligation towards the creditor for more than 30 days and at the same time it may be reasonably assumed that this debtor is insolvent. Insolvency of this debtor may be reasonably assumed in case that the debtor is in delay with the fulfilment of at least two financial receivables of at least two creditors that are enforceable or recognized in writing for more than 30 days in spite of the fact that the creditors of these receivables have delivered a written notice to the debtor to pay these receivables.