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Slovak Financial Law News 2005
Compared to the existing valid legal regulation, bankruptcy proceedings are not commenced upon the filing of a petition for declaration of bankruptcy, but only after a court resolution on the commencement of bankruptcy proceedings has been issued. The method of lodging claims is also regulated in a different manner, namely the claims are lodged under the new legal regulation not only in the court, but simultaneously also with the trustee. The ordering of review hearings to examine the lodged claims is cancelled. The period when bankruptcy creditors may lodge their claims is shortened; the Act determines a 45-day period for lodging claims starting from the declaration of bankruptcy. The court is no longer obliged to invite a creditor to supplement or correct an incomplete or incorrect Application. The creditor is responsible for inaccuracy of the data stated in its Application. If the trustee rejects the creditor's claim and the court states within the proceedings on
determination of a rejected claim that the creditor was not entitled to the payment of the amount of the lodged claim, or that the creditor was entitled to the payment of the amount below 75 per cent of the lodged amount of the claim, the creditor shall be obliged to pay a penalty in the amount determined by the court in favour of the affected estate, unless the debtor proves that it proceeded in lodging its claims with due care. The same applies in case the court states within the proceedings on determination of a rejected claim that the creditor is not entitled to a lien lodged in its Application, was entitled to a lien in worse order than lodged in its Application, or was entitled to a worse order for satisfaction of its claim from the general estate than lodged in its Application.
Under the new legal regulation, the trustee only can reject the lodged claim within a period of 30 days after expiry of the period for lodging claims. However, the bankrupt or creditor is entitled to propose to the trustee that he/she should reject the lodged claim.
© Chechova & Partners (Bratislava)
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