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(Judgement of the Supreme Court of the Slovak Republic dated 23 April 2002, file No. 4 Obo 19/2002, published in the Collection of Opinions of the Supreme Court and Decisions of Courts of the Slovak Republic No. 6/2002)
The debtor is insolvent if he has more creditors and has been unable to fulfil his financial obligations for 30 days after the maturity period (in the wording of the Act effective prior to 1 February 2001 it was ``for a longer period of time''). The debtor is insolvent also in case he is overburdened with debt.
Both cases represent the objective status and in the process of examination whether conditions for declaring bankruptcy are satisfied, the reason and manner in which the debtor became insolvent are of no relevance. Therefore, it is not decisive whether the insolvency is a consequence of the activity of the debtor originating from the management of his business affairs, whether it is a result of more or less objective events (situation on the market), or whether the activities of third parties led to the insolvency which may also rested in illegal action.
© Cechová & Partners (Bratislava)
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