19. June 2015

New Registry of Disqualifications/Exclusions since January 2016

With the effectiveness from January 1, 2016 there shall be a new so-called Registry of Disqualifications introduced. According to the new Section 13a of the Commercial Code the court shall be entitled to determine by its decision that (i) during the term specified in such decision or (ii) based on such decision during three years since the legal validity of such decision (hereinafter referred to as the “decision on exclusion”),…

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19. June 2015

Company in crisis (new Sections 67a to 67i of the Commercial Code, effective from January 1, 2016)

As of January 1, 2016 a company will be considered to be in “crisis”, if such company is bankrupt or endangered by bankruptcy. Company is endangered by bankruptcy if its own authorized share capital to obligations ratio is less than 8:100. This ratio will apply for the first time in 2018; until then, these ratios will be used: in 2016 it shall be 4:100 and in 2017 it shall be…

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19. June 2015

Prohibition of repayment

With the effectiveness from July 1, 2015 and from January 1, 2016 the Commercial Code has been amended by the new provisions on the prohibition of contribution repayment to the shareholders. A performance provided without adequate consideration by the company according to a legal act negotiated with shareholder or to his benefit and regardless of the form of an arrangement or its validity will also be considered as a repayment…

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19. June 2015

Resignation of a company body member requires an officially certified signature

As of April 29, 2015 a new regulation has been introduced, governing a resignation of a company body member outside of the company body entitled to decide on appointment and revocation thereof. According to the newly amended provision, in case a company body member resigns from his position outside of that company body, which is entitled to appoint or elect a new member, a resignation has to take a written…

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12. May 2015

Reporting of the Anti-social Activities

As of January 1, 2015 new Act No. 307/2014 Coll. on Certain Measures Related to Reporting the Anti-social Activities (the “Act”) entered into force. The aim of the Act is to improve the detection and disclosure of anti-social activity (also known as a “whistleblowing”) and to enhance prevention therefrom. The Act regulates the conditions for the protection of whistleblowers and rights and obligations related thereto (applies also to an employer)….

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