ARTICLE · 14 FEBRUARY 1996
Czech News - Oct 95 - New Laws and Amendments In Draft
Czech RepublicInsolvency/Bankruptcy/Re-Structuring
Draft Amendment to Bankruptcy Act
The new amendment to the Bankruptcy Act has now been approved by the Government, and it introduces substantial changes in current bankruptcy legislation.
The main objective of the proposed amendments is to speed up the bankruptcy process considerably. Conditions for qualifying for a protective period will be tightened. Also, the powers of the bankruptcy administrator will be strengthened so that failed companies can be rescued instead of simply liquidated.
The amendment is expected to take effect during the first quarter of 1996.
Money-laundering Law
The Cabinet approved a money-laundering law that, if passed by Parliament, will require financial institutions to report transactions of more than Ke 500,000, instead of Ke 100,000 as originally proposed. Penalties for non-compliance range up to Ke 10m. The measure is expected to take effect on April 1, 1996.
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