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A Czech court has ruled that a lender was ineligible to join the insolvent borrower’s creditors’ committee because the share pledges and other security it had taken made it effectively the borrower’s holding company.

Pursuant to current legal regulations, a Czech joint stock company can issue shares as certificated or uncertificated shares. Certificated shares exist only in the book-entry form in the registry of the Securities Centre. Both types of shares may be made out as a registered or bearer share, although certificated bearer shares are expected to be abolished in the near future.