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BUSINESS IN SHORT

Amended bankruptcy law is signed

SLOVAKIA’S law on bankruptcy and business restructuring will change next year as President Ivan Gašparovič signed legislation passed by parliament that had been proposed by Justice Minister Lucia Žitňanská, the ministry announced on its website on October 10.

SLOVAKIA’S law on bankruptcy and business restructuring will change next year as President Ivan Gašparovič signed legislation passed by parliament that had been proposed by Justice Minister Lucia Žitňanská, the ministry announced on its website on October 10.

“Approving the amendment is a positive signal for well-behaved businessmen,” Žitňanská said before the vote in parliament, adding that the law will stop various practices such as an indebted company filing for bankruptcy only after it no longer has property or a company announcing bankruptcy only to make it easier to transfer its assets to another company.

The ministry wrote that the changes will also simplify the entire bankruptcy process and that creditors will be permitted to initiate bankruptcy proceedings at an earlier time if a debtor appears to be insolvent. The law also changes the process of submitting creditors’ claims to the bankruptcy administrator as one application can include more than one claim and creditors will be permitted to submit their claims at any time during a 45-day period.

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