Vladimír Urbánek (Kurzy.cz)
Personal finance  |  February 27, 2013 15:16:50

The Government will strengthen the rights of the insolvency proceeding, debt relief spouses

The government will discuss changes to the Insolvency Act and insolvency administrators to allow common debt relief and debt relief spouses of self-employed workers.

The amendment responds to the practical experience with the new bankruptcy proceedings brought by public debate. Among other things modifies insolvency, debt relief or individuals and entrepreneurs, where motive is to promote the social purpose from economic, to allow the debtor a fresh start, and motivate them to actively participate in the redemption of its debt to the creditors.

Common discharge spouses

A substantial part of the agenda insolvency courts are cases of discharge of individuals. Increasingly, the debt relief tries entire household, or married. The proposal therefore prepares joint institute insolvency petition their spouses associated with the debt.

The couple will now be able to file a discharge together. The date of receipt of such proposal to the court will have to be married. The joint proposal will include a signed and certified statement of both spouses, it agrees that their property was all for the purpose of approval discharge considered assets in the joint property of spouses. Spouses who file a joint petition for permission to discharge, the discharge for the duration considered one borrower.

Discharge from the self-employed

A debtor (individual or legal person) who is not an entrepreneur and has debts of the business, the insolvency court will be able to propose to solve the debt of its decline.

Debt of the business solution will not prevent the debtor bankrupt the debt if the lender will agree, it will be the creditor's claim has not been met in the insolvency proceedings, or it will be the claim of the secured creditor.

Debtor (entrepreneur) will be able to satisfy creditors' claims during discharge, income achieved business. It provided that at the time of the assessment will not discharge the debts of the business.

The incentives are also proposed changes in the following areas:

  • rotational system for determining insolvency administrators - will help prevent inappropriate building relationships of people of trustees in insolvency proceedings
  • incentives for lenders who are actively involved in the resolution of bankruptcy debtor and creditors clarification of responsibilities in the area of voting rights,
  • definition of concurrence and mutual respect insolvency and enforcement proceedings,
  • claims in insolvency and creditors' position - Guidelines for monetization grant secured creditor whose claim is satisfied by ensuring first in the order
  • mitigate the quantitative criteria for threatened businesses and promote restructuring and small businesses and streamline insolvency proceedings
  • reduce the administrative burden insolvency courts, administrators and parties
  • adaptation to the new terminology Civil Code.

The ambition of the proposal is to streamline the operation of the insolvency proceedings and enhance its transparency. Further encourage debtors and creditors to actively engage in solving insolvency of the debtor active strengthening of the rights of creditors, while preserving the fundamental rights of all parties. Adjustment will have a positive impact on the administrative burden of all those insolvency proceedings.

The proposed bill would take effect on 1 January 2014, with regard to the current effective date of the new Civil Code.

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