Bankruptcy and restructuring
Law No. 7/2005 Coll. on bankruptcy and restructuring and on amendments to certain acts as amended regulates extensive and highly complicated law branches of bankruptcy, restructuring and discharge of debts.
The complexity of this law was clearly shown in 2015 when the largest Slovak construction companies were restructured and a large number of small and medium-sized creditors lawfully lost their already worked and taxed money.
In our opinion, the complexity of the law and related enforcement of rights of creditors associated with it borders with denegatio iustitiae when for qualified enforcement of these rights during the bankruptcy and restructuring is necessary extensive interdisciplinary legal and economic knowledge and experience acquired in everyday practice in the this area of law.
These practical knowledges are not available for any creditor that is subsequently lost in the complexity of enforcement of their rights, which starts with filing a special formalized application, then followed by the procedural and substantive provisions of specific actions and objections and if the objections are not given at the right time shall be disregarded. If the objections are not used, so the creditor can be by a trustee legally maneuvered to creditor status when his claim will be settled in bankruptcy or restructuring only in single-digit percentage. Consistent enforcement of creditors’ rights can ensure only professionally and practically proficient legal practitioners, while in many cases it is precisely just legal advice to small and medium-sized creditors unavailable.
The law office alianciaadvokátov ak, s.r.o. has an extensive experience in these areas of law where the law office represents the creditors, from small to those in an extremely strong position. One of the firm’s partners is also active trustee. Our law firm can take into account the financial position of small creditors and provide maximum consistent and efficient legal services in order to satisfy clients’ claims as much as possible.