Services

Bankruptcy

One of the legal means to solve the debtor’s insolvency, resulting from his unsuccessful entrepreneurship, is bankruptcy.The main goal of the bankruptcy proceedings is to maximally satisfy the debtor’s creditors from bankrupt’s realized property.

Appointment of trustee

Bankruptcy creditors may, pursuant to conditions prescribed by law, appoint as a trustee any person being on the list of trustees and having his office in a district of the competent bankruptcy court.

Remuneration of trustee

A remuneration of trustee is stipulated by Ministry of Justice of the Slovak Republic Directive No. 655/2005 Coll. implementing particular provisions of Act No. 7/2005 on Bankruptcy and Restructuring and on amendment and supplementation of certain acts and shall be disbursed thereto from the amount remaining out of realization of debtor’s assets.

Debt discharge

A debtor, being a natural person, may under the conditions prescribed by law claim a release from his debts at competent court in a form of so-called debt discharge. An application for debt discharge may be filed by debtor – natural person. A legal person may not claim debt discharge. However, a formal restructuring procedure pursuant to Act No. 7/2005 Coll. on Bankruptcy and restructuring can be an alternative.

Appointment of trustee in debt discharge proceedings

In debt discharge proceedings, the court appoints as the debtor’s trustee a person who acted as the debtor’s bankruptcy trustee.

Remuneration of trustee in debt discharge proceedings

A remuneration of trustee for his performance in debt discharge proceedings is stipulated by Ministry of Justice of the Slovak Republic Directive No. 655/2005 Coll. implementing certain provisions of Act No. 7/2005 on Bankruptcy and Restructuring and on amendment and supplementation of certain acts. The remuneration of trustee shall be disbursed thereto from a sum provided to trustee by debtor at the end of each year of a three-year trial period during the debt discharge process.

Restructuring

Not only institutes such as bankruptcy and debt discharge are designed for removal of adverse consequences arising out of unsuccessful entrepreneurship. Before aforesaid means are used, property relationship between a debtor and his creditors may be settled by restructuring, should the conditions prescribed by law be met.

Appointment of trustee in restructuring

An entrepreneur, concerning about his own formal restructuring pursuant to Act No. 7/2005 Coll. on Bankruptcy and Restructuring, shall have a preference to choose a trustee in restructuring. The court will appoint the trustee who worked out so-called restructuring opinion during the course of restructuring, upon a mandate and a choice of debtor. .

Remuneration of trustee in restructuring

As there is no provision on remuneration of trustee in restructuring, the remuneration is subject to agreement between trustee and entrepreneur, generally depending on a complexity of case in question.

Company liquidation

Should a company close its operation, the liquidation thereof is a precondition of its deletion from the Commerce register of the Slovak Republic.

SKP, k.s. provides its clients with professional services of trustee in the course of liquidation, ranging from ensuring all legal, administrative and economical operations related to company/cooperative liquidation to liquidation balance distribution and deletion of a company/cooperative from the Commerce register of the Slovak Republic.

Services

  • Bankruptcy
  • Debt discharge
  • Restructuring
  • Company and cooperative liquidation