Going bankruptcy (Bankrot)

What

Bankruptcy is the most frequent method of dealing with a debtor’s insolvency.

Good to know

The fundamental legislation that falls upon bankruptcy is available in English on: http://obcanskyzakonik.justice.cz/index.php/home/zakony-a-stanoviska/preklady

Steps

STEP 1: Bankruptcy proceeding only initiate the proposal of creditor or debtor to the competent court.

STEP 2: Submit the application for starting the bankruptcy proceedings.

STEP 3: The bankruptcy proceedings are initiated by the court and with the opening of the insolvency file on the Internet publicly. The court the court decides on bankruptcy.

STEP 4: Court assigns a liquidator who will take control over all assets.

STEP 5: Submitting a restructuration plan controlled by the administrator/liquidator.

Where

Competent court (Czech): http://www.justice.cz/Justice2/Uvod/Soudy.aspx