Legal
An end to malicious insolvency petitions?
The Senate is currently debating an amendment to the Insolvency Act, aiming, among other things, to introduce the preliminary assessment of insolvency petitions if maliciousness is suspected. The amendment should also limit the influence of…
Into the new year with an amended Civil Code
Two days before the third anniversary of the Civil Code’s effective date, its first overall amendment was published in the Collection of Laws as Act No. 460/2016 Coll. It has brought about some significant changes, the most crucial of which we…
Employees back on supervisory boards
The historically first amendment to the Corporations Act found its way through the legislative process and a day before year-end was promulgated in the Collection of Laws under No. 458/2016 Coll. With it, for some companies, the familiar duty of…
Stricter control over employees’ personal data protection
The legal framework regulating the handling of employees’ personal data is going through significant changes. One of them is the adoption of the EU General Data Protection Regulation (GDPR), substantially changing the rules for the treatment of…
Corporate criminal liability after the amendment
All corporations should take note: on 1 December 2016, the awaited amendment to the Corporate Criminal Liability Act entered into effect. A number of significant changes should not escape the attention of any corporate entity – whether a…
A new IFRS16 Leases standard
The International Accounting Standards Board (IASB) issued a new IFRS16 Leases standard, introducing considerable changes in the method of accounting for leased assets. The new standard will affect a large number of business entities. Even though…
Long awaited amendment to the Corporations Act
Soon, we will mark the third anniversary of the Act on Corporations and Cooperatives (Corporations Act) coming into effect. Since the beginning, its application has been wrought with difficulties due to its inaccuracies and deficiencies. An…
With a lease of business premises you may be taking over the previous tenant’s…
The Supreme Court recently dealt with two similar cases – hospitality entrepreneurs started to operate in leased premises whose former tenants had carried out similar business activities. The new tenants were up for a most unpleasant surprise:…
Another amendment to the new Civil Code and Corporations Act
In late September, a group of deputies submitted to the government a bill partly modifying the yet unamended core regulations of the new private law – the Civil Code and the Act on Corporations. The proposed changes mostly concern unit owners’…
AML rules even stricter
The transposition of the new EU directive on the prevention of the use of the financial system for money laundering or terrorist financing purposes is far from complete. However, the European Commission has already submitted a proposal further…
Stability of insurance companies enhanced?
An amendment to the Act on Insurance implementing, inter alia, the Solvency II Directive into the Czech legal system, was published in the Collection of Laws under No. 304/2016. This legislative change mainly aims to enhance the financial stability…