Criminal liability of legal entities
The Government of the Slovak Republic approved a new bill proposal introducing direct criminal liability of legal entities into Slovak law.
The proposal significantly changes the current legal doctrine which recognizes only indirect criminal liability of legal entities. The bill contains an exhaustive list of criminal offences which might be committed by a legal entity, e.g. human trafficking, tax evasion, forgery, or unauthorized handling of waste. The crime would be committed by the legal entity if it were committed by its statutory body or an employee on behalf or in the interest of the legal entity. The criminally liable legal entity might be sentenced to a monetary fine, forfeiture of property, ban on business activities, or even to be winded up.
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Amendment of the Bankruptcy and Restructuring Act
New amendment of the Bankruptcy and Restructuring Act has been adopted introducing essential changes to the restructuring process.
The amendment which has partially come into force as of 29 April 2015 significantly changed the restructuring process in the Slovak Republic. The amendment derogated the “principle of clean slate” which meant the obligations and debts not satisfied in the restructuring process ceased to exist upon its conclusion. Under the new wording of the Bankruptcy and Restructuring Act the obligations not satisfied in the restructuring process survive to certain extend the restructuring process and might be enforced after its conclusion.
Amendment of the Consumer Loans Act – licensing
New amendment of the Consumer Loans Act has been adopted with significant changes to the consumer loans providers. read more
The amendment has come into force as of 1 April 2015 and introduced a requirement of obtaining a license in order to provide consumer loans. Under the previous regime the registration of the consumer loan provider with the National Bank of Slovakia was sufficient. The amendment requires the consumer loans providers to apply for a license and prescribes strict conditions which must be met in order to obtain such license. Requirement to obtain a license applies to all consumer loans providers including the previously registered providers. If you are interested in a more detailed analysis and overview of the amendment and its impact on consumer loans providers, please contact us.
Forbes Business Leaders Club: Business Acquisitions – 10 December 2014
Martin Kluch, partner of our firm will be one of the key speakers at the annual Forbes Business Leades Club with topic Business Acquisitions. read more