#96New insolvency register

On 01.08.2023 the amendment to Act No. 309/2023 Coll. on the transformation of commercial companies and cooperatives, as amended, which also amended Act No. 7/2005 Coll. on Bankruptcy and Restructuring, came into force.

The amendment will make it possible to create a new register of preinsolvency, insolvency and liquidation proceedings in order to unify and computerise insolvency proceedings. The new insolvency register will replace the former insolvency register, due to the introduction of a single centralised system which will be linked to the Commercial Gazette, for which reason the publication of data on insolvency proceedings will be replaced by publication in the insolvency register. All data on preinsolvency, insolvency and liquidation proceedings will be registered and published in the new insolvency register as of 01.01.2025.

The new insolvency register will contain information on pre-insolvency, insolvency and liquidation proceedings in one place and will be characterised in particular by transparency. It will also serve to serve, record and publish all necessary information and events.

An important change is the introduction of electronic filing of insolvency petitions only by means of a dedicated form which will have to be signed with a qualified electronic signature. However, insolvency petitions will not be filed via, but a special web portal will be designated for the filing of insolvency petitions, which will send the insolvency petition to the electronic mailbox of the competent court that is to hear the case.

The list of claims will be kept, as before, by the insolvency administrator but in the insolvency register, who will remain responsible for the timeliness and accuracy of the data published in the insolvency register. Meetings of creditors will also be convened electronically via the new insolvency register.

The insolvency register will publish the trustee's reports on the status of claims, in particular reports on the progress of realisation and further planned actions. Accordingly, there will no longer be a need for personal inspection of the file, as all data on claims and insolvency proceedings will be published in the insolvency register.

In conclusion, the most important change is that the data published in the insolvency register will be accessible to public authorities so that it will not be necessary to prove it to the public authorities.

The insolvency register will make a significant contribution to improving the transparency and computerisation of pre-insolvency, insolvency and liquidation proceedings. As it will be a comprehensive electronic system and the data in it will be transparent, which means that it will be easy to work with the data available in this way.