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What board members and executives should know about impact of the Proposed Amendment to the Commercial Code on Personal Liability?

Are you already a board member or executive of a Slovak company or about to become one? If so, you should know about the proposed amendment to the Slovak Commercial Code. The amendment aims to address the so-called “white horses” and “tunneling (asset stripping)” of the companies. The amendment should come into force on 1 January 2018. As … Continue Reading

Draft Regulation of Capital Funds in Slovakia

Recently, the Ministry of Justice of the Slovak Republic (the “Ministry”) published a draft of amendment to the Slovak Commercial Code (the “Draft Amendment”) for public consultation. The Draft Amendment contains numerous substantial changes which we will discuss in series of separate blog posts. This post will look at the provisions relating to capital funds … Continue Reading

The Digitalization of Slovakia

The Central Government Portal The creation of the Central Government Portal (CGP) has signaled the beginning of the digitalization of Slovakia. The CGP is an information system designed to provide users with official electronic communication with public authorities and with centralized and unified access to information resources through a single entry point. Over the course … Continue Reading

Want to Use Public Funds? You Have to Disclose Who Your Ultimate Beneficial Owner Is

If you are or will be doing business with Slovak state, local government, municipality or a legal entity financed or controlled by the state, or you are receiving EU funds, as of February 1, you must be registered in the new Register of Public Sector Partners (the “Register”) and disclose your ultimate beneficial owners (UBO). … Continue Reading

EU Plans Changes in Investor Dispute Settlement Mechanism

The system of investment protection is experiencing radical changes at the level of the European Union (EU). While so far, the protection of foreign investments was guaranteed by bilateral agreements, this is about to change and a unified multilateral system is proposed to be established. How does this initiative influence investor-to-state dispute settlement mechanism (ISDS)? … Continue Reading

New Personal Insolvency Regime in Slovakia

Starting from March 1, 2017, the Slovak personal insolvency regime will change. The new system aims to make personal insolvency available to a wider debtor audience, while keeping it simple and cost efficient. Today, only individuals with assets over €1,659.70 can seek declaration of bankruptcy. Otherwise, the proceedings could be stopped and the doors to … Continue Reading

Immediate Effects of Decisions of the European Commission

Since entry into the European Union in 2004, CEE countries have gradually adapted to the applicability of European Union laws and the European Union’s system of transnational independent institutions – both of which directly or indirectly influence the business environment in individual member states. It is, however, the European Commission’s representation and promotion of the … Continue Reading
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