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Lex Covid 2.0: Further emergency amendments to Czech insolvency law

Company: Clifford Chance Prague LLP, organizační složka

In the spring of 2020, Act No. 191/2020 Sb. (also referred to as "Lex Covid") was quite understandably enacted in the form of emergency legislation as an improvised legislative response to the Covid-19 outbreak. Yet the proposal to amend Act, tabled by the Czech government in the Chamber of Deputies as Bill 1060 in late October, gives rise to certain concerns both over its contents and over the fact that the government drafted and tabled the bill without subjecting it to any public consultation, despite having had six months in which to do so. On 10 November 2020, the amendment was passed into law by the Chamber of Deputies – once again in the form of emergency legislation – despite partial objections raised by the Senate.

This publication briefly outlines these amendments, mainly from the perspective of lending and other financial markets.

You can also read the publication in Czech language here

Tags: Law |

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