Slovak law provides for two particular processes for debtors in financial difficulties: bankruptcy and restructuring. Both proceedings are initiated solely upon the petition (proposal) and are divided into two phases. Bankruptcy is commenced upon the declaration of bankruptcy by the court and is preceded by bankruptcy proceedings (initial phase) where ascertainment of the debtor's property is carried out by a trustee (in the Slovak Republic, the administrator). On the other hand, restructuring is commenced upon its permit by the court and is preceded by restructuring proceedings (initial phase) where the evaluation of all prerequisites is executed by the court.
May 31 2015