PRACTICE AREA
Insolvency & Restructuring
The ongoing global credit crunch is forcing many companies to carry out rapid restructuring. But this challenging economic climate also creates opportunities for new ventures, streamlining, optimisation and adaptation with a view to post-restructuring prosperity. Our skilled legal experts understand these opportunities and can help you make the most of them.
We are active in numerous complex group restructurings, including insolvency proceedings, involving a wide range of creditors and asset categories. We have also advised a wide range of creditors – from institutions to turnaround specialists – on establishing and protecting their rights in insolvency proceedings and the liquidation of corporate entities.
Insolvency proceedings
PRK can guide clients, both debtors and creditors, through insolvency proceedings. Our expert team includes the co-author of the Insolvency Act and a member of the Expert Committee of the Ministry of Justice for interpretation of the Act. The services we offer include filing insolvency petitions and defending against petitions unrightfully filed against our clients.
Our knowledge of insolvency law means that we can successfully handle insolvency proceedings initiated by debtors, providing support in disputes with creditors or the receiver. We also represent creditors. In particular, we deal with the filing of the creditor's insolvency application and represent creditors if their claims are challenged. We also represent clients at creditor meetings and effectively protect their rights if the receiver includes their property in the debtor's bankruptcy assets or otherwise brings claims in respect of their property. Furthermore, our specialists can protect clients affected by insolvency proceedings indirectly – for example, if the receiver attempts to contest their contracts with the debtor.
Our services cover all phases of insolvency proceedings, bankruptcy, reorganisation and debt discharge.
Restructuring, reorganisation
PRK can assist with both private restructuring and reorganisation as part of insolvency proceedings. With our wealth of experience in corporate acquisitions, we are well placed to offer expert services in the area of corporate restructuring and other forms of optimising corporate processes. We can help prepare plans and restructuring alternatives, whether by amending current agreements and relations or optimising asset and corporate structures. We can also develop a strategy, assist with its implementation and negotiate with creditors and other business partners, working with the authorities where necessary.
Our specialists can prepare pre-pack reorganisation plans and help implement them in the proceedings. We can also help the debtor manage the entire reorganisation process, protect the rights of creditors at creditors' meetings and approve the reorganisation plan. For all types of restructuring, we offer our services to both debtors and creditors.
Liquidation
PRK provides comprehensive services related to the termination of business enterprises, from adopting the necessary corporate resolutions to arranging removal from the Commercial Register. We can, if necessary, appoint one of our lawyers as liquidator, communicate with creditors, prepare all the necessary documentation, disclose and file information as required by law and represent clients in the Commercial Courts. We have many years' experience both in the routine winding up of "sleeping" companies and in complex liquidations involving dealings with creditors and converting material assets into cash.
A strong legal team on your side
References
We act as long-term representatives of the SATPO Group, a leading property developer and real-estate investor.
We negotiated a standstill agreement with banks and other creditors on behalf of an electricity trader in order to restructure and secure debt after a market disruption on the Energy Exchange.
We helped a client acquire four commercial and office buildings in Prague in a distressed sale, during an ongoing execution initiated by the financing bank of the seller.
We represented a client in both insolvency and judicial proceedings in connection with its claims and receivables for payment of rent.
We represented a leading investor in solar energy in connection with a dispute arising from a sales contract and subsequent execution and insolvency proceedings.
