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Dr Tomas Richter, Charles University Prague Verification and Contesting of Creditors’ Claims: Constitutional Limits in the Czech Insolvency Code Dr Tomas Richter, Charles University Prague
OVERVIEW Control over the proceedings under the 2006 Act Importance of claims verification / contestation The original rule The Constitutional Court intervention The revised rules
CONTROL OVER THE PROCEEDINGS UNDER THE 2006 ACT Creditors as the decisive constituency Influence over: Type of proceedings Selection of administrator Election of creditors committee, etc. All via voting rights attached to proven claims Risk of tactical behaviour
IMPORTANCE OF CLAIMS VERIFICATION/CONTESTATION Temptation to prove more than the creditor is owed The counter-measure via a „penalty“ payable to the estate (ConCourt review is pending) Temptation to contest other creditors’ claims Countermeasure via not granting the right to contest claims to creditors = THE ORIGINAL RULE
THE CONSTITUTIONAL COURT INTERVENTION In re Bohemia Crystalex Pl. 14/10 of 1 July 2010 A rule completely denying the creditor’s right to contest claims filed by other creditors is unconstitutional given the other modalities of the 2006 Act - it violates the right to fair trial Rule quashed as of 31 March 2011
THE REVISED RULES Bill 233 Reinstates creditors’ right to contest claims, but subject to important checks: No influence over voting rights pertaining to the contested claim Formalised motion, subject to strict time and other requirements Rules on costs + other safeguards Summary
The organisers of the Conference thank the following for their support Conference Sponsor www.buse.de Conference Supporter Academic Forum Sponsor Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili www.cndcec.it www.edwincoe.com
The organisers of the Conference thank the following for their support Conference Sponsor www.buse.de Conference Supporter Academic Forum Sponsor Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili www.cndcec.it www.edwincoe.com
The organisers of the Conference thank the following for their support Conference Sponsor www.buse.de Conference Supporter Academic Forum Sponsor Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili www.cndcec.it www.edwincoe.com
The organisers of the Conference thank the following for their support Conference Sponsor www.buse.de Conference Supporter Academic Forum Sponsor Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili www.cndcec.it www.edwincoe.com