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Debt discharge

 

 

Debt discharge

  • By the amendment to Act no. 377/2016 Coll. active from 01.03.2017 was into the act no. 7/2005 Coll. on bankruptcy and restructuring the fourth part entitled Debt relief embedded. Any insolvent natural person now has the new right to demant debt relief by bankruptcy or repayment calendar, regardless of whether they have liabilities from business activities. It is an approximation to the Western European and American regulations of the institute of the request for protections from creditors. The condition for filing any of the two solutions for the debtor's insolvency, either a proposal to declare bankruptcy or to determine the repayment schedule, is the existence of enforcement or similar proceedings againts them.

 

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