Article
October 2023
Origon Recovery Solutions is delighted to have been an official partner to first annual conference "TMA Reštrukturalizačné fórum 2023" (TMA Restructuring Forum), which took place on 10 October at the premises of the Primate's Palace in Bratislava. The event, which focuses on restructuring and insolvency (R&I) in Slovakia, was organised by TMA Slovensko, the Slovak chapter of the Turnaround Management Association.
Special insolvency practitioner Jaroslav Dolný served as moderator of the expert legislative panel and was joined by an outstanding group of panellists.
The first year of the conference welcomed more th an 150 R&I professionals and experts in the field of corporate restructuring and
Article
September 2023
Origon Recovery Solutions partner and special insolvency practitioner Jaroslav Dolný comments on the case of the non-bank company Axe Capital Group in the analytical and investigative show Reportéri, broadcast on September 4, on Jednotka/RTVS (Radio and Television of Slovakia).
Axe Capital Group has supposedly collected up to 50 million euros from people whom it lured with high returns. It is currently in bankruptcy and its clients may never see their invested money again.
The full coverage in the Slovak language is accessible via this link.
Article
June 2023
On June 12, 2023, Jaroslav Dolný, Partner and Special Insolvency Practitioner, was the sole speaker of an online conference organized by the electronic internet daily epravo.sk.
The event entitled "Restructuring vs. preventive restructuring - The last rescue of an entrepreneur?" provided in-depth information related to the most recent legislative changes and answered many practical questions of the conference participants.
Article
June 2023
Slovak bankruptcy legislation has created two separate regimes regarding the declaration of bankruptcy in the case of bankruptcy of a legal entity. For small and medium-sized enterprises, the legislator created the regime of the so-called small bankruptcy, which can be used by entrepreneurs if they meet the legal conditions regarding turnover, amount of assets, liabilities, etc. The two-track system of declaring bankruptcy in the case of legal entities affected, among other things, property sanctions that can be applied against members of the statutory body.
You can read the full article in Slovak at this link.
News
March 2023
Origon Recovery Solutions Partner and special insolvency practitioner Jaroslav Dolný sat on a panel of experts at the "2nd Annual Restructuring Day" event organised by the American Chamber of Commerce in Slovakia (AmCham Slovakia).
Article
January 2023
Governments can interfere with business in a number of ways, most commonly through the regulation of the business environment, which has an effect on the conduct of business. One area that has recently undergone a major legislative change in Slovakia is insolvency law.
Act No. 111/2022 Coll. on Addressing the Likelihood of Insolvency (the “Act on Addressing the Likelihood of Insolvency”) was enacted into Slovak law in March 2022 to transpose the EU Restructuring and Insolvency Directive. The aim of the Directive is to ensure that viable companies and entrepreneurs in financial difficulties have access to effective national preventive restructuring frameworks to enable them to continue to operate and to improve the
Article
February 2023
Resolution of the Supreme Court of the Slovak Republic of 20.8.2020, Case No. 3Obdo 10/2020, R 64/2021 (Intent to act to the detriment of a creditor)
The condition to make legal acts void, as set out in Section 42a(2) of the Slovak Civil Code, is also met if a person that made a voidable legal act with a debtor did not know of the debtor’s intention to defraud its creditor, but should and could have known of such intention given the debtor’s situation and the circumstances in which the legal act was made.
Full article (Slovak) is available at this link.
Article
February 2023
Resolution of the Supreme Court of the Slovak Republic of 25 November 2020, Case No. 3 Obdo 31/2020 (Set-off agreement as a legal act favouring a creditor)
An agreement on the set-off of claims concluded between an insolvent party and its related creditor is also a legal act favouring the creditor as defined in Section 59 of the Bankruptcy and Restructuring Act. This is because, contrary to the principle of the proportional satisfaction of creditors, it extinguishes the claim of the related creditor by setting it off against a counterclaim of the insolvent party, the value of which would otherwise be used to satisfy the unsecured claims held by creditors of the insolvent party on a pro rata basis before the subordinated
