Bankruptcy proceeding is a specific type of civil proceeding in which the creditors claim their receivables against the debtor, which is in insolvency.
According to Act No. 7/2005 Coll. on Bankruptcy and Restructuring and on amendments and supplements to some acts (“BRA”) the debtor is in insolvency, if it is cash-flow insolvent or if it suffers from over-indebtedness.more about Bankruptcies
Restructuring proceeding is a specific type of civil proceeding, which under Act No. 7/2005 Coll. on Bankruptcy and Restructuring and on amendments and supplements to some acts may commence only upon application.
Application for authorization of restructuring is entitled to submit debtor or creditor. The debtor is entitled to submit the application for authorization of restructuring, if he commissioned the trustee to prepare the restructuring opinion and the trustee in the restructuring opinion, not older than 30 days, recommended the restructuring.more about Restructuring
Proceeding on debt discharge is a two-stage proceeding, which may follow after termination of the bankruptcy proceeding held on the property of the debtor, who is a natural person.
The result of the bankruptcy proceeding after the monetization of debtor’s property, proceeds from which are usually lower than the amount of determined receivables, is the possibility of the creditors to enforce their unsatisfied claims until the death of the natural person.more about Debt discharge