Slovakia: New rules governing the liquiditation of companies are intended to offer more protection for creditors

On 1 October 2020, a new amendment to the Commercial Code and related laws became effective in Slovakia, introducing, among other things, several important changes concerning the liquidation of companies. The changes arguably approximate, to an extent, the legal regime of liquidation with that of insolvency, with the aim of affording more protection to creditors.

As a result, the process of liquidation is becoming more structured, longer and more costly and perhaps will act as a disincentive to liquidate for speculative reasons.

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