Archive for May 2014
Place of Payment Outside the Creditor’s Disposition – Risk of Unjust Enrichment
In case no. 28 2457/2013, the Supreme Court finally ruled in the infamous case of the Zlín attorney, who embezzled approximately quarter of a billion crowns (CZK 250,000,000). Well-known Zlín attorney, JUDr. M.H.received money from clients into escrow, then slowly embezzled the funds. When clients began to demand their money and distraint proceedings commenced to…
Read MoreHigh Time for Compulsory Amendment of Memoranda of Association to Comply with the Act on Business Corporations
Act No. 90/2012 Coll., on business corporations (hereinafter “ABC”) has been in effect for some time. The final provisions of the Act include an important date for business corporations, namely 30 June 2014. The importance of this date is explained in Section 777 (1) of the ABC, which states that any provisions of Memoranda of…
Read MoreRisks of Loan Repayments Denominated in a Foreign Currency
In its ruling of 30 April 2014 in Case C-26/13, the Court of Justice of the European Union addressed the possible unfairness of the terms of loan agreements denominated in a foreign currency, under which the exchange rate used for the calculation of the amount of the loan differs from that used for loan repayments.…
Read MoreNew legislation on non-contentious court proceeding
In connection with the recodification of substantive civil law, in particular by Act No. 89/2012 Coll., the New Civil Code (hereinafter “NCC“), there has also been an amendment of the civil procedure code. Due to fundamental differences between contentious and non-contentious proceedings, which were jointly governed by Act No. 99/1963 Coll., the Civil Procedure Code…
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