Tomáš Rada
Author’s affiliation: DRV Legal

The liability of statutory bodies for a deficit of a bankrupt corporation after the Business Corporations Act Amendment

Jurisprudence 5/2020 Section: Articles Page: 43-47

Keywords: action to complement liabilities, deficit, bankruptcy, liability, court of cassation, clawback, insolvency, insolvency trustee, statutory body, incidence proceedings, BCA Amendment, Act No. 33/2020 Coll., business corporation, liability

Abstract: The article focuses on the new legal institute embedded in Act No. 33/2020 Coll. amending Act No. 90/2012 Coll., on Business Corporations and Cooperatives (Business Corporations Act), in the wording of Act No. 458/2016 Coll., and other associated acts (“BCA Amendment”) with effect from 1 January 2021. The institute is the insolvency trustee’s action lodged against the statutory body members to settle the difference between the sum of debts and the value of the assets (deficit) of a business corporation. Instead of the statutory body liability pursuant to Section 66 effective until 31 December 2020, accessory liability is removed to give way to the primary liability of the member of the statutory body, respectively of the persons named in the provision of Section 69, to provide performance in favour of the bankruptcy estate of the bankrupt business corporation.