There are new rules for demands for payment being used by creditors to commence insolvency proceedings against a debtor. They must now contain:
- a notice that insolvency proceedings may be initiated if the debtor does not object to the demand for payment or pay the debt within 15 days;
- the names and addresses of the debtor, creditor and their representatives (if any)
- the amount and expiry of the debt;
- the name of the assignor and the date of assignment (if any)
In another change, liquidators are allowed to deduct 4% of the proceeds of sale (excluding VAT) of pledged property as their fee, with a corresponding decrease in the fee they are previously entitled to under Act No. XLIX of 1991 on Bankruptcy Proceedings, Liquidation Proceedings and Voluntary Dissolution.
Finally, an official form has been introduced for announcing insolvency proceedings to known EU creditors, as required by Article 40 of Directive 1346/2000/EC on insolvency proceedings.
Law: decrees No. 15/2006 (IV.7.), 16/2006 (IV.7.) and 17/2006 (IV.7.) of the Ministry of Justice
