Weinhold Legal has achieved success before the Supreme Court of the Czech Republic, which ruled in favor of the insolvency trustee of Key Investments a.s. in a case concerning a claim exceeding CZK 100 million. This significant judgment has far-reaching implications for legal practice in the area of insolvency proceedings, particularly in the context of the insolvency of securities traders.
The Supreme Court ruled that the insolvency trustee of a securities trader may challenge a payment where the debtor returns customer assets to only one of the customers, if the funds in question should have (or could have) been distributed proportionally to other customers of the debtor. This verdict is based on the principle of equal treatment of all creditors in insolvency proceedings, which is essential for the proper functioning of the legal framework in capital markets.
“This decision is a significant success for our firm and represents an important precedent for the capital markets in the Czech Republic. It shows that the insolvency trustee has the right to protect the interests of all creditors, and that the legal framework must ensure equality among creditors in insolvency proceedings, even in the case of securities traders,” said Zbyšek Kordač, Associate Partner at Weinhold Legal.
The Supreme Court’s judgment not only has significance for the current case but also for future insolvency proceedings involving similar financial transactions, particularly in the area of capital markets.
The team from Weinhold Legal involved in this case included Milan Polák, Zbyšek Kordač, Michal Przeczek, and Daniel Kinkor.
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