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The amendment to the Code of Commercial Companies (CCC), which came into force on 15 September 2023, introduced the possibility of dividing commercial companies by separation – that is, in essence, the creation of subsidiaries within which property can be transferred using the principle of general succession. A number of changes have also been introduced with regard to international and domestic mergers.

On 23 September 2023, the Act on Preventive Restructuring came into force, which brought a new legal institute into the Czech legal environment – preventive restructuring, through which companies will be able to resolve their unfavorable economic situation.

Dorda, working with Clifford Chance's Frankfurt office, has advised financial advisor Citigroup Global Markets Europe and co-financial advisor Erste Group Bank on the demerger of the telecommunications tower business of listed Telekom Austria Aktiengesellschaft and the subsequent admission of 166 million shares of the newly formed EuroTeleSites to trading on the Official Market of the Vienna Stock Exchange. CMS reportedly advised Telekom Austria.

With a delay of over a year, Czech Act no. 284/2023 on preventive restructuring implemented the EU Restructuring Directive 2019/1023 into Czech law with effect as of 23 September 2023. This publication explains some of the key choices made by the Czech Republic upon the Directive’s implementation.

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