BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS IN SLOVAKIA] 81
a penalty of EUR 12,500 and they are also liable for damages vis-à-vis the debtor and its creditors. Failing to pay the penalty leads to being listed in the Register for Disqualifications causing that the breaching person cannot be appointed as a statutory body or its member, member of a supervisory body, branch director, or a proxy in a Slovak company for a period of three years. Restructuring plan Restructuring plan includes one or more legal or economic measures to avert the debtor's insolvency, in particular: • ➢ Restructuring of the debtor's obligations towards the creditors concerned, in particular the postponement or partial remission of their repayment, their security or the modification of their security or their satisfaction otherwise than in cash, ➢ Restructuring of the debtor's assets, in particular the sale, transfer or encumbrance of the debtor's property, undertaking or part of an undertaking, or the lifting of an encumbrance on the debtor's assets, ➢ Restructuring of the debtor's capital structure, in particular sale, transfer or issue of new shares, amendment of the memorandum of association, articles of association or other similar documents or the addition to the debtor's capital, or the same measures in the case of a connected person, ➢ Restructuring of the human resources of the debtor's business, in particular the creation or termination of employments, change of the employment terms, ➢ Restructuring of the management and control of the debtor, in particular the appointment, removal or replacement of a
statutory body or a member thereof or of a supervisory body or a member thereof. Restructuring plan must also include the expected rate of satisfaction of each of the creditors concerned in the best alternative scenario and the proposed rate of satisfaction of each of the creditors concerned, and a justification of the reasonable prospects of the public plan to avert imminent insolvency and ensure the viability of the debtor's business and an identification of the necessary preconditions for the achievement of that objective, a description of how the debtor's property, business or part of the debtor's business is to be disposed of if it shall be transferred, encumbered or unencumbered, a description of how new shares are to be issued by the debtor or the person involved, and a description of how current shares or new shares are to be disposed of if current shares are to be transferred or unencumbered or new shares are to be issued, name of the entity providing new financing to the debtor or the person involved, the terms and conditions of the new financing, and any other agreed-upon details of the new financing. A restructuring plan is approved by the concerned creditors, if: ➢ Each group of the secured creditors has voted in favour of the public plan, ➢ In each group of the unsecured creditors, at least a 3/4 majority of the voting creditors in that group, calculated on the basis of the number of claims, have voted in favour of the public plan, ➢ In each group of the unsecured creditors, a majority of creditors with claims exceeding 1 % of the number of claims of the voting creditors in that group, calculated on the basis of the one vote per creditor rule, have voted in favour of the adoption of the public plan,
ILN Restructuring & Insolvency Group – Bankruptcy, Insolvency & Rehabilitation Series
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