Langmeier & Co. - Professional legal service with personal approach

Law Firm:+420 222 200 250 Insolvency Office:+420 731 160 036

Insolvency

JUDr. Jan Langmeier has been working as an insolvency administrator since 2015. Since 2018, he has acted as an insolvency administrator with a special license. In 2019, JUDr. Jan Langmeier founded the company Langmeier & Co., insolvency administrators (general partnership), where he cooperates with other experienced insolvency administrators.

What you should know

What you should know about insolvency

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Types of Bankruptcy

Inability to Pay (Cash-Flow Insolvency)

This occurs when the debtor has multiple creditors, has liabilities more than 30 days overdue, and is unable to meet them. The inability to meet obligations may arise when the debtor stops paying a substantial part of their monetary liabilities or fails to meet their obligations for more than 3 months. Another reason indicating inability to pay is when a creditor cannot achieve satisfaction of their claim through enforcement proceedings (execution) or enforcement of a court decision.

Over-Indebtedness

A debtor who is a legal entity or a self-employed entrepreneur becomes over-indebted if they have multiple creditors and the total value of their liabilities exceeds the value of their assets. In other words, they owe more than they realistically have available in assets. What matters is not only the debtor’s current ability to repay debts, but also a long-term situation where the assets are insufficient to cover all liabilities. Over-indebtedness is one of the insolvency states and may lead to an obligation to file an insolvency petition.

Imminent Insolvency

This refers to situations where it can be reasonably assumed that the debtor will not be able to repay a substantial part of their debts. It is not a state where insolvency has already occurred, but a real and serious threat for the future. Typically, these are cases where the debtor’s financial situation is deteriorating, income is disrupted, or liabilities are increasing. Timely resolution of imminent insolvency can prevent more serious legal and economic consequences.

Frequently Asked Questions

Our Services

Our Services in Insolvency

Debt relief

Debt relief is a bankruptcy resolution process regulated by the Insolvency Act.

Our Team

Meet Our Team

The law and insolvency office, which was founded in 2014, consists of an erudite team of lawyers and economists. In addition to its headquarters in Prague, it provides its services within the nationwide network of branches of the insolvency office in the districts of all regional courts.