The question of private law11/02/11 / Publications

KSB’s comments on upcoming major changes to the Civil Code were published in Lidové noviny’s supplement Law & Justice on 7 February 2011. The amended Civil Code, together with the Commercial Companies and Cooperatives Act and Private International Law Act, lays the foundation for recodification of private law.

The most important changes brought about by the recodification of private law shall include the elimination of dual regulation of certain legal institutes within the existing Civil Code and Commercial Code (such as purchase agreement, performance agreement, guarantee, liability for damage etc.), the regulation of assets management, the detailed regulation of possession, easements and servitudes, the possibility of establishing a public limited company that is not managed by the Board of Directors and the Supervisory Board, but only by the Administrative Board, the possibility of issuing securities for ownership interests in private limited companies and the introduction of the business judgment rule.