Important changes in Czech corporate law introduced by the new Czech Business Corporations Act

As of January 1, 2014 the Czech Commercial Code, Act No. 513/1991 Coll. (the “former Czech Commercial Code”), will cease to exist; some areas which are currently regulated by the former Czech Commercial Code will newly be governed by the new Czech Civil Code, Act. No. 89/2012 Coll. (the “new Czech Civil Code”), while other parts will simply be abolished.