Glossary of Terms
Register of debtors
In the Czech Republic there are several registers of debtors used by
different entities. The Register itself is an information system,
which enables you to insert and search information on outstanding
obligations of natural and legal persons.
Payment order
The court may decide in certain cases for summary proceedings and
issue a payment order without an explicit request from the applicant
and without hearing the defendant. In the payment order the court
requires the debtor to pay the debt and costs within 15 days of
receipt of the payment order or within 15 days file an appeal
against the order.
Insolvency proceedings
Insolvency proceedings are judicial proceedings of the debtor's
insolvency or imminent insolvency, and the way how to solve it. The
debtor is insolvent if he/she has more lenders and is unable to
fulfil financial commitments against them. In the event that the
debtor has only one lender, it is not possible to apply insolvency
law regardless of the amount owed.
Insolvency register
Insolvency register is a publicly accessible information system that
includes extensive information on the insolvency proceedings and
their outcome.
Arbitrator
The creditor and the debtor may agree to transfer decision authority
from the court onto the arbitrator.
Notarial record
The notarial record is a public document, in which a notary gives to
a legal act participants´ declaration of will the appropriate legal
form. A notary is obliged to instruct and explain the participants
of the legal act the content and consequences of their declaration
of will, which is stated in the record.
Executor’s record
The record is drafted by the executor, debtor and creditor. It is
similar to the notarial record with the warrant of execution if the
debtor agrees to settle the claim and consents to execution.