HAVEL & PARTNERS, the largest and most successful Czech-Slovak law firm, reacts to the current plunge of the Czech economy that has caused severe financial difficulties for a number of companies. The firm has merged a team of finance and banking experts with a team specialising in restructuring and insolvencies. The largest professional team of lawyers with expertise in this field will be ready to provide the most comprehensive advice offered on the Czech and Slovak market to clients in difficult financial situations.
The first wave of COVID-19 has resulted in a 10% drop in the Czech economy. A number of companies are already restructuring their debts. They either have the option to secure additional or alternative financing or address their difficulties through a total restructuring of their debts, be it in a business or insolvency regime. Another wave of restructuring and insolvencies is expected to come towards the end of the year, as a result of the end of the grace period for loan instalments this autumn. The trend is expected to continue throughout 2021.
For HAVEL & PARTNERS, the recent development is a great opportunity to help their clients in financial difficulties. “Starting in September, we are merging our financing practice with restructurings and insolvencies under a single motto ‘Financing from A to Z’. Our goal is to have a single closely cooperating team able to comprehensively address issues at all financing stages – i.e. from the actual granting of a loan, addressing issues with the loan repayment, to potential debt restructuring and insolvency,” says Jaroslav Havel, the law firm’s managing partner. Similar arrangements can also be seen in a number of leading international law firms.
The single coordinated team comprises 20 lawyers, most of whom boast experience from intranational law firms, including 5 partners – Jaroslav Havel, Marek Vojáček, Jan Topinka, Filip Čabart and Dušan Sedláček. The HAVEL & PARTNERS professionals have acquired extensive expertise in complex financial transactions; each year, they manage to carry out over 80 such transactions. They represent both creditors and debtors. In the past, the lawyers on the specialised team took part in the majority of key insolvencies in the Czech Republic, e.g. Union banka, the Vitkovice Group and Sazka, to name just a few. The team also closely collaborates with the law firm’s tax experts and professionals in bank regulation, compliance and criminal law.
To conclude, HAVEL & PARTNERS is able not only to provide assistance to creditors and debtors as part of their legal and tax advisory, but mainly to find alternative business solutions and help implement them. “In our understanding, financing and restructuring is interconnected as a single comprehensive industry which we draw on to come up with the most efficient solutions in terms of business and risk exposure. We are therefore fully prepared to help our clients in the upcoming demanding post-COVID-19 era,” adds Jaroslav Havel.