Czech Republic

Businesses address changes related to recodification at the last minute

Early in December 2013, we organised a financial conference examining tax issues and summarising new legal codes – the Civil Code and the Companies Act. The conference was attended by more than 80 participants, mainly CFOs and executive directors of companies active in various business sectors.

We asked the participants how they were getting along with the updates of their corporate documents related to the new legislation.

The survey revealed surprising results. Although the new Civil Code and the Companies Act significantly affect the operation of all companies and it has been known for several months that the new laws will take effect on 1 January 2014, nearly half of the respondents (out of 70 participants) were only planning to implement the changes in 2014! A large part of the respondents (41%) were already working on the changes. Only 12% were prepared for the new legislation and have already amended their corporate documents.

And how about you?