According to the Slovak law, a creditor is entitled to file a petition in bankruptcy if they may reasonably expect their debtor to be insolvent.
The insolvency of a debtor may be reasonably expected:
- if the debtor is more than 30 days in delay with fulfilment of at least two monetary obligations to more than one creditor and
- was requested in writing by one such creditor to pay.
In the petition in bankruptcy, a creditor must state the facts based on which it is possible to reasonably expect the debtor to be insolvent, specify their receivable that is 30 days overdue as well as other creditor with a receivable that is 30 days overdue. The creditor is obliged to attach to the petition documents that prove their receivable specified in the petition (such as the written acknowledgement of the debtor with the certified signature of the debtor, an enforceable decision).
If a petition in bankruptcy is filed by a creditor that has no residence, registered office, or branch of an enterprise in Slovakia, they are also obliged to authorize the representative to be served documents that has their residence, registered office or branch of an enterprise in Slovakia and state such representative in the petition.
Prior to filing a petition in bankruptcy, the petitioner is obliged to pay an advance payment in the amount of EUR 1.500 to the court’s account.
It should, however, be noted, that following the year 2015, the obligation to pay an advance payment does not apply to a petitioner who is an employee or former employee of the debtor, who is not a party related to the debtor, and who is represented by a trade union (even if they are not its member). In this case a petitioner’s receivable must be documented with a written declaration with the officially certified signatures of at least five employees or former employees of the debtor who are not their related parties, that the receivables of such persons regarding wages, severance pay, or severance, which are 30 days overdue, have not been fulfilled.
If the court ascertains that a petition in bankruptcy fulfils the requirements stipulated by law, it shall decide to initiate bankruptcy proceedings not later than within 15 days from the delivery of the petition.
Should the court ascertain during the bankruptcy proceedings that the debtor’s property is not sufficient to cover even the costs of the bankruptcy, it shall terminate bankruptcy proceedings due to lack of property.