June 30 is generally known to be the last date for filing your tax return (and paying income tax) for the prior year if you use a tax adviser or lawyer. To a lesser degree it is general knowledge that the ordinary shareholders meeting of Czech companies that approves the accounts must be held within the first six months after the end of the year to which the accounts relate.
The Prague Stock Exchange (PSE) has suspended trade in shares of ECM Real Estate Investments, one of the biggest real estate development companies in the Czech Republic, following on a declaration of its insolvency by a Prague court on Tuesday.
Prague Muncipal Court has declared debt-burdened developer ECM insolvent on Tuesday. The company, which got into trouble during the economic downturn, filed for the move on May 17. The court still has to rule on whether to accept the developer's reorganisation proposal.
Companies belonging to billionaires Radovan Vítek, Karel Komárek Jr. and Petr Kellner — the richest Czech — together control almost 60 percent of Sazka’s bonds. International lawyers are reported to have sent a letter notifying troubled lottery firm Sazka that they are using an option in the bonds’ fine print that allows them to demand quicker debt repayment. Sazka claims it has already met its payments and will go to court.