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Our local expert outlines the Collection of Deeds requirement in the Czech Republic and explains the consequences for companies that do not file the required documents.
According to Act No. 304/2013 Coll. - the act on public registers of legal persons and individuals (hereinafter the “Act“) - companies in the Czech Republic are obliged to file documents related to changes in the company (change of statutory representatives, shareholders, address, articles of association, sale, liquidation etc.) and also documents connected to financial statements (financial statements, annual reports, distribution of profit, settlement of loss, auditor’s report, related parties report).
There can be consequences for the company if it does not comply with the above mentioned Act. The court can impose a fine of up to CZK 100k and where the financial statement and related documents are not filed in the Collection of Deeds, the financial office can impose a fine according to the Act on Accounting (up to 3% of the value of assets, the total amount of all fines can reach 6% of the value of assets).
The statutory representatives could be held liable for not complying with the laws and not acting with due care. According to Act No. 40/2009 Coll, Criminal code, as amended, the consequences depend on the seriousness of the damage but can lead to imprisonment for up to eight years.
Where the court asks a company to file missing documents and the company does not fulfil this obligation, or there are significant consequences for third parties, the court can order the company be liquidated. The last option is usually where companies do not file any documents during their existence and the directors cannot be reached.
Some documents must be submitted to the court in paper form (changes in the company, for example) while others should be submitted electronically (financial statements).