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While the 56-year-old entrepreneur’s widow and four children stand to inherit his wealth, succession arrangements are unclear. On the business side, minority shareholder Ladislav Bartonicek will manage the firm’s operations as his family didn’t play an important role in PPF’s day-to-day operations. “As organised as Petr Kellner had to be, I’m sure he took care of everything to make the process as simple as possible,” said Petr Kincl, an associate partner at PWC Legal, which represents local and international clients. “Usually, the whole transfer takes a few months, and I don’t see why this would take more than a year.” ....
By David Kaminski-Morrow2021-03-10T16:43:00+00:00 Czech Airlines creditors are being urged to submit claims within two months following the carrier’s filing for insolvency with a Prague court. The municipal court has ruled that an interim creditors’ committee be appointed with Czech Airlines Technics, the Czech bank Ceska Sporitelna, and the aviation general sales agent Air World Services among its members. Czech Airlines had proposed an interim committee when it filed its insolvency petition, in a bid to restructure the company, on 26 February. “[The company] justified the proposal by saying that it wanted to operate within the insolvency process as transparently as possible,” says the court in a 10 March decision. ....