Seminar in Innsbruck: Protecting Going-Concern Value in Insolvency, Restructuring and Tax Law
Seminar in Innsbruck: Protecting Going-Concern Value in Insolvency, Restructuring and Tax Law
On 28–29 May 2026, the Department of Financial Law and Financial Science of the Faculty of Law, Charles University, in cooperation with MCI – The Entrepreneurial School, organised an international academic seminar entitled “Protecting Going-Concern Value: Insolvency, Restructuring and Tax.” The seminar took place at MCI in Innsbruck, Austria, and brought together scholars and practitioners focusing on insolvency, restructuring and tax law. The seminar was co-chaired by Dr. Daniel Degischer, Senior Lecturer at MCI – The Entrepreneurial School, and JUDr. Miroslava Večeř, Ph.D., LL.M., Assistant Professor at the Department of Financial Law and Financial Science, Faculty of Law, Charles University.
The aim of the seminar was to encourage expert discussion on current issues of insolvency and restructuring law while highlighting the often underestimated role of tax law in this field. The programme showed that the protection of going-concern value cannot be understood solely through the lens of insolvency law. Tax rules may significantly affect whether a viable business in financial distress can be effectively restructured or whether the restructuring process is burdened by additional liquidity pressure. The seminar therefore created a platform for interdisciplinary debate on the interaction between insolvency, restructuring and tax law when legal systems seek to preserve the value of viable businesses.
The programme opened with introductory remarks by Dr. Daniel Degischer and JUDr. Miroslava Večeř, Ph.D., LL.M. Dr. Degischer then presented his contribution “Open Strategy and Restructuring,” in which he introduced an important strategic perspective on restructuring processes. His presentation emphasised that the protection of going-concern value requires not only legal tools, but also coordination, communication and the early identification of the value that restructuring should preserve.
The second presentation was delivered by JUDr. Michala Kožená, Ph.D. Candidate at the Faculty of Law, Charles University, under the title “Related Parties to the Debtor in Insolvency Challenge Rights: A Comparison with British, German and Czech Legislation.” Her contribution explained who may be considered a party related to the debtor, why legal definitions of related parties are important for insolvency challenge rights, and how the regulation differs in the Czech Republic, Germany and the United Kingdom from the perspective of creditor protection. JUDr. Kožená pointed out that insolvency law often applies special rules to transactions concluded between an insolvent debtor and a person associated with that debtor. These rules may include an extended look-back period and a presumption of knowledge of insolvency, making it easier for an insolvency practitioner to challenge such transactions before the insolvency filing. Her comparative analysis showed that the United Kingdom has the broadest and most detailed definition of connected or associated persons, providing a highly effective framework for creditor protection. Germany also provides a broad definition of related parties and ensures a high level of creditor protection. By contrast, the Czech Republic does not have its own insolvency-specific definition of related parties and relies on references to definitions contained in other legislation, such as affiliated persons and concern structures, which may be less suitable for insolvency purposes.
The seminar also included an online presentation by doc. JUDr. Miroslav Sedláček, Ph.D., LL.M., Associate Professor and Vice-Dean at the Faculty of Law, Charles University, on “Practical Challenges in Cross-Border Insolvency Law.” His contribution addressed practical issues arising in insolvency cases with an international element and highlighted the need for effective coordination in cross-border insolvency proceedings.
A further contribution was delivered by Doris Ganić, Attorney at Law and Ph.D. Candidate at the Faculty of Law, University of Zagreb, under the title “Pre-Insolvency in Croatia: Effective Preventive Restructuring or Delayed Insolvency.” Her presentation introduced Croatia’s implementation of the EU Preventive Restructuring Directive and examined whether Croatian pre-insolvency proceedings truly enable effective early restructuring. The contribution suggested that procedural rigidity and formalistic elements resembling insolvency proceedings may discourage companies from using preventive restructuring at an early stage.
A separate presentation was delivered by JUDr. Maria Hořavová, Ph.D. Candidate at the Faculty of Law, Charles University, under the title “Digitalisation of Insolvency Proceedings: Efficiency Gains vs. Legal Risks.” Her contribution focused on the growing role of digital tools in insolvency proceedings and placed this development within the broader context of the expansion of e-Justice systems, the post-pandemic acceleration of online legal procedures and the increasing demand for efficiency in insolvency administration. JUDr. Hořavová explained that digitalisation in insolvency may include e-filing systems, online communication platforms, virtual hearings, electronic voting, AI-assisted decision-making, digital asset auctions, and data analytics or predictive tools. While these instruments may reduce costs, speed up proceedings and improve access to information, they also raise important legal and procedural risks, including concerns relating to data protection, cybersecurity, transparency, procedural fairness and automated decision-making. Her presentation also offered a comparative perspective, showing that different jurisdictions have adopted different models of digitalisation in insolvency proceedings.
The student perspective was represented by Tereza Charlotte Weishauptová and Martin Chmela, Master’s students at the Faculty of Law, Charles University, who presented their contribution “Merger as a Restructuring Tool..” Cross-border mergers are an important restructuring tool that can help financially distressed companies preserve value, attract new capital, and maintain business continuity instead of entering liquidation. The European Union has created a harmonized legal framework for cross-border mergers, balancing corporate flexibility with strong protections for shareholders, creditors, and employees throughout the process. Successful restructuring through mergers depends not only on corporate and insolvency law compliance but also on tax neutrality and anti-abuse rules, which can significantly influence the feasibility of the transaction.
The final academic presentation was delivered by Assistant Professor JUDr. Miroslava Večeř, Ph.D., LL.M. under the title “Tax Law as a Hidden Gatekeeper of Going-Concern Protection in Insolvency and Restructuring.” Her contribution showed that tax law is not merely a set of rules for distributing value after insolvency, but may determine whether rescue value can come into existence at all. The presentation explained that insolvency and restructuring law may promise breathing space for a distressed business, but tax law often determines whether the firm can actually breathe. It identified five key “tax gates” through which tax law enters the rescue value chain: the stay of tax enforcement, the priority of public claims, VAT and indirect-tax timing, debt relief taxation, and the preservation of tax attributes after the restructuring plan.
The seminar confirmed the importance of connecting insolvency, restructuring and tax law in both academic and practical debate. It also highlighted the need to pay greater attention to tax issues and digital transformation in restructuring, as legal and technological frameworks may either support the rescue of viable businesses or create obstacles that undermine the protection of going-concern value.