On 1 June 2014 an amendment to the compulsory execution rules comes into force.
On 1 June 2014 an amendment to the compulsory execution rules comes into force, changing the terms and conditions for execution of financial claims. If an authorized party applies for execution more than three years from the date when the right to enforce arose, it will be impossible to enforce collateral charges. This gives creditors less time to claim collateral charges. After the three-year deadline, interest, default interest, default fees and costs related to enforcing a claim lapse – i.e. they become unenforceable. The only exception is where a creditor enters into an agreement with the debtor on gradual satisfaction of a claim before expiry of the three-year period. Creditors should observe deadlines for applications. The new rules apply to executions begun after 31 May 2014.
Source: Act No. 106/2014 Coll., Act No. 40/1964 Coll. Civil Code