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There hasn't quite been the wave of insolvencies that had been anticipated for the last couple of years. "The peak is over, regardless of the fact we [Czech Republic] have two of the most high profile cases," says one partner.

It was expected that companies and their creditors would use the recently available "rescue-driven" procedures in order to act early and recover the healthy parts of a business, rather than waiting until the whole business descended into an insolvent winding-up. However this has not materialised and a lot of firm's time is still taken up by insolvency proceedings.

The insolvency law is still relatively new and has been thrust into the limelight. "Almost incidentally the Czech economy was undergoing a significant recession. So the law became very relevant, very quickly," says one partner, adding: "There are some big names, big, complicated complex deals; a lot of legal work".

Even though one might say the situation has stabilised; there is still a large number of major insolvency or restructuring cases in the works involving large Czech companies, such as the lottery company, Sazka, the real estate developer, ECM and the bioethanol producer, PLP. There is no doubt that the new law is generating much excitement in the market. "The market is quite vibrant, we're testing new grounds," one animated partner comments, adding: "There's lots of new things, it's interesting. It's an exciting time for lawyers, everything is new." Another adds: "It's interesting, uncharted territory. The unpredictable decisions of Czech courts make for an explosive mix. Concepts are being tested for the first time."

All this shows a maturing market and a new confidence in the system: "There have also been some success stories," says one partner, "which show that through the court process, one can get more value for creditors. This is important for a maturing system like Czech."

Apart from insolvencies, there have also been a lot of small-scale restructurings with companies looking to slim down. "Solvent companies went through cost cutting. It occurs. Companies that had to restructure, restructured. But, it is still happening," says one partner.

Clifford Chance has been threatening to break in to the top tier for quite some time. The firm has been highly visible on the market and competitors and clients alike believe that the firm has now established its place in the top flight. "I don't complain, we are behind White & Case and Clifford Chance," says one partner, with another adding: "Clifford is increasingly seen on transactions". Moreover, as one client says: "The fact is that in the last two years, White & Case had a huge advantage but Clifford Chance is catching up or is even [already] here."

It's no secret that the market holds deep respect for Tomás Richter and recently he was appointed to the position of professor to the chair 'Cross-border Corporate Insolvency Law' at the Faculty of Law, Radboud University Nijmegen in the Netherlands. "He is a professor of insolvency law and very well respected," says one client.

The firm has been involved in the major insolvency cases of the last year. In one the team advised Ceská sporitelna and Reico Investment on the defence of procedural and substantive rights in the insolvency proceedings concerning Odevní podnik. This includes litigation at appellate and constitutional review level. At one time, OP Prostejov was at the height of Czech industry (with 5000 employees, 150 stores and five manufacturing plants spread throughout the country). The company once produced clothes for Czech Olympic teams and state officials, and tailored for brands such as Hugo Boss. Additionally, in relation to insolvency proceedings with regard to Orfus, the firm has been involved with Amstel Lease Maatschappij (on issues associated with the machinery leased to Orfus) and Deutsche Bank Netherlands as a secured creditor on registration of its claim of €10 million and issues associated with the sale of the secured assets).

In restructuring, the firm is involved in the Ceskoslovenská obchodní banka and Crédit Agricole €44 million and €33 million financing of Tatra Group (a Czech manufacturer of trucks for both commercial and military purposes) including major restructurings in 2009, 2010 and 2011. The firm is also working with HSBC regarding the potential insolvency of GCG International (a Czech electronic device manufacturer) and the related acceleration of the loan granted to it.

With the largest restructuring and insolvency practice in Prague, covering insolvency, litigation and white-collar crime, it is undisputed that White & Case is one of the strongest and most visible practice on the market. This is true, both in terms of the number of high-profile mandates the firm has and the number of experienced lawyers it can call upon. This last attribute has been further enhanced by the recent merger with Horak & Chvosta (a leading Czech law firm).

With the relatively new insolvency act starting to generate heat on the market, clients are drawing on the firm's capacity for innovation. "We're creating case law. For sure they had to be innovative. Their general approach is hardworking," says one client, adding: "They have a great advantage working on the case with us. They have a huge amount of knowledge." Jiri Tomola has received praise from the market. "He commercially thinks for us," says one client.

The firm represented a syndicate of senior creditors (six CEE-based commercial banks) in connection with the complex court reorganisation of Kord Group (an industrial group consisting of several companies with operations in three CEE countries) and the implementation of the court reorganisation. This is one of the largest insolvency cases so far, with the total exposure of the banks exceeding €120 million. It is also the first insolvency case in the Czech Republic involving the successful shifting of the centre of main interest of three foreign group companies to the Czech Republic. The reorganisation resulted in the successful sale of the major businesses of the Kord Group to a private investor.

Furthermore, the firm is helping UniCredit Bank Czech Republic and UniCredit Infrastructure with regard to the exposure towards an insolvent project company (Palcro Czech) and related litigation. The firm's strong restructuring and real estate groups are assisting the bank in connection with litigation over the validity of real estate transfers and the insolvency of the project company.

While there has been a dramatic increase in the filing of claims and subsequent representation of creditors in insolvency proceedings; Allen & Overy has not had a big enough piece of the cake to threaten the top tier. The firm's restructuring practice is not as solid as its other practice areas. "Banking and finance is a good strength of theirs. I'm not so sure they're so specialised," says one partner. Moreover, the retirement of Mikulas Touska has further dented an already subdued practice. However, Robert Pavlu is observed as an individual growing in stature.

Nevertheless, the firm has shown some activity over the last 12 months. It has helped RBS draft a standstill agreement according to English law for a Romanian debtor International Railway Systems. Furthermore, the firm advised a foreign bank on its options in connection with a defaulted loan for which a Czech company provided security (the Czech company possibly being insolvent). The mandate covered advice with regard to the enforcement of security and the restructuring of the Czech company both in and outside formal insolvency proceedings. Finally, Allen & Overy advised a medical equipment supplier in insolvency proceedings against a hospital.

BBH's versatility has been on display again and the firm has had a solid year in restructuring and insolvency. This has not gone unnoticed by market commentators and its visibility has been duly noted. "I've got the feeling they're well positioned for the next year," says one partner. Tomas Otruba has been noted for his visibility on the market.

The firm represents insurance company Ceska pojistovna in insolvency proceedings against a former business partner of theirs, which became insolvent. An important feature of the ongoing insolvency proceedings lies in the fact that the real estate property of the bankrupt party has significant importance for the realization of a multi-billion CZK Prague infrastructural project financed with public resources. Additionally, the firm acts for Syner in particularly complicated insolvency proceedings against the company Palcor Czech (the client is the largest registered unsecured and absolute creditor of Palcor).

At €21 million, BBH represents Ceska sporitelna in the enforcement of receivables against a group of syndicated debtors. Subsequently, insolvency proceedings against these creditors have commenced and, upon the firm's proposal, there has been a declaration of bankruptcy. The firm is actively involved not only in the proceedings but also in setting the terms of the creditor´s bodies.

The market views Glatzova & Co as a solid firm with "primary focus on banking and finance work in the local perspective". Nevertheless, with its long history the firm is well established and has been active over the last year in restructuring and insolvency. "They have a good practice in this field," says one partner.

At €13 million, the firm acts for Volksbank as a secured creditor in the bankruptcy of Prumyslové stavitelství Brno (which is one the biggest bankruptcies in the Czech Republic over the last few years). At €111,000, the firm represents Ford and FCE Credit as applicants in the proceedings on declaration of bankruptcy against Mlcak (an automotive dealer). Additionally, the firm is representing Faktor as a creditor in the bankruptcy proceeding of Zefa Tvrdonice at €200,000.

Havel Holásek & Partners continue to grow and strengthen its pool of talent. With six partners and 13 lawyers in total, the firm's restructuring and insolvency practice is one of the biggest on the market. The firm has also established a specialised entity that deals with distressed debt servicing and enforcement. "They're involved more in loan enforcement work rather than insolvency," says one partner. The firm is progressively attracting larger mandates and will be pushing for top tier status in the coming years.

The firm has been active over the last 12 months. In the past year, it has been involved in one of the largest insolvency cases (the insolvency of Saska) in the Czech Republic. In this capacity, at €16 million, it has been advising and representing Fortis Bank in connection with the related distress situation and insolvency proceedings. Additionally, in one of the few successfully completed reorganisations under the new insolvency act, the firm advised Technistone (as debtor) in insolvency proceedings and the subsequent reorganization. The firm also acts for Commerzbank (as a secured creditor) in connection with the insolvency of a number of corporate debtors (at €10 million and €4 million). Finally, at €40 million, the firm is advising Ceska sporitelna (a member of the Erste Group) in insolvency proceedings involving the real estate developer Hájek.

Kocian Solc Balastik (KSB) is described as a "solid Czech firm" with "good clientele". The firm has been busy with restructurings in the last year, more so than insolvency. However, uniquely, the firm has been described as "seeing insolvency from the inside". The firm has played a key legal role in restructuring some of the most significant companies on the Czech market, both from a public aspect and also from a private investment aspect. It has been innovative in restructuring when deploying legal concepts from the newly enacted legislation. Jan Dedic has advised and is involved in the development of the new law on corporate transformations (to take effect in the summer of 2011). This will enable cross border restructuring to take place. Moreover, Dagmar Dubecká has worked on an information guide on squeeze out restructuring and takeovers in the Czech Republic (for publication by the IBA).

The firm provided complex legal advice, documentation and implementation in connection with the restructuring of the Alpiq group (a significant player in the Czech energy sector). It also did the same for the RPG real estate group, which is one of the largest and most significant real estate groups on the Czech market. Importantly, the firm represented Milos Cervenka and his company MCA in a landmark real estate transaction (distressed M&A) with the PPF group. Completed in December 2010, the entire process took over three years to complete. This was a very complex distressed M&A/restructuring scenario, involving a huge real estate portfolio in the capital city of Prague. Finally, the firm is involved in the restructuring of Ceská mincovna (Czech Mint). The restructuring was important because it concerned a completely new corporate structure for the Czech Mint.

"Although a powerhouse in the US; over here it is different," says one partner with regard to Weil Gotshal & Manges restructuring and insolvency practice in the Czech Republic. The firm's peers are unsure as to its activities over the last year which has led to reports of low visibility. "They're not as visible as others in tier two," said one competitor. "Weil has a good relationship with state institutions and that is a big part of their activities," says another competitor.

However, the firm has been active and at €70 Million, it continues to act for CEZ on one of the largest bankruptcy cases in the Czech Republic of recent years (the insolvency of Moravia Energo). Moreover, the firm is participating in one of the biggest insolvency cases of the past year. In this regard, the firm is advising Gtech Corporation (a key commercial partner and one of the largest creditors of Sazka) in connection with insolvency proceedings against Sazka (the largest Czech lottery operator). Additionally, the firm is advising Teplarna Trmice (a wholly owned subsidiary of CEZ) in connection with the insolvency proceedings of PLP in one of highly complex bankruptcy cases of recent times. Finally, the firm is Representing Evraz Vitkovice Steel in a complex bankruptcy litigation regarding the legal predecessor of the client.

In line with the market, Hogan Lovells has seen an increase in corporate restructurings this year. The firm is advising PKN Orlen (a major European oil gas and petrochemical company) on its restructuring, and Lennox International in relation to its restructuring process in the CEE (Central & Eastern Europe) region including the disposal of assets and shares in the Czech Republic and Slovakia.

The firm is also acting for a major international bank in regard to insolvency and capital markets issues in insolvency proceedings launched against a major Czech company.

Led by Thilo Hoffmann, Weinhold Legal has been fairly active this year in restructuring and insolvency. On the insolvency side, the firm assisted clothes manufacturer Golden Lady in the planned acquisition of assets and shares from Czech companies and its anticipated insolvency procedure. The firm also advised Prologis XXIX and Prologis XXX on the exemption of their real estate assets from the bankrupt estate of a debtor.

On the restructuring side, the firm advised the Anvis group (a car parts producer) in regard to its restructuring.