Court declares bankruptcy of engineering company ČKD Praha Diz

Prague Municipal Court on Friday announced the bankruptcy of engineering company ČKD Praha Diz, a significant player on domestic and international markets. Nobody in court opposed the proposal from creditors. Insolvency proceedings related to ČKD Praha Diz started already in August. The company has been involved in a long running legal battle with Prague City Hall over completion of the Blanka road tunnel in the capital. An arbitration court at the end of August ruled that Prague City Council did not have to pay 1.7 billion crowns sought by the engineering company in connection with the work.

Author: Chris Johnstone