As many of you know, for every new trust we establish, we provide funding to Nadace Partnerství to improve our childrens’ world by planting and protecting trees in the Czech Republic. Eva Polakova, our client Services Manager visited Nadace Partnerství at their offices in Brno on Monday to present them with our first donation. Our gift this year is being used to fund the “Healthy Trees for Tomorrow” project, which professionally treats dozens of old trees every year and aims to educate the owners of these beautiful and historical important trees.

We are proud to be able to give something back in this way, and we look forward to repeat visits with larger donations as our business prospers in the future.  You can learn more about Nadace Partnerství on their website

Why is business succession a hot topic?

 

74%
of Czech Family business do not have a succession plan.

70% 
of those businesses will fail, and

85%
of those families will experience ‘serious family conflict’

For well run and successful businesses throughout the world, having a up to date business succession plan is a key part of their strategic planning process – as important, perhaps even more important, than plans for business development, marketing and new products.  The best business owners are aware of the key statistic; that 70% of businesses do not survive into the second generation.

In other words, if you fail to implement a business succession plan, then your business will probably fail. So the consequences of a bad business succession strategy are far worse than a bad marketing strategy; put simply, your factories will close and your assets will be sold at ‘fire sale’ prices, your employees will lose their jobs and the enterprise you have spent so many years building and developing will be gone – along with a good part of your accumulated family wealth.

Successful business owners abroad know that, but at this stage it seems that most Czech entrepreneurs do not.  Only 26% have even thought about a plan, let alone implemented one.  That’s hardly surprising. Until the beginning of last year, the Czech legal system made effective business planning very difficult, if not impossible. However since then business owners have had most of the same options available to them as their offshore compatriots.

Eva Polakova of Svěřenské fondy a trusty speaking at the Zivnostnik Roku competition in Liberec

 

Like all good business plans, your succession plan needs to be written, communicated well to all those involved and updated regularly.

It’s not that difficult

The first, and by far the most critical step is simply simply to think.  Of course, the big question is what do you want to happen to your business after you are no longer able, or no longer want to run it.

This question gives rise to a lot of ‘secondary’ questions including:

• When do I want to retire?
• Do I want to retire gradually?
• After I retire, who should own my business,?
• Who should control it?  Should it be sold?
• If it is to be sold, what happens if I am over by a bus before it has been sold?
• If I want my children to take control of the business, are they ready?
• If they are not, what educational and experience do they need to be ready?
• What happens if I die before they are ready?
• What do I do if I want control to go to just one of my children?
• How can I compensate the others?
• Who should then be the owners of the business?
• What about management?  What should be their role in the company?
• Should they receive a shareholding? If so, how is this to be paid for?
• What steps do I need to take to develop management so they are ready?
• Are there any ‘ground rules’ I would like to set for future management of the company?
• Do I want the business to stay in the family in the long term?

Once you have considered these issues, then in most cases it makes sense to have a preliminary  talk to your family and to management – at the very least to make sure that, if you plan to pass control to them, that they actually want it. Once of the key objectives of a good succession plan is to avoid family conflict.  According to recent statistics from the US, around 85% of unplanned business successions result in ‘serious family conflict’  Once of the best ways to avoid conflict is obviously to communicate well.  But there will of course be some situations where communication isn’t going to help – where those involved are completely at odds with the plan – a good example would be an incompetent or irresponsible child who nevertheless believes that they should inherit control of the family firm.

By now, the general concept should be clear in your mind, so the next step, the third step, is to contact us.  Since the law changes in 2014, it is now almost always possible for us to give effect to your plans, whatever they are.  We can also usually make suggestions that will help you improve and fine tune your plan

There are two important points to know.  First, whatever plan you decide on does not have to mean any practical change to the way the business runs now – and that you will always keep full control over everything for as long as you want it,  Second, there is no reason why ownership and control of your business needs to stay in the same hands.  You can now, quite easily, pass ownership to your family, but leave control in your own hands or in the hands of whoever else you choose.

The final step is implementation. In most cases this will require some legal documents, and some communication with your family and staff so that thy understand and buy into your plan.

Don’t forget to review and refresh your plan regularly. We recommend that this should be done at least annually or when there is any significant change to the business or within your family.

Živnostník roku and Firma roku

This year we are very proud to announce that we are partnering with Živnostník roku and Firma roku.

One of the focus points of this year’s competition is business succession planing, and together with pwc, we will be contributing to a panel of experts which will assess businesses on their preparedness in this regard.

A survey conducted by ourselves together with Babinet at the beginning of this year tells us that only a quarter of family owned business in CZ have any sort of plan dealing with what happens to the business when the founder is no longer willing, or able, to run it.

Internationally, statistics also tell us that only 30% of family business survive this transition. Put another way, that means that 70% of businesses fail, resulting in enormous damage: The loss of jobs, closure of facilities, family conflict and very often huge destruction of wealth that have been carefully accumulated over many years.

Many (but not all) good business succession strategies involve the use of Svěřenské fondy. We are delighted to be able to contribute our expertise in helping the Czech Republic’s top family businesses take the very simple steps they need to ensure that they are properly protected.

We will be participating in the regional rounds of the competition in:

• Hradec Kralove – 16 September
• Pardubice – 17 September
• Usti nad Labem – 24 September
• Ceske Budejovice -29 September
• Liberec – 1 October
• Plzen – 7 October
• Olomouc – 8 October
• Brno – 13 October
• Ostrava – 15 October
• Prague – 22 October

The other reason for mentioning this is that we will obviously be in the cities above on the dates mentioned. If you would like to meet with us, if you would like us to prepare a presentation for you, your colleagues or your clients, please don’t hesitate to contact us.

Magical Squirrel Clouds

Much of the focus of my previous articles has been on highlighting some of the many positive uses of Czech Trusts.

I have also argued quite strongly against what seems to me to be the significant overreaction on the part of some sections of the media to a range of potential problems and ‘threats’ that the introduction of trusts created. These related to the areas of money laundering and other criminal uses to which trusts could, at least in theory, be put. Many years of experience from other justification show that in reality, even in jurisdictions which much higher levels of confidentiality than the Czech Republic, trusts are not used for these purposes. If you want to launder money, there are (unfortunately) still many other vehicles that are far more effective than trusts.

Having said that, even these illusory fears and concerns have now been effectively quashed by the Czech Republic’s decision to introduce a register of trusts. We see this as a very positive step which will help build acceptance of trusts as a legitimate and valuable tool for managing family assets.

However, there is one, somewhat more real, threat that nobody seems to have mentioned so far, and which the proposed changes do not address.

 

What’s the Problem?

One of the fundamental principles of trust law internationally is that every trust for private purposes requires beneficiaries. In most countries, something that pretends to be a trust, but which does not have a beneficiary, will be invalid. At the risk of over-simplifying some come complex legal

concepts, all property (including property held in a trust) has to ‘belong’ to somebody. For the beneficiaries of a trust, they have what we refer to in common law as an ‘equitable interest’ This means what while they don’t have control of the property now, they know that it is being managed for their benefit and will, one day, be received by some of them. It is these beneficences who have the right to supervise the actions of the Trustees and ensure that the trust is being managed in their interests.

One exception to this internationally accepted rule (possibly the only exception – at least as far as we are aware) is the Canadian province of Quebec, where the concept of a trust in their Civil Code is based on the idea that trust assets are a ‘separate patrimony’, and therefore technically don’t belong to anyone. Even so, when you create a trust in Quebec, you still need to have a beneficiary. This is made clear by Paragraph 1267 which says:

“A personal trust is constituted gratuitously for the purpose of securing a benefit for a determinate or determinable person.”

As you are probably aware, the Czech Civil Code is modelled very closely on the Quebec law – which has functioned successfully for more than 20 years. Looking at the other provisions in the Czech code which relate to beneficences, they appear to be almost identical to matching provisions in the Quebec code, yet for some reason (perhaps an oversight?) there is no Czech equivalent of Paragraph 1267.

 

What does this mean?

It means that in Czech, it seems to be theoretically possible to create a trust with no beneficiaries at all. All that is necessary in Czech law is some method for appointing beneficiaries, which during the lifetime of the founder could mean that the founder simply nominates beneficiaries ‘later’ – when he is ready to do so.

 

Why is this bad?

It means that a dishonest person can simply take assets, and like a squirrel, put then away into a magical ‘cloud’ where they stay without belonging to anyone, and even indeed without any specification of ‘potential’ owners. At some later time the founder can nominate someone (including potentially even himself) to receive the money. A great tool for defeating the claims of creditors? We think so – because it creates the ability for the founder to ‘give away’ his assets to nobody, to retain effective control during his lifetime to decide who gets them, and to give them back to himself whenever he wants.

I have no idea whether such a structure would stand up in court, but given that it seems to be specifically permitted by Czech law, I think it might.

From my perspective as someone with international experience, this seems fundamentally wrong, As I said earlier, to me, all property, even property in a trust, has to ‘belong’ to somebody.

What Czech law seems to allow is an asset pool that is established by the founder, controlled by the founder, without any person or group of people who should benefit, and with the ability of the founder to then in turn pass to property on to some unnamed third person (or even back to himself). I’m not sure what this thing is, or what it’s called, but at least in my opinion, it shouldn’t be called a trust, and ideally shouldn’t be allowed to exist at all.

Hopefully this flaw in the Czech law will be addressed in a future review of the code. All that’s needed is the addition of a few extra words, as found in the Quebec Code

As you may know, Svěřenské fondy a trusty s.r.o. is a co-founding member of the APRSF – Asociace pro podporu a rozvoj svěřenských fondů, z. s (in English: The Association for the Support and Development of Trusts).  The Association was officially launched on the 23rd of April.

We know that many of you attended the launch function.  For those that did, (and for those that didn’t. but are interested), a gallery of photos of the evening can be found here.

The launch was also very successful in generating considerable positive media coverage of the Association and of trusts more generally.  Some of these articles can be accessed via links on the APRSF website:

A Tale of Castles and Cottages

 

In this article, we continue our series on the positive uses of svěřenské fondy.

If you walk around Prague or any Czech city it’s easy to see derelict buildings – sometimes well located, formerly beautiful, buildings – slowly crumbling, seemingly uncared for and unowned.

The derelict Government House (Eric Jones) / CC BY-SA 2.0

 

Have you ever wondered about the reasons they have been abandoned? I am sure that each house has a different story, some of them very sad. But many of them will be in the state they are as a result of disintegration of ownership caused by poor inheritance planning.

Let’s take two, very different, families as examples of the problem – a problem which svěřenské fondy can solve

Family 1 – Von Bambus

The von Bambus family are a (fictitious) aristocratic family who can trace their noble roots back for hundreds of years.

Following the velvet revolution, their family castle and lands were returned to them. But now they have a new problem.

In the past, before communism, according to the doctrine of primogeniture, the family castle and lands always passed down from father to oldest son, who also inherited the aristocratic title. The other brothers and sisters never received any entitlement to the land although they were usually taken care of, at least to some extent, by their older brother.

Of course in the 21st Century we consider the doctrine of primogeniture as not just anachronistic, but also extremely sexist and generally unfair. However we also have to recognise that it did achieve one very important positive thing – it kept the family wealth and the castle intact in a single unit though the generations, which in turn preserved the strength and influence of the family.

And that’s the problem. If we apply normal inheritance rules to the von Bambus family, in the future in the first generation the castle has perhaps three owners, in the second generation, nine, in the third generation 27, and by that time the land will probably have all been sold and the castle will be a crumbling ruin, after all, who’s going to look after it? Who’s responsible for the costs of its upkeep? Who makes all the decisions? In theory, everybody does, but in practice 27 people will never agree on anything, so the end result is that nobody can do anything.

Another problem is that the assets won’t stay in the family. Due to bankruptcy, divorce etc. ‘outsiders’ will increasingly become owners of the estate.

The end result of the modern law will be the loss of the property to the family and the loss of the tradition and history of which the von Bambus family is so justifiability proud.

In order to solve this problem, families such as the von Bambus are looking at svěřenské fondy as a way to keep the concept and positive traditions of primogeniture alive, and as tools to keep the newly restored family estates intact, but without the negative aspects of the past.

The von Bambus family set up a trust, and appoint the oldest son (the one who would now be the Count, if the aristocracy still existed) as trustee. The trust deed provides that the role of trustee is passed down through the generations in exactly the way the noble title would have been in the past, except that, like the British royal family, they have removed the sexist element by allowing the oldest child (son or daughter) to inherit. However, unlike in the past the trust contains provisions that specify that the assets are held by the oldest child not as absolute owner, but as trustee for the benefit of all members of the family.

This structure allows the family to keep the family estates intact. It allows them to ensure that all members or the family benefit and are treated fairly. It also centralises the management of those estates into the hands of a single person the ‘Count’ (or ‘Countess’) so that important decisions can be made easily and quickly. This structure also means that the trustee has a clearly defined responsibility towards the other members of the family.

This is a fair and workable structure that gives the family ‘the best of both worlds’.

 

Family 2 – the Novaks

The Novaks, (also fictitious), are not aristocrats – they can’t trace their family history back much further than their grandparents. The Novaks are ordinary Czechs.

Even so, they can benefit from the same concept as the von Bambus. Mr and Mrs Novak live in Prague but own a valuable cottage in Jizerské hory. They have three adult children who grew up going to the cottage – which is full of strong family memories. Two of the children use the cottage regularly. The third child does not like the mountains, and never goes there. He would like his parents to sell the cottage.

Of the two children who use the cottage, one is a successful businessman who already contributes almost all the maintenance and repair costs. His family visits the cottage on average once a month. The other has a factory job, but he and his family love the mountains and he works hard to keep the grass cut etc. They visit most weekends.

Each of the three children has three children of their own, meaning that in the next generation, the cottage could potentially have nine owners

Mrs and Mrs Novak can see the obvious potential for family conflict on the horizon. They also want to ensure the cottage stays in the family, and to avoid future potential family conflict

Mr and Mrs Novak can set up a Trust in almost exactly the same way as the von Bambus family. Instead of the eldest son, they would typically appoint an uncle or other independent and trusted persons to manage the cottage for the benefit of all the family over the generations ahead. Such a structure can allow the family to ‘buy out’ those who wish to sell, and can make important decisions about maintenance and how the costs are to be paid. What’s also important is that, even if children get divorced, or become bankrupt, a trust will keep the cottage within the family, and available for the benefit of all family members

The structuring of such a trust can be quite complex, and professional help is required. But once the trust is in place, it typically runs very smoothly and for as long as it is needed.

Positive uses of Czech Trusts – Example 3: Immortality

This is a picture of a person who you might not recognise, but who most of you will know.

Nothing so far?

Perhaps his name will help? He’s the Rt. Hon. Frederick Arthur Stanley, 16th Earl of Derby KG GCB GCVO PC

No?

Another clue then: He was the sixth Governor General of Canada – from 1888 to 1893

Obviously a great man, but also one whose great achievements, and indeed very existence have been lost in the pages of history. Forgotten.

But actually, not.

You see in 1892, Lord Stanley set up a trust. His trustees purchased a decorative punch bowl, made in Sheffield, England, and had the words “Dominion Hockey Challenge Cup” engraved on one side of the outside rim, and “From Stanley of Preston” on the other side.

And by doing this, his name became immortal. You might not recognise Lord Stanley, but I am sure you recognise the punchbowl. It’s the small bowl part on top of this trophy:

. . . which is of course, the Stanley Cup – through which the name of Lord Stanley lives on to this day.

Of course you don’t need to be an Earl to do the same thing.

If you have money you’d like to give, perhaps to a cause that’s important to you, you can of course simply choose a charity that works in that field and give them the money. However if you do that, you lose all control over how that money is spent and how much goes on administration. Sometimes it can also be hard to find a charity that does exactly what you want.

Instead, since January this year, it has been possible for you to set up a svěřensky fond (A Czech trust). Such a trust can bear your name and can be dedicated exactly to the purpose you want to achieve. Examples could include:

• A sporting cup or scholarship
• An educational scholarship or prize
• Encouraging things that are important to you. If for example, you are a successful female lion-tamer, you might establish a trust to award an annual prize to the Czech Republic’s best female lion-tamer
• The restoration or preservation of a historical monument, building or church
• Building a concert hall
• Buying musical instruments for school children,
• etc., etc., etc., the possibilities are almost limitless.

 

Once the trust is in place, you can ‘open it’ allowing others who share your passion to contribute funds of their own.

Children from previous relationships, or The ‘Karel Gott Scenario’

Many of you will know who Karel Gott is. He’s one of the great Czech singers and has had a long and distinguished career. A true Czech celebrity. That makes him a very special person, but in at least one respect, he’s not that unique. Like Mr Gott, many Czechs have ‘complicated’ family situations. In case you are not already familiar with his family history, Mr Gott has two older daughters from earlier relationships, (Dominika and Lucie) but is now married to Ivana. Together, they have two more younger daughters (Charlotte and Nelly).

Under current Czech law, if Karel does not have a will, when he dies, his estate will be divided equally between Mrs Gott and all four daughters. This seems entirely fair and reasonable. The new Civil Code does give him a greater opportunity to adjust these shares, but it is still impossible for him to ‘cut anyone out’ of his will entirely.

That creates two problems.

The first problem arises when you consider the position this puts his wife in. She will already be emotionally stressed by the death of her husband. The last thing she needs at this time is additional financial stress. The two adult daughters will now own a share of everything – and that probably means that she’ll have to, somehow, come up with the money to pay them out.

The second thing to consider is that Mrs Gott is still young. There is presumably every chance that she would remarry, and perhaps even have more children with a future new husband. So that means that in the future, when she passes away, her new husband, and also the children of the second marriage could be the ultimate beneficiaries of her part of Mr Gott’s wealth. Dominika and Lucie would get nothing at this point.

Is that what Mr Gott would like to happen with his money after his death? I have no idea, but I suspect not. In this situation the old law was not flexible enough to meet Mr Gott’s needs and he potentially ended up with an outcome that he did not want.

This is where Svěřenské fondy a trusty (Czech Trusts) come in. Since January, they have offered Mr Gott a solution to these problems.

He does two things.: First, he establishes what we call a ‘pre-testamentary’ trust. Into this Trust he puts his share of the non-liquid family assets. This could include his family home, his holiday home, and in his case, at least some of the royalty rights to his songs. By doing this, he removes these assets from his estate when he dies, which means that forced inheritance does not apply to them. Then, in his will he adds a provision that further money should go to the trust. He cannot of course completely ‘cut anyone out’ of the will, but if this is structured correctly the situation can be made manageable and fair to all concerned.

The Trust will make sure Mrs Gott has everything she needs to live in comfort during her lifetime, but then on her death passes the money, not to her new husband, but instead, equally, to the four daughters (or otherwise, as Mr Gott wants). A secondary benefit is that once assets are placed in the Trust they are protected from claims,- whether from executors, legal cases, or matrimonial property claims

In reality, I expect that Mr Gott has probably already implemented a plan that deals with this situation – but since January these kind of solutions have been be reserved not only to millionaires, but are now also within the reach of ordinary people – because they can be implemented at a minimal cost.

Beware of Badly Drawn Documents

With the new trust law now ten months old, we are starting to see trusts being used, not just to test the concept, but to actively help clients solve their problems. This is a really positive development. The new Czech law is a good one and it helps solves many real problems for ordinary Czech people.

What’s not so good news is that due to inexperience, many (perhaps even most?) of the Czech Trusts established so far are fatally flawed.

Sometimes things can go wrong with trusts. No Trustee wants to end up in court facing claims from beneficiaries or others who are seeking to challenge the validity of a trust. Another difficulty can be when a problem comes up and the Trustee doesn’t know how to respond. Again, in this situation, a trip to court is often the only solution.

Thankfully in most common-law countries these experiences are few and far between! They do happen though and, based on our experience, they almost always happen because of badly-written trust documents. In the Czech Republic the potential for disaster is much much higher and so far many of the practitioners who have been preparing trusts seem entirely unaware if it.

In common-law countries we have hundreds of years of accumulated history and experience with trusts. More importantly, we also have extensive case law which sets out the guiding principles of trusts. In other words, the law of trusts is very detailed and comprehensive. One example is the current edition of The Law of Trusts and Equitable Obligations, a leading legal textbook on trusts written by Robert Pearce, John Stevens, and Warren Barr. This book has 1072 pages, and of course, that’s really just a summary of the key points of the law. Yet despite having access to this depth of detailed law, most common law trust professionals would not dream of establishing a trust with a trust deed shorter than twenty pages or so, and many are much longer.

This paper mountain isn’t simply based on lawyers’ built-in desire to produce long documents (long documents look more impressive and help justify higher legal fees!) Instead, all these pages of legalese are actually necessary. Even with 1072 pages of law to refer to, there are still very many ‘What if’ questions that need to be answered: What if a trustee dies? What if two trustees disagree? What if all the beneficiaries are killed in a plane crash? What if all the Trustees resign at the same time? What if a Trustee starts to act inappropriately? What if a trustee goes bankrupt? What if a beneficiary is bankrupt? What if all the trustees die in a plane crash? What if a beneficiary disagrees with a decision of a trustee? What if the founder changes his mind and wants some or all of the money back? What if the tax laws in the Czech Republic make having a trust too expensive etc etc etc.

Compare this with the situation in the Czech Republic where we have only 27 paragraphs of the Civil Code, and don’t have access to the 1072 pages of common law.

Reading the Civil Code tells us that it is possible to establish a Svěřensky fond with just two documents, a Trust Statue and a Contract, and both of these can be written on a single piece of A4 paper, and that’s the way that most Czech Trusts so far have been set up so far. But two pages of A4 is not enough to answer any of the ‘What if’ questions. In fact, the truth is that, in this country, because the Civil Code is so brief and because we have no case law to rely on, you need even more pages of documentation than in other countries.

Unfortunately that in turn means that many of the Trusts established so far are doomed to disaster. As soon as a ‘what if’ question becomes reality, these two-page trusts will end up in court. While this is probably actually good news, as it means that the Czech courts will rapidly gain some knowledge and experience with this new instrument, but it’s obviously not good news for the clients concerned.

Another factor that is critical in maintaining the integrity of trusts once they are set up it to ensure that the trust is properly and professionally administered – including the need for a Trust minute book, proper resolutions and processes for Trustee decisions. Any trust that’s run as some sort of offshoot of the Founder’s personal financial affairs is also probably doomed to fail.

There are some companies in the Czech Republic, ours included, that can prepare the documents properly. If you are considering setting up a trust, then be sure that your legal adviser knows what they are doing and if they present you with a two page document, then say ‘No Thank you”.

Example of a positive use of Svěřenské fondy

Business succession

So much has been made of the (mostly imaginary) negative uses of Svěřenské fondy, the new institute introduced in the Czech Civil code, that their very many positive uses are often overlooked.

In this article we provide on example. Over the month ahead we will provide many more.

Let’s take an imaginary client: We’ll call him Marek.

Marek is a successful Czech entrepreneur who worked hard in the 90’s and is now the owner of a substantial and successful business of which he is justifiably proud. In addition, the business is a major employer and makes a very positive contribution to the Czech economy, especially in Marek’s home village where it has a factory which employs many local people.

Marek has two children. Let’s call them Hubert and Maximilian. Hubert believes he is a highly talented and clever businessman, but his track record so far has not been good, with almost every venture in which he has been involved failing. Marek is worried that if Hubert gets control of the company a similar outcome will ensue. In contrast Maximilian seems to be very astute and clever, but he is currently only 18 years old and lacks the experience he needs to take control of something as substantial as Marek’s company.

The problem is that Marek is getting older, and is starting to think about the future.

Until now, his choices have been limited.

He could of course sell the business, relax and enjoy his retirement – but for Marek this is not an attractive option. He invests considerable pride in his business and it would sadden him to see it in the hands of strangers who could well decide to merge his business with their other operations and even potentially shut down the factory in his home town.

He could pass the business on to his sons, but, for the reasons mentioned above, this doesn’t seem to be the right time, and in any case, this would invariably create conflict within the family.

Neither option really appeals

But now he has a new choice. Using a svěřenský fond he can now separate the ownership and control of his business. This means that until he retires, he retains full control and ownership of all aspects of the business, but that when he dies what passes to his sons will be only the ownership of the business, but not control. Control will instead remain in the hands of an independent Board of Directors, appointed by Marek who will continue to manage the company successfully and for the long term benefit of the shareholders. They will hand control on to the the children only if and when they are competent to recive it. This structure can also be designed to allow senior management of the company to take a more active role, including opportunities for equity participation – if that’s what Marek wants.

The end result of this structure means that the business will survive intact, Marek can enjoy his retirement in peace, family conflict is avoided, and perhaps most importantly, the jobs of the factory workers in Marek’s home town will be secure.

Creating this structure is relatively easy, but in order to ensure it is robust, it is absolutely essential that the documentation is drawn up by experienced professionals.

Of course this is only one of many positive uses of Trusts. We will be preparing more similar examples over coming months.

Svěřenské fondy a trusty opens a new office on Maiselova in Prague 1 and establishes itself as the Czech Republic’s first professional trust administrator on 19 August 2014.

 

JUDr Barbora Bednaříková published Svěřenské fondy. Institut pro uchování a převody rodinného majetku.

Click here for more information on this book