Cabinet approves amendment to insolvency law

The cabinet has approved an amendment to the Czech Republic’s insolvency law which would help employees of firms which go bankrupt. Under the amendment, the Czech state would pay up to three months wages to those who find themselves unemployed when the business they work for goes bust. The proposed amendment also allots money to firms on the brink of bankruptcy, in a bid to help them restructure instead of having to close. According to Labour and Social Affairs Minister Petr Nečas, the cabinet will now push for the amendment to be passed though the Lower House and Senate as soon as possible. He believes that the change could be written into law by as soon as April.