In a decision on 27 March 2019 (file no. 27 Cdo 3885/2017), the Czech Supreme Court considered whether ordinary financial statements could be used to determine profit distributions in situations where the deadline has passed for the general meeting’s approval of those statements. These are cases when six months has expired from the final day of the company’s last financial period.

According to the court, since 1 January 2014, it has been possible for a general meeting to use ordinary financial statements compiled for the preceding financial period as the basis for a resolution on the distribution of a joint stock company’s profits until the end of the next financial period. This conclusion applies analogously to limited liability companies. The new system is, thus, more favourable for companies than the earlier rules under Act no. 513/1991 Coll., the Commercial Code.

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