Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Czech engineering and metallurgical firm Vítkovice Heavy Machinery has undergone proceedings for insolvency and cut 570 jobs. Most employees have responded by submitting notices for not being paid since January 2018. If workers submit notices themselves about unpaid wages, the Labour Office should compensate their wages.
Unionists have already decided to cancel the company's trade union on 7th May. According to the trade union leader, the situation is further complicated since the company did not file employees' tax returns. Therefore, employees might not be able to submit a tax return within the statutory deadline. Vítkovice Heavy Machinery decided to declare insolvency after two weeks of failed negotiations with a potential investor.
Eurofound (2018), Vítkovice Heavy Machinery (VHM), Bankruptcy in Czechia, factsheet number 93702, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/93702.