The firm has debts of 9.8m (CZK 500m).
"Transparent bankruptcy proceedings are the only possibility to prevent a sell-off," said managing director Miroslav Biciste.
Tomas Krysl of Adast USA said he understood the situation to be similar to US Chapter 11 bankruptcy protection.
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"Congratulations to all! But I think Aidan and Steven need a few more first names between them……."
"Gosh! That’s a huge debt - especially HMRC! It’s a shock that HMRC allowed such an amount to be accumulated."
"Whatever happened to the good old fashioned cash job! At least the banks didn't take 2-3% of each sale. After 30 odd transactions that £100 quid you had has gone."
