||Abstract in English The thesis is concerned with the significance of asset specificity in Czech bankruptcy process. Concretely, it is exploring whether Czech insolvency law needlessly harms the value of specific assets. Firstly Williamson’s model of asset specificity, debt and equity are introduced. Thesis than summarises actual discussion concerning optimal bankruptcy law. Than it focuses on the structure and procedures of Czech bankruptcy law and describes Czech bankruptcy practice. Thesis also presents up to date statistics from Ministry of justice, information agency ČEKIA and from research in progress by Ondřej Vychodil a Ondřej Knot form CERGE. What follows is an analysis of problems of current Czech law and practice in bankruptcy in connection with asset specificity. Analysis mainly focuses on the issues of judge discretion, creditors‘ and senior creditors‘ rights and going concern sale. Some of these problems are illustrated in two case studies: Ústav lékařské kosmetiky and Union Banka. As an outcome, thesis suggest to prefer going concern sale to reorganisation in Czech environment.