In January 2020, the world woke up facing a phenomenon that some had predicted but few wanted to hear about or were prepared for: a global pandemic, now commonly called the COVID-19 crisis. Immediately, many economists were convinced that the world was heading for a stock market crash and an economic crisis. They were right. The stock market sank, and all countries that imposed strict lockdown measures face a significant contraction in their GDP.
Environmental protection and sustainable development are nowadays a global concern to such an extent that the question of the link between environment and insolvency must be raised.
Indeed, a company facing a pre-insolvency or an insolvency procedure may cause damages to the environment or risk causing damages to the environment in two scenarios.
Amendments of the Commercial Code by the “Loi Pacte” of 22 May 2019. With the adoption of the Law No. 2019-486 of May 22, 2019 (Action Plan for the growth and transformation of enterprises – “Loi Pacte”), some technical improvements should be mentioned.
Indeed, among several amendments introduced to the French commercial code, some provisions modify the current rules on insolvency. These changes are made before a major reform expected in the coming two years, as a consequence of the implementation of the Directive 2019/1023 of 20 June 2019.
Crypto-currencies in insolvency proceedings in France: Dealing with highly volatile assets by Anja Droege Gagnier and Léa Marlière
Born in the early 2010's, crypto-assets have gradually gained ground in the real economy thanks to services allowing them to be purchased or sold in exchange for national currencies, to be stored, or to be used as a financing instrument within Initial Coin Offerings (ICOs).
There are now nearly 1,600 crypto-currencies in circulation. Three of them, namely Bitcoin, Ethereum and Ripple, dominate digital transactions and capitalisations.
The Preventive Restructuring Directive (“PRD”), which is about to be adopted by the European legislator, deserves the close attention of French practitioners, as it will become part of Book VI of the Commercial Code.
The Draft Bill “PACTE” (the “Draft Bill”), which will be under discussion in the French Parliament in September 2018, contains several reforms intended to allow the Government to transpose by anticipation the future Directive on preventive restructuring frameworks (the “Directive”), itself largely inspired by the French preinsolvency proceedings.