In brief

In addition to the comprehensive economic support and stimulus program launched by the UAE Central Bank to curb the financial impact of the COVID-19 pandemic, the UAE has introduced radical amendments to the UAE Bankruptcy Law, offering distressed debtors with some level of leniency during these times of economic uncertainty and market disruption caused by circumstances outside of their control.

In brief

Simplified Insolvency Programme (“SIP”)

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In brief

As of 19 October 2020, the changes to the Bankruptcy Code of Ukraine became effective. 


What’s new

From 17 October 2020, and for the quarantine period, the following changes are introduced in the bankruptcy procedure:

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The current Dutch Bankruptcy Code dates back to 1893 when it was first enacted, has aged nicely and still functions well despite the now existing international financial markets and complex financial instruments that could not have been imagined 127 years ago. Although many changes were made since its inception, the Dutch Bankruptcy Code has never had a major overhaul, even though many initiatives were launched over the years.

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In Chandos Construction Ltd. v. Deloitte Restructuring Inc., a decision released on October 2, 2020, the Supreme Court of Canada affirmed the anti-deprivation rule in the common law of Canada. The dispute in this case revolved around a construction contract between Chandos Construction Ltd. and Capital Steel Inc.

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We update our earlier client alert with a version including additional details that are available.

In brief

On 24 September 2020, the Treasurer announced that the Australian Government would introduce new legislation to give effect to:

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In brief

The Treasurer has today announced two new corporate insolvency regimes:

  1. a new "debtor in possession" restructuring plan process; and
  2. a new simplified liquidation process,

due to commence from 1 January 2021 and available to companies with liabilities of less than A$1m.


Restructuring Plan Process

The new restructuring plan process involves:

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